Filing your taxes can be trying, overwhelming, exhausting, and outright miserable, especially if you don’t have professionals by your side guiding you through the process. While hiring a professional for tax preparation may feel like an unnecessary expense, taxes are complicated and, by foregoing the help of a professional, you’re missing out on several key benefits.
So why should you hire a CPA?
Let’s break down a few scenarios: Are you confused by the world’s ever-changing tax laws? Is your business or yearly income rapidly expanding? Could your credit score use a boost? If you answered yes to any of the above, it’s time to crack open the yellow pages and hunt for a CPA.
Don’t Miss A Thing
If you’re not constantly reading the fine-print on tax laws, you’re bound to miss a thing or two. It’s an accountant’s job to stay up-to-date on tomorrow’s tax laws so they can find extra benefits on your returns today. Don’t let your ignorance prevent you from filing correctly and capitalizing on new policies.
While the average taxpayer’s chances of being audited is approximately 0.6%, that likelihood increases with wealth. If you suspect you’re at risk of being audited, CPAs can represent your business when the time comes.
Sometimes we file our taxes and there’s something we don’t recognize. Maybe nothing in your life has changed. In fact, maybe you’ve had a child in the past year which should reduce the amount that you owe. However, as you’re filing your taxes you see that you owe $700 in federal taxes. If you’re unable to account for this number and even your finance friends are at a loss, a CPA will dig through the weeds and help you solve these tax mysteries. Don’t risk filing your taxes incorrectly and facing an audit. Hire a CPA to protect yourself and your money.
Boost Your Credit Rating
In addition to ensuring that your taxes are filed correctly, a certified accountant can help boost your credit score using tricks you’ve likely never heard of. At the end of the day, when it comes to your bottom line, there’s no better professional to have in your corner than a CPA.
What if I’m already using a tax prep software system?
Software systems like TurboTax are great options for cheap filing if you’ve got simple tax returns. But let’s say you’ve got a small business, receive an inheritance, have stock options through an employer, own rental property, or find yourself in an otherwise unusual or complex financial situation. These scenarios can cause tax filing headaches and it’s worth hiring a CPA to ensure you’re filing correctly.
Not to mention, software systems can’t help you make tough, money-saving decisions before you begin filing. For instance, if you’ve found yourself in any of the above scenarios, CPAs can tell you when to exercise and sell stock and how to minimize tax burdens when you own rental property. Set yourself up for tax success before you begin those financial ventures. While software systems are convenient, they’re better for tax compliance than for helping you make better decisions beforehand. Luckily, CPAs are certified in financial forethought.
Some may emphasize to you that no one will care about your money as much as you do. While that stands true, CPAs are a close second. Plus, they have the financial knowledge to back up that compassion with invaluable guidance.
Whether you’re operating a small business or simply see inconsistencies on your tax return, hiring a CPA can provide peace of mind when it comes to tax prep. And in our book, peace of mind is priceless.
More questions about hiring a CPA? Contact us at 248-234-8404!
Tax Avenger Canton MI is a CPA and Tax Firm dedicated to providing exceptional service to our clients. If you are filing individually, starting a business or your business needs tax and accounting services, we can help. Now with our remote filing services, it couldn’t be any easier to file your taxes while you stay safe at home.
Our services include business accounting and payroll services, individual and business tax preparation, tax problem resolutions and more! With 20 years’ experience, our firm prides itself on the extensive international and local experience in accounting and taxation. Call today and speak with a CPA to learn more about how we can help! Free Consultations.