We have all heard people complain about how much income tax they have to pay each year to the IRS, but do you have any idea how much money Americans spend on tax preparation services each year? Well, according to the latest statistics, Americans spend approximately $28 billion a year on tax preparation services.
When there are so many online do-it-yourself tax preparation options, why do so many people willing to pay significant fees to have other people prepare their taxes for them?Regardless of the income tax brackets to which they belong, doesn’t it seems like it would be most cost-effective to do your own taxes? After all, basic logic tells us the less money you spend on tax preparation services, the more money you will end up with when all is said and done.
In reality, many people feel that knowing that their taxes are done correctly is worth the extra expense of hiring a personal or small business tax accountant. This is particularly the case for companies, because business entities are more vulnerable to IRS scrutiny than the average private American citizen.
While small business tax accountants can provide their clients with the best tax preparation services, they can do a lot more than that. For example, a leading accountant for small business can act as a financial analyst, as well. This means they can assist small business owners in making the wisest investment decisions.