The benefits of having an expert's help
Casey says the most common areas where an expert can help you out on your taxes are helping you not make mistakes, and maximizing your refund. "You want to avoid those costly mistakes and paying more, potentially, or making a mistake and being subject to penalties and interest," he says. "Likewise, you may just not be aware of something that ultimately costs you money because you don't take that deduction or credit that you're eligible for." Consulting with someone who's familiar with the tax code and up to date on the latest changes at the federal and state levels can help avoid that.
For example, if you itemize your deductions on your federal return, depending on the state tax law you may or may not be required to itemize on the state tax return as well, which could impact your total refund or balance due. An expert can help you determine if you're better off taking the standard deduction or itemizing at the federal level by taking into account the subsequent impact on your state taxes.
"Tax planning is another great example of why you would want to use a tax expert," he says. "I go to these continuing education conferences with tax preparers, and the one thing they always say is, 'Man, I wish my clients would talk to me before they make these major decisions about assets.'" An expert can help plan the situation ahead of time to benefit you from a tax perspective, to "make sure that you're making the best move at the right time," as Casey puts it.