Thursday, February 11, 2016

It Takes a Genius To Do Your Taxes, Right?

No, it doesn't take a genius to do your taxes.

A do-it-yourself tax software ad says "it doesn't take a genius to do your taxes." That is quite correct. It doesn't take a genius to do your taxes.

It also doesn't take a genius to do the wiring in your house nor does it take a genius to install a toilet. It doesn't take a genius to make a soufflé; and it does not take a genius to change the brakes on your car.

All of these things you can certainly do yourself. If you figure them out without training or experience, you may luck out and not get electrocuted, or flood your house, or serve an embarrassing dessert to your guests, or hit something because your brakes fail.

Yes, you can certainly do your own taxes, but you don't know what you don't know. The IRS knows this about do-it-yourselfers, and give those tax returns more scrutiny.

You don't need us to do your taxes and you also don't need insurance on your house. But, once your house is in flames and your tax return under scrutiny, you're going to wish you had spent the money.

What You Think Your Tax Software Costs? 

The initial price of tax software ranges from $29.95 to $104.99. While that doesn't sound expensive, it's a small part of the total cost. The true cost of tax software is more than just the price you pay at checkout.

How Much Is Your Time Worth?

You've got better things to do than taxes. According to the IRS, tax filers spend 13 hours on average preparing and filing their taxes (per IRS Source). If your average household income is $50,000, that's $312 of your time. That's a lot of money! The average time is takes to do taxes using a tax advisor is 2 hours, that's a great savings.



The Cost of Missed Deductions

Based on a recent survey, the average tax refund of tax software users is $1824. The average tax refund of people using a tax advisor is $2615, or a difference of $791! Get your entire refund by working with a tax advisor.

Your Total Cost for Using Tax Software

$1166 is the total cost you could have for doing your own taxes. This is the Purcahse Cost + Time Cost + Difference in the Refund. And these are just Federal Tax figures. If you have to file a state tax return, these numbers can increase! Save Money. Save Time. Save Frustration. Hire a Trustworthy Tax Advisor to help you file your taxes today. Contact our office today for assistance.




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