How to Know When It’s Time to Call a Tax Accountant
Taxes aren’t easy. Trust us — we know. At CPA’s of Florida, we’ve made it our life’s work to help the people and businesses of Fort Myers to handle their taxes. To reach a level where we can professionally assist with tax work, it has taken an education, endless studying, certification, and years of hard work. Navigating through your taxes can be like trying to get through an endless maze. There are so many little complexities, and taking one small wrong turn can set you back substantially.
That’s not to say it’s impossible — some people have simpler tax solutions than others, and it is an option to take care of things yourself. So, how do you know when you should take on your taxes alone, and when you should call a professional? As tax accountants ourselves, here are the most common reasons why you would want to call a CPA instead of going it alone.
When to Call a CPA
You Have a Complex Tax Situation
The most obvious point in favor of calling a professional is the complexity of your tax situation. For many young adults, taxes aren’t the scary monster that the world makes them out to be. If you’re working for a single employer, living in a small apartment, and enjoying a simple single life that’s free of investments, your taxes aren’t going to be very difficult to take care of.
However, there is a multitude of factors that influence the complexity of your taxes. Getting married is usually the first step, and having kids stirs things up a little more. You’ll eventually be at a point where you can start itemizing deductions, and this is where it gets tricky for most people. Once you start making investments and take out a mortgage, say goodbye to simple and quick tax work.
You’re Not Traditionally Employed
This somewhat ties in with the point above, but it’s significant enough to get its own mention. Taxes are much more of a quagmire when you’re not traditionally employed — that is to say, hired by an employer on an hourly or salaried basis. Any form of contractual work, freelance, business ownership, or self-employment significantly complicates your tax situation.
You would be extremely hard-pressed to do taxes on your own in this situation, and even complex software can miss important little details that could have significant ramifications down the line. If you make your own living, you’re best suited to call a professional for tax assistance.
Your Time is Highly Valuable
Another pitfall to doing your own taxes is that it’s a pretty big time sink. Sure, you might save money, but there are many who would say that you’re losing money by investing a disproportionate amount of time into preparing your taxes. In other words, if you put a high value on your free time, calling a professional will be worth it.
Working with a CPA demands very little of your time — you simply need to gather the required documents, set an appointment, and in the meantime, the tax accountants will take care of everything. Even if you’re completely capable of doing your own taxes, you might prefer this option if you’d rather be doing other things.
You Don’t Want to Risk Dealing With the IRS
While most people with unexceptional circumstances don’t get audited, and while most people who file their own taxes (with the assistance of tax software) generally don’t make any major mistakes, there are always exceptions. And if the IRS finds something funky on your tax documents, trust us when we say they won’t back down easily.
One nice thing about using a professional for tax preparation is that they can take the burden of any mistakes that might have been made on your return. It’s nice to have a middleman who can take responsibility for any complications, and it will save you a lot of stress not having to confront the IRS yourself.
You Owe Back Taxes
Finally, it’s expedient for you to call a tax professional if you’re in a position where you owe back taxes. If you’re behind and you’ve accumulated tax debt, this can be a quick downward spiral that only gets worse if you don’t get professional assistance. We have helped many in their tax relief efforts, and we would be happy to help you to get out of a hard spot.
Tax Accountants in Fort Myers
At CPA’s of Florida, we’ve been helping the people of Fort Myers and the surrounding areas with their tax needs for years. Whether you’re a normal individual, a business owner, or a foreigner who owes US tax debt, it would be our pleasure to help you with your taxes. Ready to get started? Contact us today!