When is it worth hiring a tax advisor for tax returns?
August 10, 2022 | 50,00 EUR | answered by Ingo Koch
Dear Sir or Madam,
my name is Franceska Schillinger and I am currently considering whether it is worth hiring a tax advisor to prepare my tax return.
At the moment, I am doing my tax return myself because I believe it can save me money. However, taxes are a very complex topic for me and I am concerned that I may overlook important tax benefits and deductions. Additionally, I have often heard in recent years that a tax advisor can not only save time but also money, as they are well-versed in current tax regulations and can identify potential optimization opportunities.
My concern is that due to my lack of expertise, I may be missing out on tax benefits and end up paying more taxes than if I were to hire a tax advisor. On the other hand, I wonder if the costs of a tax advisor are worth it at all if I am not able to take advantage of many tax benefits anyway.
Therefore, my question is: considering my situation, when is it actually worth hiring a tax advisor to prepare my tax return? Are there specific criteria I should consider to determine if the costs of a tax advisor are justified? And what specific benefits does working with a tax advisor bring compared to doing my tax return myself?
Thank you in advance for your response and support.
Sincerely,
Franceska Schillinger
Dear Mrs. Schillinger,
Thank you for your inquiry regarding the hiring of a tax advisor for the preparation of your tax return. It is understandable that you are unsure in this area and are considering whether the costs for a tax advisor are worth it.
In general, hiring a tax advisor is often worthwhile, especially if you do not have sufficient knowledge in tax law. A tax advisor can help you maximize tax benefits and deductions to minimize your tax burden. Additionally, they are well-versed in current tax regulations and can identify potential optimization opportunities that you may have overlooked on your own.
If you are unsure if the costs for a tax advisor are worth it, you should consider some criteria. Firstly, it is important to assess the complexity of your personal tax situation. The more sources of income and tax obligations you have, the more worthwhile it is to hire a tax advisor. Furthermore, if you are eligible for certain tax benefits, a tax advisor can help you correctly utilize them.
Additionally, it is important to consider that working with a tax advisor can not only save you time, but also money. With the professional assistance of a tax advisor, you can be confident that your tax return is prepared correctly and completely, potentially saving you trouble with the tax authorities. Moreover, a tax advisor can help you maximize potential tax refunds, ultimately leaving you with more money in your pocket at the end of the year.
Overall, hiring a tax advisor is often sensible, especially when uncertainty or a complex tax situation is present. A tax advisor can help you utilize tax benefits, avoid errors, and retain more money at the end of the year. If you are unsure if the costs for a tax advisor are worth it, you should consider the benefits of professional assistance.
I hope that my response has been helpful to you and I am happy to assist with any further questions.
Sincerely,
Ingo Koch
