With the tax deadline of April 18th on the horizon, many couples are preparing to either do their own taxes with tax software or a tax preparer like H & R Block.
With the tax deadline of April 18th on the horizon, many couples are preparing to either do their own taxes with tax software or a tax preparer like H & R Block.
After completing their taxes, many second guess if they took sufficient advantage of the tax breaks which are available to them.
Some will wonder if they need a certified public accountant (CPA). CPAs are definitely more expensive – however, not using one when you need one might be even more expensive.
“After completing their taxes, many second guess if they took sufficient advantage of the tax breaks which are available to them. ”
How do you know which you need? Checkout the guidelines below:
Examples of situations when a CPA may be advisable:
one of you is self-employed or owns your own business
you had a life-changing event (like purchase of a home, having children, which may indicate tax breaks)
you need to change a previous tax filing
you have a situation which requires someone who is knowledgeable about tax law.
you own a second home or rental property or are part of a partnership
Examples of situations when a CPA is NOT advisable:
no significant change to the tax situation
single filer
no children or dependents
w-2 employee or employed by another employer
do not own rental property
Some folks don’t fit easily into these categories, so it might be best to have a consultation with an accountant if you need their services. Although tax preparation firms may be able to handle some of these situations, a CPA will be more on top of the rules and will be best prepared to handle IRS or state tax inquiries on your behalf.
Remember, if you are like most folks, tax is your greatest expense – you will want to handle it as efficiently and economically as possible. Also, taking advantage of all the tax benefits that may be available to you does not make you less patriotic.
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