Minding your business’s books can be very time consuming and not to mention confusing. It’s that exact reason why there are hundreds of accountants working on your taxes to help you focus on the more pressing matter, making more money for your business. But there will always come a time when you find yourself in a crossroad. One path will be free of CPAs and the other the path of continuous dependence on them. Here are a few pros and cons to help you decide.
Filing your own Taxes
The biggest selling point or advantage behind filing your own taxes is that it gives you a great insight into the tax code system. It’s definitely educational in the long run and gives you experience that might come into handy in sticky situations. Filing your taxes will obviously save you more money especially if you have a straight and simply tax form. All it will take is time and you won’t have to work with CPAs just to get it done. Considering you have a simple tax rap, you’ll also save more time. A couple of forms that you’ll have to sign and your done.
Hiring a CPA
Hiring a CPA has similar benefits as the ones written earlier. The only difference is that you are hiring CPAs not just for their natural ability to number crunch and come up with an exact amount to pay for your tax. You are partly paying them for their expert advice. They would be able to tell you how you can save more money on taxes. Imagine how much money you can save from unnoticed claim deductions for adoption and other things. And then hiring a CPA will save you time and money in the long run.
Now that you’re aware of the advantages for both sides, it’s time to make the grand decision. Do remember that each option you take will still yield the same result, you’ve paid your dues and obligations as a citizen. The only difference is the road you took, the actions you’ve made and the money and time you have saved along the way.
Posted on February 25, 2014 by