Tax season is among us. Most people have gathered and submitted theirs, but not everyone has! I am still in the information-gathering stage, and it’s already becoming overwhelming! Wondering if I should do them myself or not got me thinking, when should you hire a tax professional?
Lack Of Time
The reason most people hire tax professionals is that they don’t have time to do it themselves! That is where I fall. I have so much going on with work that it is just tiresome to think about doing my taxes! I would rather gather everything up and send it off to someone else. If you’re like me and are chronically busy, you may want to do the same.
Complex Returns
Another reason to hire a professional is the return itself. If you have a complex tax return, you will probably need help completing it. Complex returns include having a small business, lots of tax documents from independent contractor work, investments, joint assets, etc. It also includes people looking to maximize tax deductions by submitting itemized returns, having inherited a windfall, or experienced a major life change.
More complex returns require fee-only software, which can be expensive. Instead of purchasing the software or figuring out how to complete the return, a tax professional is your best choice for affordability and getting it done correctly!
Impending Audit
You may have received a letter that you owe back taxes or will be audited! That in itself is very scary and worrisome. Take the pressure off by hiring a qualified tax attorney, CPA, or other tax professionals with experience going up against the IRS. By doing so, they can help address the issues with your return. They will make the audit process go more smoothly than if you were to attack it alone.
Tax season is here, and if you haven’t gotten started on your taxes, it’s time to get moving! I hope this helps you answer the question “when should you hire a tax professional? I have made my decision and will be sending in my documents this week. What about you?
Read More:
Why I Hired A Tax Professional
What To Do If Your Mortgage Company Forgot To Pay Your Taxes
Shatel Huntley has a Bachelor’s degree in Criminal Justice from Georgia State University. In her spare time, she works with special needs adults and travels the world. Her interests include traveling to off the beaten path destinations, shopping, couponing, and saving.