Happy Tuesday, everyone! We are already in the second week of April and “Tax Day” is NEXT WEEK! It’s crazy to believe that yet another tax season is coming to a close. All of the accountants out there are breathing a collective sigh of relief at the welcomed sight of the light at the end of the dark tunnel they’ve been stuck in the past couple months.

Today, we are talking about when you need to consider hiring a professional. With the growth of technology, there are countless programs out there that can “help” you file your taxes yourself. However, that may not be your best bet. Learn some reasons why you could benefit from the advice of a professional.

Time is an Issuecountdown

If you’re like most people, there just aren’t enough hours in the day. If you look down at your clock and think frantically to yourself, “where has my day gone?!”, this is a sure sign that bringing in the big guns and hiring a professional may be beneficial to you. If you are struggling to make the time to organize your tax information, you’re probably also searching for a feasible chunk of time to sit down and actually file them. Odds are, if you’re rushing, you’re going to end up making a mistake or missing a valuable deduction that will have you paying more than your fair share to Uncle Sam. Let’s be honest, who really wants to do that?!

Hiring a trusted accountant could be the answer to your problems. Your accountant will collect the necessary paperwork from you and, to your delight, that’s as far as your responsibility goes! No crunching numbers or any of that craziness – you just hand off the information and someone else handles the headache of ensuring that all information is entered correctly and that you get all of the deductions you’re eligible for and deserve. You pay your fair share, and that’s it – no more, no less. The filing is on time, correct, and best of all – DONE. See how easy it can be?

Life Changes

Life and things change, it’s all part of, well, life! There are always changes taking place in our lives on a daily basis. I’m not talking about the minor changes like getting a year older, I’m talking about MAJOR changes – getting married or divorced, buying a home, or having kids. All of these major life changes can REALLY impact your taxes. To make sure that you get all of the deductions you deserve, it’s always a good idea to bring in a professional when these types of changes occur. A CPA knows the tax code inside and out along with any changes that may have occurred – and there have been TONS of changes since the passing or the Tax Cuts and Jobs Act (TCJA) or “Tax Reform”. They will make sure that you are filing with the correct status, claiming the proper number of dependents, and ensuring that all of your is are dotted and your ts are crossed.

You Have a Business

Personal taxes can be daunting enough. If you’re trying to keep track of your business’s books and taxes as well, things can get a little sticky. Especially if you’re running a small business, there can be some overlap (even if it’s not intentional) between personal and business. It’s always a good idea to get a professional to look over your tax information if you fall into this category. Not only will a professional ensure that everything is on the up and up and correct, they can also help you to find those little deductions you would not have been able to manage to find on your own. Bringing in a professional can end up saving you money in the long run through increased deductions and credits. If you’re a small business owner, this is definitely something you will want to consider.

Here at Wealth Builders, we are not just a tax office; we are your one stop shop for all things financial. We aren’t just your once-a-year phone call or meeting around tax season, we are your contact throughout the year for ALL of your financial questions and needs. We offer bookkeeping and general accounting services for small businesses as well as financial planning and investment services for both individuals and small businesses. Our clients are the most important part of our business and we strive to ensure that our services meet every financial need they may have. If you are looking for a “partner” that can help alleviate some of your stress when it comes to the financial aspects of your business or personal finances, give our office a call! The consultation is free – so what do you have to lose?

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If you haven’t already, make sure to sign up for our free quarterly newsletter and weekly tax tips email. Both of these are full of great information that will keep you up to date with all of the latest changes in the world of taxes. We will give you practical and helpful advice to help you to not only reduce your tax liability, but also increase your cash flows. Best part of all? They’re both FREE! Sign up today!

 

“When You Should Hire an Accountant.” Xero,www.xero.com/us/resources/small-business-guides/accounting/when-to-hire-accountant/.