The average person may choose several different options for completing their taxes. Two of the most common are an online do-it-yourself tax preparation software or going to a national tax preparation chain. However, if you are using a Utah accountant you may actually be saving yourself money over the short and long term.
Many people assume that hiring a Utah accountant is cost prohibitive and just ends up taking money away from your return. This is actually incorrect if you consider the benefits and that the small amount that you will pay for a personal tax preparation is often easily offset in the first year.
Advanced Planning for Tax Reduction
One of the biggest issues with tax preparation services online or through those chains and franchises is that they only prepare your last year’s taxes. They don’t provide you with advanced planning options for next year or show you how making a few changes in your investments or retirement options may actually create thousands of dollars in savings before you reach retirement age.
Retirement Planning to Maximize Investment
There are lots of tools and programs that accountants are aware of that the average person is not. These programs are not private or secret, but most people don’t read the tax code and don’t even know that there are tax incentives, deductions and write-offs that they are missing on a yearly basis.
Often with retirement planning an individual may be failing to contribute the maximum amount. This not only decreases your retirement investment but it may also result in higher yearly taxes.
Decision Making Support
Yet another way that a Utah accountant can help you is to just have brief discussion about any changes that are occurring in your life in the next year. This may include having a child, buying a home, buying a vehicle or even adding solar panels to your home.
The more changes that you are experiencing in your life the more options there are for maximizing any applicable tax deductions or incentive programs. Our accountants at Cook Martin Poulson can talk to you about anything that is changing in your life. Just a short review of your plans for the next year can often give you a range of different ways to be more financially savvy in saving on taxes and maximizing your savings.