When do I want to hire a tax professional to file my tax return?
Hiring a tax professional to help you with your annual tax filing has several benefits. Most individuals, couples, and business owners hire tax professionals for the following reasons:
Maximize tax refunds or minimize tax bills: A tax professional can help you identify deductions and credits that you may not have been aware of, which can increase your tax refund or reduce the amount you owe. By reviewing prior returns, a tax pro can even help you amend prior tax returns in order to get back money the IRS owes you.
Avoid tax mistakes: Filing your taxes incorrectly can result in penalties, fines, and even legal problems. If you are not confident in your ability to file your taxes accurately, it may be worth hiring a tax pro to ensure that everything is done right.
Save time and focus on your business: Preparing and filing your tax return can be time-consuming, especially if you have a lot of paperwork to gather and organize. If you don't have the time or energy to carefully prepare your own taxes, your tax professional can take care of everything for you. For business owners, and even individuals, there may be a positive opportunity cost associated with passing off your taxes to a pro who can handle your taxes while you focus on making money.
Have an expert handle a complicated tax situation: If you have a lot of investments, bought or sold a home, own a business, or have recently gone through a major life change (such as having children, getting married or divorced), your tax situation may be more complicated than usual. In these cases, a tax professional can help you navigate the complexities of the tax code and ensure that your taxes are prepared and filed properly.
If you need tax help, Rocket Lawyer can now match you with a tax pro for affordable and convenient tax filing services. Don't do your taxes™ – Let us do them for you.
What do tax professionals do besides file taxes?
Tax professionals, from tax preparers to tax attorneys, can help individuals and small business owners with a variety of tax-related issues beyond filing their tax returns. If you need help with filing your taxes, Rocket Tax™ can match you with a tax pro who will do just that for an affordable price. If you are facing a more complicated tax issue, however, talking to a lawyer can help provide peace of mind and a plan of action. Tax attorneys can often support individuals and businesses with the following services:
Tax and financial planning: Talking to a tax attorney can help individuals and small business owners plan their taxes in advance, minimizing tax liability and maximizing tax credits, deductions, and write-offs. Many tax and business attorneys take into account the tax implications of various investment and savings strategies.
IRS and audit representation: If you receive an audit notice from the IRS, or any other tax notice, hiring a tax attorney can help to protect your rights. Tax attorneys can help you understand your next steps, respond to the notice, navigate the audit process, and can also represent you in court.
Tax disputes: If you are in a dispute with the IRS or state tax agency, a tax attorney can help you negotiate a resolution.
Business tax issues: Tax attorneys can help small business owners navigate the many tax implications of running a business. From starting, running, or selling a business to issues related to employment taxes, sales taxes, and more, business owners can often benefit from a tax attorney’s help to get and stay organized.
Estate planning: A tax or estate planning attorney can help you plan your estate in a tax-efficient manner, minimizing the tax liability for you and your heirs.
Whether you need help with tax planning, an IRS audit, tax disputes, or any other legal issue, reach out to a Rocket Lawyer network attorney for affordable legal advice.
How much do tax professionals charge?
The cost of hiring a tax professional can vary widely depending on a number of factors. The complexity of your tax situation, the geographic location of the tax professional, and their level of experience and qualifications all play a part in the prices tax professionals charge. Also keep in mind that an annual Rocket Lawyer membership gets you premium access to our legal platform and half off tax filing with Rocket Tax™, saving you money on both tax and legal services. Here are some general guidelines on what you can expect to pay for different types of tax services:
Basic tax preparation: If you have a relatively simple tax situation (for example, if you only have one job and no significant investments), basic tax preparation services can be competitively priced with flat-fees based on filing both federal and state tax returns. Individual filers or couples filing jointly with an annual Rocket Lawyer membership can expect a flat fee of $199.99 when filing with Rocket Tax™.
Complex tax preparation: If you have a more complicated tax situation (for example, you own a business or have significant investment income), you can expect to pay more for tax preparation services. Tax preparation services may charge a higher flat-fee rate for business filers, or individuals with more complex taxes. When coupled with an annual membership, self-employed freelancers, contractors, sole proprietors, and single member LLCs get access to a flat rate of $399.99 for Rocket Tax™ services, and corporations, partnerships, nonprofits, and trusts/estates have access to a flat rate of $499.99.
Tax planning, consultation and audit representation: If you need help with tax planning or want to consult with a tax attorney about your overall financial situation, an audit, or another IRS issue, you can expect to pay by the hour, although some attorneys may offer fixed rates for certain types of consultations. Hourly rates for tax attorneys can range from under $200 to $500 or more. A Rocket Lawyer monthly premium or annual membership provides valuable discounts on attorney fees.
It is important to note that these are general guidelines and that the cost of hiring a tax professional or tax attorney can vary widely depending on your individual situation, location, and the professional’s experience. It's always a good idea to understand the costs involved before hiring any professional. Check out Rocket Lawyer member benefits to learn how you can save on both legal and tax services today.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.