The Hidden Costs of Not Hiring a Tax Pro

I am discussing why tax professionals are finding it more challenging to showcase their value in an era where machine learning and artificial intelligence can help taxpayers obtain a larger tax refund. Although receiving the biggest refund possible may seem like the goal, our focus should be on achieving the best outcome possible.

I will be sharing some of the hidden costs associated with either doing your taxes yourself. Paying more in taxes, making mistakes on your tax return, bookkeeping errors, and finding ways to maximize your deductions are all areas where you could be making mistakes if you you are doing your own taxes. Tune in to learn how a tax professional can help you keep more of your earnings.

What you'll hear in this episode:

[1:30] Why it's hard for tax professionals to argue their value when machine learning and artificial intelligence can help you get a bigger tax refund?

[2:26] The goal of your taxes is not the biggest refund. The goal is the best outcome possible.

[3:30] Let's talk about some of the hidden costs of doing your own taxes or shopping for the cheapest tax preparer.

[4:30] #1: You can end up paying more in taxes if your tax pro does not understand what deductions are available to your business.

[5:00] #2 If you make mistakes on your return and they're discovered by the IRS, you can get stuck with penalties and interest.

[6:36] #3 Good tax professionals can help you uncover blind spots in your bookkeeping.

[7:24] You need to work with a tax preparer who asks questions that potentially brings about more deductions.

[8:30] #4 If your time is worth more than your money, you need to manage your time well.

* Related episodes:

What is Considered Tax Deductible?

How to Win the Game of Taxes and Wealth with Tom Wheelwright

The Essential Numbers to Review on Your Tax Return

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.