You may think that doing your taxes yourself will be cheaper but there are many situations where doing it yourself can set you up for an income tax nightmare, and that’s when it’s time to hire an accountant. What are some of these situations?
If you have a complicated tax situation you will benefit from hiring a professional like Oladapo (Dapo) Olagbemi, CPA. Things like If you own a business with many different expenses to deduct, you will benefit from a tax professional to navigate your return, maximize the tax breaks you’re entitled to, and avoid errors. The same holds true even if you don’t own a business, like if you’re dealing with multiple state tax returns or a host of different investments and assets.
Pays for itself
In many cases, you’ll find the cost of hiring a professional will pay for itself in the tax savings you will get. Just as importantly, hiring a tax professional also gives you the benefit of support in the event of a tax audit or if the IRS question your return in some manner.
Tax Preparation with a Personal Touch
Dapo Olagbemi gives you his personal touch by answering your questions and using his 20+ years of experience preparing taxes for your particular situation and needs. If you have multiple streams of income, for instance, a full-time job, a rental property and a small start-up business your taxes are going to be a lot more complicated. There are specific forms you need to file for rental income. And the deductions you can take for your small business and your rental property are going to vary. Hiring a professional to make sure all the details are covered may make the most sense.
It’s Complicated
When you have a tax situation that is complicated. You are wise to hire an accountant, complicated basically means any tax issue you don’t fully understand. Things like large capital transactions (particularly investment real estate), K-1s from S-corporations or partnerships, gifts of appreciated assets, net operating losses — and that’s just a few. Tax laws change often, as with the Tax Cuts and Jobs Act of 2017, and can be quite complicated, misunderstanding tax regulations could bring many difficulties later on. New tax codes can be very confusing. Accountants everywhere have spent months learning the new laws and in many cases still are educating themselves on the changes.
Avoid Costly Mistakes
Most self-employed people will want to use an accountant to do their taxes. Avoiding mistakes, saving time, saving money, reducing stress and avoiding closer scrutiny by the IRS are just a few of the reasons self-employed people need to have a tax professional like Dapo do their taxes for them.