March 22, 2023
6 mins read
Tax season can be a stressful time, especially for those who have never done their taxes before. Even for those with experience, there are so many rules and regulations to navigate, that it’s easy to make costly mistakes. It’s generally a good idea to hire professionals like a Certified Public Accountant (CPA) to do your taxes, even over self service or convenient companies. We’ll explain why relying on someone to help you navigate your financial matters can be beneficial to you in the long run.
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CPAs are highly trained, qualified professionals who are experts in tax law. They are familiar with “legalese” and can help you navigate the complexities of the tax system. CPA’s specialize in helping you file your taxes accurately and on time, while also making sure that you’re taking advantage of available deductions and credits. Additionally, they can provide tips to better prepare you for the following tax season. Using a CPA can help you stay on top of your financial matters and avoid costly mistakes that could result in audits and/or penalties.
One of the most important reasons to use a CPA is the peace of mind that comes with knowing that your taxes are being handled by a professional. You can rest assured that your taxes are filed correctly and that you’re not missing out on valuable deductions or credits. This can be especially important if you own a business or have multiple sources of income.
CPAs look at more than just your tax return – they take a holistic approach to managing your finances by providing insight on budgeting and planning for retirement. This deeper understanding of finances means that they have access to resources that tax software programs can’t offer, like investment strategies and long-term savings plans. Using these resources means that CPAs can help you strategize ways to make the most out of your refund to invest in your future.
Finally, CPAs stay up-to-date on changes in the taxation which mean working with one will increase your chances of catching any new deductions or credits that could help reduce your taxable income or increase your refund amount. CPA’s are able to provide sound advice every step of the way — from helping with itemized deductions like charitable donations or medical expenses to offering options for how to save and invest post-tax season. You can leave your tax appointment, confident that you’ve explored every avenue to get the maximum benefit from every dollar earned during tax time.
Since we’re in the midst of tax season, this is the perfect opportunity to improve your financial literacy and set yourself up for success for years to come. The journey to financial literacy does not happen overnight, but working with a professional can help you strategize on how to make more money, save more money, and to make the credit system work for you. Gain the confidence to make your own financial decisions to achieve your goals.
Any CPA will tell you that you should not spend your entire tax refund right away. Consider perhaps applying towards a long term goal. And if one of your goals is to build better credit, why not make a small investment in yourself by signing up with RentReporters!
Reporting your rent using RentReporters turns your largest monthly payment (your rent!) into valuable assets that can improve your credit and help you achieve your financial goals. It may take a small portion of your tax refund to cover your enrollment fee to get started, but what an investment that would be in taking your credit to an entirely new level!
At your next tax appointment, ask your CPA if adding your on-time rent to your credit report might be the smartest step towards creating a better financial future. And if you have any questions, don’t hesitate to give us a call!
Maxine Parks is a creative writer and marketing strategist that has a passion for helping people understand complex topics online so that they can implement them in their real life. She joined the RentReporters team in 2022 and is excited to help empower people to take control of their financial future.
