Why hire a tax preparer?

Why hire a tax preparer?

Taxes are notoriously complex and hard to digest. With that said, many people find themselves anxious and overwhelmed during tax season. If this rings true for you, consider hiring a professional to help with your taxes. With a tax preparer at your disposal, you can bid farewell to the stress that comes with filing your taxes. If you are not sure if a tax preparer is right for you, here are some reasons why you should enlist the helping hands of a professional.

You Made Mistakes The Year Prior
If you lack the necessary expertise, it’s all too easy to make mistakes on a tax return. If you’ve found yourself in this unfortunate situation, a financial expert can breathe clarity into these affairs. Your tax professional will review the return, subsequently making the necessary adjustments. As a result, you minimize the damage, gain peace of mind, and rid yourself of a financial fiasco.

You’re Newly Married
If you’ve recently gotten hitched, filing your taxes might prove more difficult. Fortunately, a tax professional can advise you on how to take advantage of your new marital status. What’s more, they’ll show you what documents you need to collect now that you have two incomes to report. Navigating these unfamiliar waters isn’t something you should do alone. Set you and your spouse up for tax season success when you hire a tax preparer.

You’ve Started A Small Business
If you’ve pursued an entrepreneurial endeavor within the last year, consider employing a tax professional. Not only will they help you gather the necessary paperwork, but they’ll also tell you how you can benefit financially as a sole proprietor. Unfortunately, most small business owners don’t consult with a specialist until a few years after they’ve launched their company. Consequently, they miss out on tax exemptions and other perks. With that in mind, if you’re new to the entrepreneurial realm, work with a tax professional so that you can boost your tax refund.

You’ve Sold/Purchased Real Estate
It is no secret that buying or selling real estate influences your finances. Therefore, filing your taxes demands extra legwork. From capital gains to deductions, there’s a lot to consider, making it crucial to partner with a tax expert. Most notably, working with a specialist ensures that you get the most out of your investment. Instead of getting bogged down in the details, allow a professional to handle the intricacies for you.

You’ve Adopted A Child
If you’ve adopted a child, consulting with a tax preparer is wildly beneficial. Using their insight, they’ll let you know what financial perks you’re entitled to. In 2015, for example, the IRS offered a tax credit of up to $13,400 per child. To make sure that you do not overlook anything, place your trust in a professional. For optimal results, reach out to a tax specialist early on in the process. In addition to being prudent, this also guarantees that you cover all your bases before filing your taxes.

You Have Foreign Assets
If you have a foreign bank account or investments, you must report this information to the IRS. Otherwise, you’re liable to get audited by the IRS. With an accountant, you can calculate exchange rates and file the correct forms with ease. In essence, you don’t risk leaving out pertinent information. Foreign assets can be confusing enough, but when you’re entering this information into your tax return, it can complicate matters even further. For your sake, give a tax professional the financial reins.

You’re Self-Employed
If you’re self-employed, you likely don’t have any taxes withheld. While this might seem favorable, it can make tax season a nightmare. In most cases, self-employed individuals have to pay self-employment tax. If you are not familiar with this territory, that is where a tax professional comes in. With their tax help, you will learn the ins and outs of self-employment tax while keeping the IRS happy.