When to Have a Professional File My Personal Tax Return
Even if you don’t have knowledge of how to do your own taxes, there are free services that make it easy. So, the question becomes, when should you seek assistance from a professional tax preparer?
Our rule of thumb at Genovations Accounting is: “If you have only a single, W-2 income, it isn’t advantageous for you to use our services.” That said, the following is a brief list of situations and reasons for why you would wish to hire a firm like ours:
1. Complexity
If you have various sources of income (1099 and W-2, etc.), investments (real estate, etc.), deductions (medical, charitable, etc.), and/or credits, a tax pro can help you navigate the maze while ensuring compliance with tax laws and maximum tax benefits.
2. You’re a Business Owner
Whether it's a sole proprietorship, partnership, LLC, or corporation, business taxes can be complicated; especially for new business owners, there will be new taxes you aren’t accustomed to as an individual.
3. Life Changes
Major life events such as getting married, having children, buying or selling a home, or inheriting money will change things for you. In the midst of stress or excitement, having someone show you how your finances are impacted provides clarity and better decision making.
4. IRS Audit
Should sound obvious; if you’re being audited or you’ve been made aware of tax discrepancies, you should hire a tax professional. It’s always advised that you not be your own lawyer; this is no different. Tax pros can represent you before the IRS, help gather necessary documentation, and get you through an incredibly taxing time (pun-intended).
5. Time and Stress
On the opposite end of the spectrum, even if your tax situation isn't complex, taxes can still be time consuming and stressful; pros alleviate that by staying up-to-date on tax laws and regulations and by filing your return accurately and punctually.
Still, hiring a professional costs money. It’s not an easy decision to make. That’s why we offer free, 15-minute consultations to help you decide if our services are right and necessary for you. Book yours today, and don’t stress your success.
Call: (615) 657-7800
Email us: office@genovationsaccounting.com
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