Why We Love Tax Preparation (And You Should Too!)
It happens every year; April rolls around and you realize that it’s about time you started on those taxes before you miss the deadline and have to pay a fine. You don’t like filing your taxes or having to slog through them because you think they’re such a chore. But really, preparing your taxes can be fun, or at least, they’re a blast from our point of view. Let us tell you why.
We Love to Help People
When it comes time for tax preparation, we love to help. We get to see people who are at their wits end; people who are almost ready to tear out their hair because they don’t know why their taxes are turning out this way. We see them at their most confused and we get to help them decipher the tax laws as they apply to their situation.
We get to see the clarity come over their expression as we explain to them which way is up, and then we have the privilege of helping them straighten out their financial situation. How we do this is up to them as a client. We can go all in and do everything from a full financial analysis to filing all the taxes, or we can just review specific questions. We tailor our help to your needs, and that’s what is so fun about it all.
Peter Demian enjoys taking the time to help his clients in whatever fashion they require. Just read some of the testimonials from people that have been helped by Demian & Company. We were able to help Taylor Born with an old W2 issue quickly. Another client was able to get a tax debt turned into a tax refund.
That’s what we do at Demian & Company, and that’s part of why we love tax preparation. But that’s only a part of why we love tax preparation and tax time.
The Challenges and Problem Solving
In some jobs, you sit and you do the same thing every day for hours and hours upon end. While there’s nothing wrong with that kind of job, we love the variety and challenges that come around when it comes to tax preparation.
The thing is, even if two people have similar incomes and fall into the same tax bracket, their deductions will likely be different. Whether it’s a different number of dependents or a difference in the interest they pay on a student loan, things will be fairly unique. And that brings up the challenging aspect of it all.
Anyone can file a haphazard 1040 tax return and accept that they’re going to owe a bit or even get a small refund. The challenge for a CPA worth their salt is to find the best combination of deductions to save their client the most money possible. After all, there are things like the annual gift tax exclusion (which increased to $15,000 for 2018), various 1099s, dividends that have been reinvested, and even student loan interest. Making sure that you maximize your deductions is the difference between a standard so-so return and an excellent game-changing tax return.
Then there are the various problems that you get to see that are related to tax preparation. If you’re a college student with income of your own, and your parents pay your student loan interest, are they allowed to claim you as a dependent? (The short answer is yes, as long as you provided less than half of your own support, not counting scholarships and grants.) These are the types of problems that we get to see every tax season.
You Make Friends
If you’ve ever wanted to be someone’s hero during tax time, you can let a bunch of spiders bite you and hope for the best. Or, you can be a CPA and help people untangle the knot of their tax issues.
There’s no better feeling than helping someone with a problem and solving that challenge. Because when that happens, we get to be the superhero of the day. The look of gratitude on our clients’ faces when we’ve helped them with their particular tax dilemma is satisfying in its own right.
Best of all, this happens every year. And because it happens every year, you’ll get to reconnect with clients over the years and help them when they’re ready to make their biggest life decisions. And as part of tax preparation, you’ll be in the position to help them plan for colleges, plan how to take advantage of their first home purchase, and make sure that their pre-tax investments are maximized to reduce their overall tax burden.
With proper care, a simple tax preparation evolves into a full facet of care as you integrate year round tax prep into your client’s life. Because tax preparation should be a year-round process to truly get the best result. And as you make friends and connections, you become part of the community. And that’s perhaps the best reason we love tax preparation of all.