Home Business Accountant vs TurboTax: Which Is Better for You?

Accountant vs TurboTax: Which Is Better for You?

264
0
Accountant vs TurboTax: Which Is Better for You

Are you debating how you should get your taxes done? There are three options – do them yourself, hire an accountant, or use a software like TurboTax

Unless you have accounting and tax prep experience, you shouldn’t try to fill in your taxes yourself. There’s too much risk that you might miss something or put down the wrong information. 

That leaves us with choosing an accountant vs TurboTax. If you’re curious which one will work best for you, we’ve got you covered. In this article, we are going over the pros and cons of both.

Accountant

An Accountant is a professional who prepares financial documents, balance sheets, and performs audits of books for tax purposes.

An accountant is someone who can also prepare tax returns and submit them to the Internal Revenue Service (IRS) for you.

Pros

Hiring a professional will give you the best bang for your buck. An account has passed a series of exams and needs to maintain certifications to practice accounting. In some states, you’re not allowed to call yourself an accountant unless you are licensed.

An Accountant has all the knowledge to help you with any tax situation. If you are going through a divorce, have a large business, or have complications with bankruptcy or garnished wages, they can make sure all of your needs are set up properly within your tax return. 

An accountant will give you first-hand help with audits or if your tax return is sent back to you. They can help you with any errors that artificial intelligence may not be able to provide for you. Need more insight? Check this page.

Cons

Hiring a tax professional may be the best way to go, but there are some cons. Hiring an accountant to do your taxes can be pricey compared to TurboTax. You may be spending double. 

You also won’t be able to walk through your taxes and learn more about the process as you would with TurboTax.

While there are many great features for small businesses and individuals, there may not be enough reassurance for large businesses. Also, if you’re going through more complicated situations such as divorce, bankruptcy or 

TurboTax

TurboTax is accounting software designed to help you prepare your federal and state income taxes and electronically file them. You can upload your W-2, 1099s, and receipts with this software. 

TurboTax caters to businesses, individuals, and self-employed workers.  

Pros 

TurboTax can make things easier when filing your taxes, especially for small businesses. The software takes you step-by-step on what information, documents, and deductibles you’ll need to include. 

TurboTax features a variety of options for you to choose from. It also allows you to choose audit support and CPA reviews before you file for an extra charge.

Cons

Turbo may be a great option, but it does have its disadvantages. Its automated system can cause a string of errors that may not be caught before your tax return is filed.

this can cause audits, IRS letters, and penalties. The software is only as good as its user input. There will be a learning curve when using TurboTax. There’s also a possibility of over deductions and missing deductions that could cause confusion. 

Accountant Vs TurboTax – What’s Best?

When it comes to an accountant vs TurboTax, it really depends on your comfort level. You may need to put more time and effort when using TurboTax. You’ll need to prepare some documents yourself and input all the necessary info on your own. But, going with TurboTax will save you a lot of money.

If you choose you don’t want to do anything and have a bigger budget to spend on services, go with an accountant. An accountant will make sure it’s done correctly and will do everything for you. This means you won’t have to worry, and you can have peace of mind when it comes to tax season.

Did this article help you decide? If so, please give it a share on social media.

LEAVE A REPLY

Please enter your comment!
Please enter your name here