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Sure, you can buy software that will guide you through the tax process, for about $50 or less, so why would you pay $500 or more? Well, you can also cut your own hair & save $25, but would you? And you can also represent yourself in court, & save the attorney’s fees, but would you? Of course not, you want to hire an expert who is trained & can give you the advice you need.

Doing your own taxes might leave you at risk of making mistakes & possibly expose your return to more scrutiny by the IRS. What if you forget (or simply did not know you had to) attach required forms to your return? If you depreciated an item last year, & did not include it this year, it might raise a flag. And the list of potential issues goes on & on.

Tax laws are overwhelmingly complex, & they change so often that it’s very easy to overlook something; a mistake that can cost you money… A very good CPA will stay on top of these changes & can give you advice about deductions that may not come up using software, simply because there’re so many variables involved when preparing a tax return. When you hire a CPA you will, most likely, save money, work less, & have more peace of mind.

When you prepare your own taxes you may think you’re saving the money a CPA would charge you, but if you overpay your taxes (and most people do), are you really saving anything?

Our advice is to do some research & find a reputable CPA that specializes in your field. By example, if you’re a teacher, find a CPA that specializes in preparing returns for teachers. Ask them for a list of deductions that most teachers take advantage of, so you can now start putting together your receipts, & be on the lookout for all those new deductions. Do not wait until March to do this! Make sure you start working on it right away, & keep all receipts in a box, so you’ll be ready by tax time.

Also, once you find a good CPA, ask them if they can review your taxes from the previous year, for you to have an idea if they can save you money… Often times they will not charge you for a review.

Income taxes are one of our biggest expenses. So… Some people pay more money in taxes every month than they do on their mortgage! We have to take this very seriously, & stop overpaying our taxes. And if you’re in debt, you absolutely should not overpay. Use the extra money to pay down your debts. Your goal should be to get out of debt as soon as possible.

Visit our website at http://www.overcome-debt.com for many more information, tips & resources on how to get out of debt. You can also download a budget spreadsheet to help you prepare a plan of action.

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