Many people see advertisements about tax preparation software when it comes time to file personal taxes. Often times these commercials will let people know how easy their software is to use and how effective it can be. When it comes to individual tax preparation, Brooksville resents should know that tax software may not be appropriate for their specific circumstances. There are many situations where someone would get more information and potentially more tax deductions if they were to sit down and talk to a professional CPA. Here are some issues that are not necessarily made easier when someone uses tax preparation software to file their taxes.

Tax Filings for Business Owners

Tax preparation software is great when there is not much information that an individual is filing. Software however often because less efficient when there is a lot of tax information for the past year. For example, when someone has a business that has many deductions and documentation, software may not be the best choice for tax preparation. Brooksville residents might be more inclined to use software because many of them are free of charge, but there is a lot of information that does not get inputted into those types of programs.

Tax Filings for Major Life Events

While business tax preparation is a great reason why someone may not want to use specific software for tax preparation, Brooksville residents need to know that many changes in a person’s life can be complex, including on the tax side of things. If someone has just recently bought or sold a home, or if they were involved in a divorce in a specific year, it would be much better for them to set up a meeting and talk to a CPA. These tax professionals can advise individuals with the rules and stipulations for tax filings with those kinds of issues, and also how to handle them in the future moving forward.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*