As soon as you find out that you need to get your taxes done.
Here are the top 10 reasons why you may want to hire a professional tax professional:
Forgetting (whether accidentally or intentionally) to file your taxes is not something you want to do.
Washington explains, "If you do not file taxes, the IRS may file a substitute tax return on your behalf. In this case, the IRS uses third-party information to create a return and assess a tax to your account." When this happens, chances are you’ll have to pay the maximum possible taxes and Washington adds that "if you fail to file after the due date, you may owe additional penalties and interest."
So you filed your taxes and you're getting a refund. Yay! But chances are you have plans for that money and want to know when to expect it.
"Typically, you’ll receive your tax refund within 21 days of electronically filing your tax return," said Washington. However, she notes that there are certain cases where your refund will be delayed: "If you claimed the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC), your tax refund may be delayed despite electronically filing earlier in the tax season. The IRS expects to issue these tax refunds the first week of March if you claimed these credits."
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