The U.S. Internal Revenue Service’s tax code is incredibly large and very few non-tax-professionals, if any, know all the items in it. For that reason alone, it is a good idea to seek out professional assistance when preparing and filing your taxes. Perhaps you may want to get in touch with the best tax preparers Tupelo MS.
The IRS Tax Code
If you are a U.S. taxpayer, the federal tax code affects you directly each and every year. The “Code” contains the rules and regulations regarding the government’s official and legal confiscation of your money, commonly referred to as “Your Tax Burden.” Current estimates put the size of the federal tax code at over 74,000 pages. Since 2001, there have been more than 4,500 changes to the tax code. On average, U.S. taxpayers must work over 110 days in a year to pay their tax burden, and this does not account for state and other taxes.
Mistakes Are Commonly Made When Doing Your Taxes Yourself
Many people who prepare and file their taxes by themselves submit non-compliant forms. The IRS estimates that over 15% of returns violate the tax code in some way. Most of these are probably accidental arithmetic errors. Nonetheless, whether it’s an inadvertent error or a planned attempt at cheating, it could cause a dreaded IRS audit. And no one wants one of them.
Reasons To With A Professional Tax Preparer
Unfortunately, many folks do not have the time or the expertise to know the details of the tax code. Furthermore, because of the normal callings of everyday life, many people put off doing adequate tax planning. These issues can be avoided by working with a professional tax planner. And of course, when a professional helps you with your tax filing, there is a much greater likelihood that the forms will be filled out accurately and in compliance with federal tax law.