Filing your individual tax return can be a daunting task, but with the convenience of eFiling, many people opt for the do-it-yourself (DIY) approach. It seems quick, easy, and cost-effective. However, before you embark on this journey solo, consider the potential pitfalls that could end up costing you more than you bargained for. Is it time to hire a professional accountant instead?

Late filing or payment of taxes can lead to penalties and interest, causing unnecessary financial strain. However, by enlisting the services of an accountant, you can say goodbye to sleepless nights during tax season. Their personalized expertise ensures you meet your deadlines while potentially minimizing the amount of tax you owe through their in-depth knowledge of tax regulations and strategies.

So, what’s the difference between the DIY route and hiring a pro?

SARS’ eFiling system provides a user-friendly platform for individuals to download, complete, and submit their tax forms online. For seasoned taxpayers, this process requires minimal effort and is free of charge. However, a professional accountant or tax consultant offers a comprehensive service. They gather all your necessary tax information, complete the forms accurately, and handle the filing on your behalf. Their assistance not only saves you time but also provides peace of mind knowing that a qualified expert is handling your tax compliance.

When you choose to work with an accountant, they will:

• Assess your situation to determine if you need to register and submit an individual income tax return.
• Interact with SARS on your behalf, eliminating the need for you to endure long queues.
• Assist with provisional tax submissions when applicable.
• Leverage their expert knowledge to optimize your tax return based on your unique circumstances.
• Help you navigate penalties or outstanding tax affairs through a voluntary disclosure application, safeguarding you from potential prosecution.
• Store and maintain your tax records and documents for the required five-year period.

Before making a decision, consider the following factors:

Complexity

Are your taxes straightforward, or do you have additional sources of income that require declaration?

Tax knowledge

Do you possess a solid understanding of tax laws, including deductions and claims?

Time Availability

Can you dedicate the necessary time, including queuing at SARS for any personal queries?

Attention to detail

Are you confident in your ability to accurately complete your tax return to avoid potential errors?

Tax season doesn’t have to be a source of stress, especially if taxes aren’t your area of expertise. Allow us to alleviate your burden and potentially save you money. Contact Counteractive today and experience a stress-free tax season with the guidance of our qualified professionals.