Certified Public Accountants

Mosford, Barthel & Co., PLC.

Mosford, Barthel & Co., PLC. is a local accounting firm with offices located in Monticello and Elk River, MN.  The firm was founded in 1976 by Bob Mosford, CPA/PFS, and has continued to grow along with Monticello, Elk River, and the surrounding communities.

Tax Software: Is it the Best Way to Go?

 

The retail price of most popular tax preparation software is around $40, but what does using software to prepare your taxes really cost you?  Missed deductions and tax credits, improper or overlooked tax election, unnecessary penalties, and neglected long-term tax planning can be very expensive.  Tax regulations and court rulings are now estimated to take up more than 336 feet of shelf space.  Are you familiar with the rules and qualified to tackle your taxes by yourself?

It's likely that your tax concerns will become more complicated as your investments grow, your family grows, and you grow older.  Though many tax software producers claim that their products can prepare complex returns, you may want to think twice before relying on software for all of you tax and financial guidance.

Major milestones in your life, such as marriage, buying a home, having a child, college, retirement and starting a business, are all good reasons to consult with your tax advisor.  Job changes can necessitate big financial and tax decisions, including rolling over your 401(k), exercising stock options, deferred compensation issues, moving, and perhaps even starting your own business.  An established relationship with a tax professional who is familiar with your finances, your family, and your goals can prove to be invaluable.

Although software may help you make choices on your tax return that result in the lowest tax this year, you should consider the long-term effect of your choices in order to pay the lowest total tax over a number of years.

If you have been preparing your own returns, it's a good idea to let a professional preparer review your return at least every three years.  That's because you only have three years to amend a return to change any items of income, deductions, or credits that were reported in error or omitted on your original return.

Monticello Office:

305 Cedar Street, Suite 201

Monticello, MN 55362

Tel: (763) 295-4800

Fax: (763) 295-4804

 

Elk River Office:

812 Main Street, Suite 210

Elk River, MN 55330

Tel: (763) 441-1384

 

Email: amoll@mbcocpa.com

 

Directions:

Select office location below for Mapquest directions:

· Monticello

· Elk River

To contact us:

Copyright © 1999-2008 Mosford, Barthel & Co., PLC.