Do Not Do Your Own Tax Return!
by Pat Dutched
We all know by now that I am a professional bookkeeper. Because of that, whenever I‘m introduced to a new person, they frequently announce after a few minutes of conversation that they do their own tax return. Whenever that happens, and of course this time of year it happens a lot, I just bite my tongue till it bleeds.
My colleague and I cannot understand why people think they can do their own tax return. They go to other professionals like doctors, attorneys, dentists, engineers and others when their services are needed, but not a professional for their tax return. I am here to tell you this not a smart move. The tax laws change constantly and need to be kept up with, and that is where the professionals come in. That’s their profession; tax laws and tax preparation. So those of you who prepare your own taxes, be aware that you are going to make mistakes and those mistakes may cost you dearly.
Most people think after six months their tax return has been reviewed and all is fine; but the truth is that this year’s 2008 returns will not be reviewed for three years! No kidding, 3 years. And when they finally get to that return and something looks out of order, then and only then do they start sending out some sort of audit notice.
So, when this happens in 3 years, are you ready to respond with the correct answers? Have you kept all your documents pertaining to that year? I hate to say it but no, probably not. That is when people start to seek out professionals such as me or a good CPA, and that is when the cost gets high.
Oh, and let’s not forget those of you that do your returns using one of the tax preparation software packages. I have a word of caution; if you do not understand the current tax laws or the forms and schedules that will prove to be most beneficial to you it could cost you big in lost deductions, penalties and interest for mistakes or both.
So come on people, after the year we have just gone through don’t you think 2009 is the year you should get all you ducks in a row? Let a professional do your return and at the same time give you some suggestions on how you can save money on next year’s return. Now is the time. Spend your money wisely and receive the benefits that only a professional can give you.
Pat Dutched
Professional
Bookkeeper for 40 Years
New Classes: I will be teaching the following classes: Basic Home Record Keeping and Basic Bookkeeping for Small Business. If interested call me at 419-392-8298 or e-mail me at patdutched@bookkeepinginabox.com