When is it a good time to hire a personal tax advisor?
The answer may vary according to your unique circumstances and financial situation. While most people manage to do their taxes individually, others appreciate the clarity and surety a personal tax account for personal tax filing in Bay Area offers during this crucial time.
This article helps you make an informed choice during the tax season by listing specific instances when you may need professional help.
Let’s explore all the reasons to call a tax planning consultant:
#1. Your Financial Status Has Significantly Changed in the Last Year
Tax filing needs and status can change after a big life-altering event. That means you must review your tax credits and possible deductions before submitting the paperwork.
For instance, marriage, divorce, employment changes, and starting a family can all impact your status. You must also consider the implications of owning a rental property, purchasing or selling residential properties, or inheriting a large estate.
A personal tax accountant can assess your financial situation and see how it affects your tax situation to create a legally compliant application. This allows you to file an error-free tax return form.
#2. You Need to Hire a Personal Tax Advisor to Handle an Audit
If theIRS calls you in for an audit, you need all the help you can get to ensure they do not find any anomalies in your financial history. A personal tax accountant can review and assess your records to reconcile accounts.
With their expert advice, you can update your financial records, resolve accounting errors, and ensure everything is accurately depicted in your books. All this can help you respond to IRS inquiries in a legally compliant way.
#3. You Are Self Employed
Whether you own a business or work as a freelancer, the government requires you to maintain your accounts accurately by tracking everything you earn and the amount you spend for business-related purposes.
A tax planning consultant can help you sort out your finances by updating your books, uncovering deductibles, and developing proactive strategies to minimize your tax bills. In other words, a professional does more than file paperwork. They help you save money too.
So, Should You Hire a Personal Tax Advisor?
Hiring a tax accountant in Dublin instead of winging the process is always a good idea. But if you have doubts, make a decision based on your situation. If you are self-employed, have foreign accounts, or own a business or a rental property, consider seeking professional advice. Likewise, you should hire a personal tax advisor if you made mistakes in the previous year or will be audited this year.
An experienced accountant can file your tax forms more quickly and efficiently. Plus, their extensive knowledge helps them identify credits, deductions, and other financial factors that allow you to save money by lowering your tax bill.
This can prove beneficial for you in the long term.
In the end, make a decision based on your needs and desired goals.
Good luck!
About Author
Nidhi Jain, CPA experienced tax accountant in the Bay Area. Her firm offers turn-key solutions for personal tax filing, proactive tax planning, business taxes, and advisory services. She takes pride in providing personalized solutions to help clients meet unique financial goals.
