Paying taxes is never fun but it's a reality of life that just about everyone comes to accept. If the time is coming for you to once again file your annual tax return, you're probably collecting paperwork and reviewing your income statements to help prepare. But while there's nothing wrong with filing your own tax return, here are a few reasons why you might want to retain the the help of a company that offers certified public accountant services this time around.
You've Recently Started a Part-Time Job
Did you look to create additional income for yourself by starting one or more small businesses in the last year? Adding a "side hustle" to your income statement could complicate things when it comes to your taxes. For example, do you know what you can or can not count as a business expense and how to adjust your gross revenue in a way that will benefit your tax return? A CPA will be able to work your side hustle into your tax return without breaking a sweat and might be able to get you a tax break or two that you are not aware of.
Be Prepared for an Audit
Did you recently inherit a lot of money in the last year or make much larger purchases than you typically do? Certain life events can sometimes set off a red flag with the IRS that could lead to an audit. Even if you know you didn't do anything wrong, it might be a good idea to make sure you are prepared for a worst case scenario. By having your taxes done by a CPA, you will ensure that everything is on the up and up and you won't have to scramble if you do receive an audit notice.
Stay Up to Date with Changing Laws
The government has been known to tweak the nation's tax laws from time to time. Even if you keep up with politics, you might not be fully aware of how these changes actually affect your return. Some years will bring bigger changes to the laws than others, but regardless of what Washington is doing, hiring a CPA will ensure you always have access to the most up to date information. You won't leave money on the table because you didn't understand the latest tax law when you have a CPA working for you.
Contact a certified public accountant firm, like Burkhart Peterson & Company, today for more information.