Tax season can be a stressful time for many people. With constantly changing tax laws, it can be difficult to stay informed and know what your filing responsibilities are. This is where a local tax preparation service can help you. Hiring a professional to prepare your taxes is an easy and reliable way to ensure your returns are accurate, up-to-date, and filed on time. Let's learn more about what your local tax prep service does.

Check for Tax Updates and Deadlines

One of the most important things your local tax prep service does is keep up with current tax laws, regulations, and filing deadlines. Since the Internal Revenue Service (IRS) makes changes every year, hiring a professional helps to ensure your tax return is compliant with the most current laws and regulations. It also means you'll never miss a filing deadline, thus avoiding any potential fees or penalties.

Gather and Verify Your Tax Information

Another responsibility of your local tax prep service is to gather and verify all the necessary documents and information for filing your taxes. These documents include W-2 forms, 1099 forms, bank statements, and more. Your tax preparer will go through each document carefully to ensure it's complete and accurate. They can also help answer any questions you might have about the documents or tax filing in general.

Analyze Deductions and Credits

When filing taxes, always take advantage of all the deductions and credits you're eligible for. Your local tax professional can help by analyzing your documents to determine what deductions and credits you can claim. This way, you won't miss out on any savings that could reduce your tax bill or increase your refund.

Prepare and File Your Tax Return

The last step in the tax filing process is preparing and filing your return. Your local tax preparer can do this for you, taking the stress out of the process. You can relax knowing that your taxes are being handled by a professional. According to the Internal Revenue Service, the average American filing a Form 1040 or 1040-SR spends 13 hours preparing their return. Hiring a professional can save you both time and money.

Don't let tax season be a stressful experience for you. When it comes to filing your taxes, there are many benefits to hiring a local tax professional. Our financial squad will comb over all the details, check for tax updates and filing deadlines, analyze deductions, and more. Contact Top Tax Pros today for more information.