Frequently Asked Questions

You should consider hiring a tax professional when your tax situation becomes complex, when you want to save time and reduce stress, or when you want to ensure accuracy and minimize tax liability. Here are some specific situations where hiring a tax professional is recommended:

Complexity of your tax situation:

• Multiple sources of income: If you have multiple income streams, such as a full-time job, freelance work, or rental income, managing different tax forms and regulations can be complicated.
• Investments and complex financial assets: Dealing with investments, stocks, bonds, or real estate can introduce complex tax implications, such as capital gains and losses, that a tax professional can help you navigate.
• Business ownership: Running a business or working as an independent contractor means navigating specific tax codes and deductions for businesses, which can be complex.
• Itemizing deductions: If you plan to itemize deductions, like those for home offices or charitable contributions. Understanding and applying them correctly can be challenging. 

Significant Life Changes:

• Marriage or divorce: Changes in marital status significantly impact your tax situation, and a tax professional can help you understand the implications.
• Having or adopting a child: This can introduce new tax credits and deductions you may be eligible for.
• Buying or selling a home: This can involve figuring out capital gains tax liability.
• Receiving an inheritance: It can be hard to know if you owe taxes on an inheritance. 

Seeking Expert Advice and Assurance:

• Maximizing tax savings: Tax professionals can help identify all the deductions and credits you qualify for, ensuring you maximize your tax refund.
• Minimizing errors and reducing audit risk: Tax professionals are well-versed in tax laws and can help ensure your return is accurate, reducing the likelihood of errors that could lead to penalties or audits.
• Assistance with IRS issues: If you receive a notice from the IRS or face an audit, a tax professional can act as your representative and guide you through the process.
• Peace of mind: Hiring a tax professional can provide peace of mind knowing your taxes are handled correctly and efficiently. 

You may also consider hiring a tax professional if:

• You feel overwhelmed by tax laws and regulations.
• You simply dislike doing taxes and prefer to outsource the task.
• You've made mistakes on previous tax returns and want to avoid future errors. 

Remember, while the cost of hiring a tax professional can be a consideration, their expertise can potentially save you money in the long run through tax planning and maximizing deductions. It is important to weigh the potential benefits against the financial cost to determine the most suitable approach for your situation 

When you begin to consider your business, an accountant can assist you in taking the next steps. We can discuss the organization of your business, tax purposes, operations, target pricing, and profit margins.

Before consulting the bank, seek impartial advice from an accountant. Banks prefer to see a solid business plan and well-organized records. Let us assist you in preparing for your business's next step!

Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!"