 |
Tax Software vs. Tax Professionals
A common misnomer in the market place is that anyone can prepare an income tax return because they went to the store and bought a software package. Although many of the software packages available today are very good, they cannot possibly replace the knowledge and education of a professional tax preparer. Consider some of the following:
Can a software application ask you:
· About your children, their schooling or tuition?
· About your rent, education or property taxes you are paying?
· About your health status and what allowable medical expenses you may have?
Can a software application counsel you on:
· The best way to utilize RRSP deductions
· Capital Gains implications of selling a cottage or other real estate?
· Upcoming changes in legislation that could effect your personal tax situation
· Starting a home based business or how to make the best use of business deductions
· The deductibility of employment related expenses
· Transferring of credits or deductions to a spouse or from a dependant
· Credits and deductions you may have missed in prior years
There is no doubt that a Professional Tax Preparer will charge you more than the software costs, but consider this:
A) An individual purchases a software application to do their taxes for $30.00
The individual is thrilled to get a refund of $300
Net Refund $270
B) The same individual takes their tax return to a Your Bottom Line Professional and pays $75.00
The individual is ecstatic to get a refund of $500
Net Refund $425
Where is the better result?
This may not be true in every case; however, do you want to risk being the person who missed out on a larger refund?
and
mention this article for a 10% discount on your tax return if contact is made before March 15th
|
|
|
|
