What is Right for Your Taxes in 2024?
Do you have a job, are you self employed, or are you a real estate investor? Whatever career job you currently have, taxes will be complicated no matter what. However, if you are single and have a regular nine to five job, you only need to understand a few things about the tax code. But even then, you have a probability of making a mistake when filing the taxes yourself.
What to expect when working with Turbotax?
You should expect very little from Turbotax as your way of filing your taxes. Many of our now clients come to Global Gate Taxes due to the fact that they are not leveraging the standard deductible, and can’t really do anything if there is a major event happening in your life such as getting married. Lastly, you are risking getting audited by the IRS since you are not really having the opportunity to put exact expenses and deductions.
Not leveraging the standard deductible
Using deductions will allow you to subtract specific expenses from your taxable income, which results in having to pay a lower overall tax bill. In Turbotax, to include all of your standard deductible is only complicated which is why all of our now clients reach out to us asking for help and guidance when filing their taxes.
Too complicated if major events are happening
We understand that Turbotax does allow you to add your life changes for tax reasons, but our professionals will help you by adding that personal touch that will best benefit you or your family. An example of a major event happening in your life can be; getting married, purchasing your first property, newborn baby, along with other major events in your life.
Risking to get an IRS audit
When it comes to taxes, understanding the very fine details can get confusing. That’s why when you are filing your taxes you must at least have a basic bookkeeping understanding. Who has time for that, right? If you have a family and a nine to five job, it’s better to file your taxes with an accountant and not through Turbotax. This way you avoid getting audited by the IRS because you paid too much or too little taxes and wrong calculated deductions.
When should you hire a Tax Advisor?
You should hire a tax advisor when you want to leverage all of your deductions and have a piece of mind because you know you are following each and every single tax code the IRS created.
Tax Prep Software Problems
Filing your taxes through a software does incur a couple of problems because sometimes the system doesn’t acknowledge some of the tax compliance and nor will it provide better tax planning. This means that you will not be leveraging all of the deductibles.
Benefits of Hiring a Tax Advisor
The benefits of hiring with a tax advisor are clear and straightforward. You will be tax compliant, will receive better tax planning advice, and will apply the most applicable type of deductibles when filing your taxes.
Benefits of Hiring a Tax Advisor
The decision is yours. If you want to give our accounting experts a try, please click the link below to get started by scheduling an appointment.
Thank you for trusting Global Gate Taxes to help you during a tough financial situation. You are not alone, millions of Americans are going through hardship and a way to get this fixed is by scheduling a consultation with our tax specialists.
– Owner of Global Gate Taxes