Should you get tax help?
Should You Get Tax Help?
Do IRS tax forms look more like pieces of a complex puzzle than simple income-related paperwork? Nearly 60% of U.S. adults find completing their own taxes a nerve-wracking experience. With changing tax laws, common life transitions, and increasingly complicated financial situations affecting returns, recognizing when you’re in over your head can be one of the hardest parts of tax preparation.
Here are three occasions when partnering with a tax professional might be the best move for your finances and peace of mind.
1. You Earned Through Multiple Income Streams
When you have multiple income sources from side hustles, investments, or business ventures, your tax situation is more complex than that of a standard W-2 employee. Self-employed individuals, freelancers, and active investors encounter tax rules, deductions, and filing requirements that can be difficult to manage alone.
| Did You Know? IRS Volunteer Income Tax Assistance (VITA) offers free tax help for those who need assistance preparing their own returns. Individuals must meet certain income thresholds to qualify. |
2. You Experienced Recent Life Changes
Life-changing events can reshape your world and affect your tax liability. Marrying, having a baby, finalizing a divorce, or receiving an inheritance brings new tax implications, such as changes in filing status, extra deductions, or complicated asset transfers.
| Did You Know? IRS Tax Counseling for the Elderly (TCE) offers free tax help to individuals age 60 or older. |
3. You’re a First-Time Filer
First-time tax filers face a steep learning curve when navigating tax regulations, forms, and deadlines. Even seemingly straightforward situations can become confusing when you’re unsure about which forms to use, what income must be reported, or which deductions you qualify for as a new taxpayer. Working with a tax professional during your first few filing seasons can help uncover tax benefits you didn’t know existed.
| Did You Know? IRS Free File is an online tax return preparation tool that helps you complete and file your first or subsequent federal income tax return – at no cost! |
Figuring out whether to seek professional tax help doesn’t have to be a mind-bending challenge. Whether you’re managing multiple income streams, navigating major life changes, or filing for the first time, there’s no shame in asking for expert guidance. Professional tax services are invaluable for ensuring compliance, maximizing your refund, and preventing costly mistakes that could trigger an IRS audit.
Additional resources:
United Way of South Carolina
South Carolina Department of Revenue
IRS Taxpayer Assistance Center