12 Ways a Tax Professional Could Get You a Bigger Refund

SAVING & SPENDING - TAXES
You might want to think twice about filing your tax return on your own.
Updated April 9, 2024
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Many taxpayers opt to file their taxes independently or using tax software, but overlooking potential deductions or credits could mean missing out on a bigger refund.

Hiring a tax professional or certified public accountant (CPA) could uncover opportunities to maximize your refund and boost your bank account.

Here are 12 ways a tax professional could help you secure a larger tax refund.

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Professionals know the latest tax rules

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Tax laws are constantly evolving, and professionals stay abreast of the changes. They can apply the most recent regulations to your tax situation, potentially uncovering new deductions or credits that benefit you.

They can also interpret complex IRS tax code changes and how they affect your specific financial circumstances, ensuring compliance and maximizing your refund opportunities.

Determine which tax credits you’re eligible for

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Tax professionals have a keen understanding of various tax credits, such as the Earned Income Tax Credit (EITC). They can accurately assess your eligibility and ensure you claim all applicable credits to maximize your refund.

They can provide guidance on optimizing your eligibility for tax credits through strategic financial decisions and planning throughout the year.

They can double-check to make sure you aren't missing any deductions

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Tax professionals meticulously review your financial records to identify deductions you may have overlooked. From traditional IRA and health savings account (HSA) contributions to lesser-known deductions, they leave no stone unturned to optimize your tax return.

Additionally, they can provide proactive advice on tax-saving strategies and expense tracking to maximize your deductions in future tax years.

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They can ensure you're following all IRS rules

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Compliance with IRS regulations is crucial to avoid penalties or audits. Tax professionals ensure that your tax return adheres to all applicable rules and guidelines, reducing the risk of costly mistakes.

They can also provide ongoing support and guidance to help you navigate complex tax laws and regulations, ensuring continued compliance and minimizing your risk of IRS scrutiny.

They can help you make strategic tax-planning moves

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Tax professionals offer strategic insights tailored to your financial circumstances. Whether optimizing retirement contributions or timing capital gains, they can devise tax-saving strategies that align with your long-term goals.

They may also provide personalized tax planning advice to help you minimize your tax liability and maximize your financial resources over time.

They can help you gain better visibility into your taxes

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Tax professionals provide clarity on complex tax matters and help you understand how various financial decisions impact your tax liability. With their expertise, you can make informed choices that maximize your refund.

Financial professionals can offer proactive tax planning advice and recommendations to help you optimize your tax situation and achieve your financial objectives.

They can help you file your tax return

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Entrusting your tax filing to a professional can ensure accuracy and timeliness. They handle all aspects of the filing process, from preparing the return to submitting it electronically, streamlining the process for you.

Additionally, they can provide ongoing support and assistance throughout the tax filing process, ensuring a smooth and hassle-free experience.

They can save you time

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Tax preparation can be time-consuming and stressful. In some cases, it could take up to 20 hours to complete an average tax return with deductions. 

By delegating this task to a professional, you free up valuable time to focus on other priorities while knowing that your taxes are in capable hands.

Further, they can provide efficient tax preparation services and proactive tax planning advice to help you save time and streamline your financial management processes.

They can correct any errors you made

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Even minor errors on your tax return can have significant consequences, including an IRS audit. Tax professionals meticulously review your documents, identifying and rectifying any inaccuracies to prevent potential issues with the IRS.

They can also provide ongoing support and guidance to help you address any tax-related concerns or issues that may arise, ensuring timely resolution and peace of mind.

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They can reduce your risk of an IRS audit

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Tax professionals employ best practices to minimize the likelihood of an audit. By ensuring accurate reporting and compliance with IRS regulations, they shield you from the stress and scrutiny of an audit.

Furthermore, if you do get audited, they can provide proactive support and representation to help you navigate the audit process effectively and minimize potential negative consequences.

They can compare against your previous tax returns

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Reviewing your previous tax returns allows tax professionals to identify patterns and inconsistencies. By analyzing your tax history, they can optimize your current return and identify areas for potential improvement.

Moreover, they can provide personalized tax planning advice and recommendations based on your unique financial situation and goals, helping you achieve better outcomes in future tax years.

They can reduce your stress and improve your finances

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CPAs undergo rigorous training and adhere to stringent ethical standards, providing reassurance that your taxes are handled with expertise and integrity. Their professional guidance can alleviate stress and instill confidence in your financial decisions.

Additionally, they can provide comprehensive financial planning services and ongoing support to help you achieve your long-term financial goals and objectives.

Bottom line

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Considering the complexity of the tax code and the potential for overlooked deductions or credits, hiring a tax professional or CPA could prove invaluable in maximizing your tax refund.

Reflect on your tax situation and consider whether enlisting professional assistance could lead to a bigger refund and greater financial peace of mind. And as a result, you could grow your net worth over time.

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Author Details

Adam Palasciano Adam Palasciano is a personal finance-obsessed and money-savvy individual who loves to hash out content on all things saving money. He specializes in writing millennial-friendly personal finance content, covering topics ranging from trending financial news, debt, credit cards, cryptocurrency, and more.

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