The Advantages and Disadvantages of Using a Taxation Service to Complete Your Taxes

Finance & Money Blog

Are you considering a taxation service in order to get your taxes completed, but you are not sure if they are a good investment to make? Like all types of services there are advantages and disadvantages to using them. By taking the time to learn the specific ones of taxation services you can make an informed decision. With that thought in mind here are some reasons for and against taxation services.

Advantages of Taxation Services

To find out why a taxation service is worth the spend here are some of their benefits:

• Fees are Tax Deductible: in most cases the fees that you pay to get your taxes filled out for you by a taxation service will be tax deductible. This means you can get your taxed completed cheaper than you might think. To find out the amount that will be deducted in your specific case you should ask your taxation service.
• Higher Tax Return: a taxation service can increase the amount of money you are likely to get in the form of a tax refund. There are many different tax deductible items that you can submit, but if you don't have the expertise then you simply won't know what those items are, whereas a taxation service will do.
• Save Time: if you are a busy professional that does not have the time to fill out paperwork then doing the taxes will be the last thing on your to do list. However, avoiding the taxes can cause you problems, because if you miss the filing deadline there might be a fine issued. Therefore, to avoid all this hassle and save time you can simply hire a taxation service (such as P. Stokes & Co (Aust) Pty Ltd) to fill out the taxes on your behalf.

Disadvantages of Taxation Services

For a well-rounded opinion of taxation services you should take a look at their disadvantages:

• Scams: some individuals that portray themselves as a taxation service might in fact be out to scam people. Such scams will take your money with the promise of filling out your paperwork, but then they simply don't do it. Therefore, make sure to investigate the reputation of a service before using them.
• Upfront Cost: most taxation services will ask for an upfront fee, which can be quite expensive. However, when you consider the increased amount of money they are likely to get you in tax refund money you should not hesitate to pay this upfront cost.

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15 April 2015