At this point, we’re well into tax season. If you’re unsure of whether or not you need professional assistance, consider the following situations. If any of them apply to you, consider hiring a CPA to help.
You should consider hiring a CPA if you own a small business. There are many tax write-offs for small business owners, and an accountant will help you take advantage of them. Without a tax professional’s expertise, you may not even know they exist!
If you have a side hustle or significantly involved in the gig economy, such as selling products on Etsy or driving for Uber, you might require extra assistance when it comes to filing your taxes.
You Own Rental Properties
Determining what deductions you can make for your rental properties is a difficult task. A professional can help you decide which deductions are right for you. Experts recommend that you get professional help for at least during the first year you rent your properties.
If the IRS reaches out to you for any reason, consider hiring a CPA. Even a letter with a simple request can be damaging if handled incorrectly. Giving the IRS wrong or irrelevant information, even on accident, is dangerous. A quality CPA can help you navigate the language of the IRS and make the best of your situation.
Failure to Pay Taxes In the Past
If you’ve failed to pay taxes in the past, you should strongly consider getting a CPA to help you. They can help you file several years worth of missed taxes. They’re also familiar with the programs offered by the IRS for those in your situation. If you’re applying for a payment program, it helps to have a professional working on your behalf to ensure that all your information is filed correctly. This way you can avoid any future complications.
If you’re self directing your own retirement, hiring a CPA would be extremely beneficial. For example, instead of using traditional forms of saving for retirement such as investments in stocks, bonds and mutual funds, you may be saving with real estate and bitcoin.
Simply put, a CPA provides valuable advice, which helps you save time and money. Your CPA can help you navigate the complex world of taxes. Without their expert advice, you may miss out on extra deductions or special eligibilities. These could save you thousands of dollars, making professional help well worth it! The more complicated your taxes are, the more time it takes to complete them. A professional is familiar with the system, and can finish your taxes in just a fraction of the time it would take you. This will save you from hours of frustrating work.