Why Hire a Professional Tax & Accounting service for Personal taxes

top accounting firms

Filing tax returns is a daunting task for many. It can be confusing and frustrating with a higher risk of losing your refund money. Yet many individuals try to file taxes on their own because they think professional services are only meant for businesses. Accounting firms such as Brilliant Tax & Accounting Services in Glendale, CA are professionals that can help file individual taxes to ensure you get all the deductions and refunds you are eligible to receive.

Why choose a professional service?

Hiring a professional CPA firm has many advantages. From filling the complicated W2 form to claiming money from the IRS that you didn’t know existed under your name. A study by the U.S. government’s accounting office showed that 77% of taxpayers benefited from hiring professional tax preparation services. Here are a few key benefits:

  • You will save money and get the credit that you may have missed filing it yourself
  • You save time. On an average, it takes nearly 20 hours to complete filing of tax return with deductions
  • Receiving instant answers regarding queries instead of trying to find out a solution yourself
  • Tax codes that change every year are maintained to ensure your application goes through
  • You avoid making mistakes that can cost you dearly or trigger an IRS letter or audit
  • Get your previous tax filings reviewed and see if any past deductions were missed and how it can be amended
  • Professional service with a human touch over software that is unequipped to customise and prepare income tax returns in a detailed way
  • Receive credits or refunds you are entitled to that you didn’t know about since the IRS doesn’t inform you in case you overpay them.

What services are covered under Personal Accounting Services?

Apart from professional tax filing for individuals, top accounting firms such as Brilliant Tax & Accounting Services in Burbank cover several other services for individuals. These firms are not just to help you file the taxes, but also manage your finances for key phases of your life.

  • Retirement Services: Financial planning can help analyse your assets and income sources to plan a saving strategy for your retirement funds
  • Child’s College Fund: Financial Advisors can help in create a saving plan that considers your current income and save for your child’s tuition
  • Disability Fund: Accidents and emergencies in life can come at any time. For such unfortunate events, financial planners can help you prepare a fund that includes analysing insurance covers and a multitude of powers of attorney to ensure you get the most comfort and care
  • Investments: Financial advisors are also proficient at creating investment plans. This can be to save up for your child, your new home and more
  • Inheritances: You need a healthy inheritance for your heirs. This is why financial planners are important. They can evaluate the net worth of your estate considering the costs to creditors, probate, lawyers and estate taxes. Such planning can ensure that the transfer of your assets take place smoothly after you pass