This is a great question. You want to be sure you're spending your money wisely and getting the best help possible because of all the new tax changes. What is best for your situation.
The point is that filing online is not the best way to go if you don't have an extremely complex knowledge of the new tax changes. We suggest taking your information to a local full year licensed tax professional like Mike McVay, Tax Accountant in Pensacola, FL.
The bottom line is that the more complex your financial situation is (i.e. rental properties, heavy stock trades, small business, income from multiple states), the more likely it is that you should use a professional, like McVay Business Services, to help you with tax planning and filing your taxes. For the rest of us, filing online is the way to go. Survey's show the I.R.S. targets taxpayers that use retail Tax software 5 to 1 for tax audits. Most of the audit protection that comes with some tax software is a joke. If your audited these companies will not send an accountant to the audit like McVay Business Services does.
850-725-5696 - www.PensacolaFLTax.com - www.QuickBooksPensacola.com
- Full-Time Tax Pros (aka your local Accountant): According to the National Society of Accountants, it will run you an average of $293 per return to work with an Accountant. That nearly $300 price tag is for an itemized 1040 filing with state tax return. An unitemized 1040 with a state tax return will only set you back $200. When I prepare taxes, I didn't charge this much (more like $99-$155). However, more complex or business returns are a little more. Most the Free or low cost retail software will lure you into an accountant on demand service or added extras they don't disclose until your ready to submit your return. A local tax accountant such as myself Mike McVay, Accountant is the best option. We are look at tax planning, seninaro's and real life options to get your refund the highest it can possibly be. McVay is tipacally 1/2 the price of large national tax prep firms. Some of these national franchises staff only have a 30-hour course and they are set to prepare your taxes. Mike McVay has been doing personal & business taxes for over 20+ years. Mr. McVay attends a 30-hour continued education class every summer just to keep up with the new tax changes. Big box tax prep firms only require a 6 hour refresher class each year to be eligible to prepare next season taxes. Don't be fooled by the bombardment of ads.
Going to a LOCAL flesh-and-blood tax professional may be the best option for many taxpayers. That's because a professional Accountant can help you navigate the difficult tax questions like business structure, tax planning moves, etc. that pop up throughout the year.
Software has a harder time with this. You can't have lunch with and discuss your small business with software.
Accountant are usually the best option, your getting someone to help you with a difficult tax situation or simply to give you that extra assurance.