Have you just spent too much time trying to figure out your tax returns? Do you have special circumstances that made your returns hard to prepare? Did you know all the tax breaks that might be available to you? If you didn’t enjoy doing your taxes and wonder if someone can do it better than you can, then a tax accountant may be for you.
Some tax returns can be complicated, and it is easy to make mistakes.
Often, a tax accountant can find ways to minimize your taxes. Tax laws change frequently and are tough to keep up with.
Here are some circumstances when it is good to have an accountant:
1. You earn more than $200,000 a year. The odds of being audited rise from 0.9% to 3.7% if you earn 200k or more. It is good to have an accountant if you are audited.
2. You need to make estate plans.
3. You need to file an estate tax return.
4. You have foreign source income such as mutual funds or stocks of foreign companies.
5. You own a business or are self-employed
6. You have rental properties.
7. You are starting a business and need advice about the tax structure of your company.
8. You are considering a capital asset.
9. You plan to make a large gift to a person or organization.
10. You want to be assured that you have a trained professional reporting your tax information as accurately as possible.
Accountants help with more than just tax information. They can educate you on personal finance. They can help you with saving. They can look at your investment portfolio and make suggestions. They can give you an honest overview of your finances. Adam Shay, CPA, PLLC is a CPA firm that is happy to assist you when you decide you would rather leave the tax work to a professional.