The software is designed to guide you through each step of the tax filing process, from entering your personal and income information to calculating your deductions and credits. It also checks for errors and helps you avoid common mistakes that could delay your refund or result in penalties. If you’re someone who’s like printing the forms and like hand filling them out and mailing them in, there might be some better solutions for you out there.

• You can often schedule a free consultation with a prospective CPA or tax attorney to discuss your needs and determine your next steps.
• Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice.
• Only taxpayers with a ‘simple tax return’ are eligible.
• Finding all the documents I needed was harder than filing the actual return.

Making the switch can make small business owners nervous, especially if you’re used to TurboTax. This FAQ highlights some of the biggest differences between using the two — and can help you decide when to keep using TurboTax or hire a CPA. While there are many advantages to using TurboTax to file your taxes, nothing is perfect. Ever wonder what the highly trained professionals use to tax plan? We’ve assembled the ultimate tax guide you can download and reference as you prepare your taxes this year. Taxes are a big part of the picture, and should be integrated with your financial plan.

TurboTax vs CPA: Which One Saves You More Money and Time?

You can speak to an expert via phone, chat, or live on-screen through one-way video chat (they can’t see you). You can share your TurboTax screen with your expert so they can guide you and answer your questions. If you use TurboTax, you can be confident that you will be using a premium, easy-to-use product that will take most of the pain out of preparing your tax return.

• That will give you the chance to find income or expenses you may have forgotten about.
• You also have the option to share your tax documents with your tax expert, if needed.
• When it comes to cost, TurboTax is generally the more affordable option.
• The next few screens will ask you for your personal information.
• You’ll still have your financial documents reviewed by the IRS, but it will be through your CPA because they prepared and filed your return.
• When you use TurboTax software, then you are forced to commit more time resources to the process.

Tax errors can lead to penalties, interest charges, or even audits. A CPA’s meticulous approach and expertise can significantly reduce the likelihood of mistakes in tax filings, ensuring that all the ‘i’s are dotted and ‘t’s crossed. Every individual or business has unique financial circumstances. CPAs can offer tailored advice and strategies to optimize your tax position, help with financial planning, and potentially reduce overall tax liability. While digital platforms are bridging the gap, CPAs bring a wealth of experience and a human touch to tax filings.

When You Should Hire a Professional

It might make sense to have somebody on your team that can kind of co-pilot, help you organize it, maximize, help you with blind spots that you don’t know. I thought I would be saddened in that first tax season that was no longer doing my taxes. My CPA very well knows that I imagine just like I have turbo tax vs.cpa financial planning clients, that every time I get on the phone with them, I’m like, man, they’re so daggum smart. I got to believe that Lorraine thinks that about us too, is because she knows that I’m still an active involved person, but she is the professional that’s preparing my tax term.

While tools like TurboTax offer a DIY approach to taxes, they can’t replace the personal touch, expertise and long-term planning a CPA provides. Investing in professional accounting services from Clear View Business Solutions ensures your business’ financial health, leaving you free to pursue your passion. Connect with us today to learn more about how we can help you reach new heights of success. The time it takes to prepare your return depends on the complexity of your taxes, your availability, seasonal peak days for tax preparation, and how busy our experts are. Our goal is to get your taxes done with as little waiting as possible.