Software and online programs that allow you to prepare and file your own taxes quickly have made the tax filing process a lot simpler. However, that doesn't mean that everyone should complete their own taxes each year. Even if your taxes aren't difficult, you still may be better off hiring a tax accountant to file your taxes for you. Learn why you should hire a tax account and how hiring one could benefit you.
Access to Better Software
Certified tax accountants have access to more sophisticated software than the general public does. Not only does this mean that an accountant is more likely to find additional credits and deductions that you may have missed, but by using more sophisticated software, an accountant is less likely to make an error on your taxes that could end up costing you a lot of money.
Tax accountants do more than simply file your taxes for you. They can help you plan for your financial future so that you aren't overpaying on your taxes each year. For example: your accountant might advise you to give money to charity or as a gift because it would save you money on your taxes, but he can also go a step farther by running through different scenarios with you so that you know exactly how much money you should give and which account you should use to gift the funds.
Also, if you're planning to set aside money for future generations, your accountant can help you establish the right kind of account. You might discover that setting up a trust fund is preferable to setting up a 529 college plan or vice versa.
Business and Real Estate Taxes
If you own a small business or your own real estate, a tax accountant can help you find different opportunities to minimize the amount of taxes you owe by depreciating real estate or business assets, as well as ensuring that you have written off everything that you are able to. Also, if you've sold any of your real estate investments, your accountant can help you direct the money properly to minimize the amount of capital gain taxes you have to pay.
Ultimately, the decision as to whether or not you hire a tax accountant to prepare your taxes is yours. However, when you hire an accountant to complete your taxes, it helps ensure that your taxes are completed properly and you've taken advantage of all of the deductions, credits, and write offs that you qualify for. For more information, contact a professional such as Hy Appelbaum CPA.