Today is a day that lives on in infamy, to play on the words of a great President of the United States of America. Of course, I doubt very much that he had in mind what I’m about to say to you now when first he spoke the immortal words that I so blatantly parodied. Franklin D. Roosevelt was, in fact, a big proponent for more and more taxation, which is what I’m here to talk to you about today.
Taxation is what the federal government uses in order to provide itself the money that it needs to continue running. I’m not here to have a moral or ethical debate concerning what that money gets spent on or how it is spent, I’m simply here to tell you that there is such a thing as taxation, and you must give the government its due.
Back to my opening line, today, the fifteenth of April, is tax day. The day that we have to send our government overlords our money, or request our money back from them, depending on your personal financial situation. If you work for a company and are salaried or hourly, your taxation is taken out as you work, every pay check, and at the end of the year, you get to file tax forms with the Internal Revenue Service, and basically request that they give you back the portion that they’ve taken that you are entitled to as a refund. Of course, realize that they’re giving you back that money after they’ve sat on the interest it accrues, basically robbing you of a bit of interest that you would probably be better served with. Of course, if you don’t have your payroll taxes taken out, you end up having to pay at the end of the year, minus the money that you can write off as a business expense.
There are a lot more ways the tax man can come after you, but the big thing here is that taxation, and figuring it out, can be very complicated and very expensive. If you, instead of hiring a CPA tax accounting firm, decide to do it on your own, you run the risk that you might have to sit through an audit, which is basically the worst case scenario that could come up (at least on your end). An audit can go back as far as ten years of your filings with the Internal Revenue Service, and they can reclaim any money that they think you owe them, as well as being able to levy a fine on you.
How, then, do you get the help that you need? Well, this year, you’re probably too late, unless you’ve already finished your taxes or are filing them as you read this (and if that’s the case, your time is better spent elsewhere, like making sure your taxes get filed on time). However, the best thing you can do for next year’s filings, in order to make sure that you’re in keeping with the law and that you’re saving as much money as you possibly can, is to hire someone offering tax services.
The tax code in the United States is immensely complex, and the fact is that there’s not a lot you can do to make it easier for yourself. You can sit there and try to read it each year and decipher it anew with each change to the laws, but that’s an immense investment of time and money. The option of hiring someone with the expertise you need is immensely better, and a far more cost-effective method of making sure everything is done well and properly.
The reality is that hiring yourself a tax firm can save you a lot of money, as well as saving you a large amount of hassle. Many tax firms guarantee their work in one way or another, including by backing their work up with a legal team should their work result in your being audited. Long story short, a tax accounting firm can be your best friend when it comes to tax time and making sure that you’re paying the Internal Revenue Service exactly what you have to/need to, and not a penny more.
So, if you’re facing tax season again next year and you’re stuck wondering if you paid everything that you should have, or if you paid too much, or too little, hire a CPA tax accounting firm. It’s a trade of money for piece of mind, and that’s almost always a good deal.