Tax laws have gotten complicated in recent years and professional CPAs not only keep up with tax law changes, but also know how to use them to a client’s advantage. In fact, there are many situations in which hiring a CPA could save you a lot of money.
Seven Cases When It Pays to Hire a CPA
- Side business – There are many opportunities for tax write-offs dealing with expenses and other issues. You might not know which write-offs can apply to your business. If your “side hustle” is comprised of short gigs or cash payments, you may be issued 1099s which can leave you scratching your head. You might benefit from getting expert advice throughout the year in how to prepare for filing, as well as doing the filing itself.
- Savings or college investment goals – Are you planning to help your children go to college? There are several tax laws related to savings and investing that a CPA might be able to help you plan for. They can help you plan for investing in a way that doesn’t negatively impact filing for your child’s FAFSA forms for college – financial assistance.
- You’re contacted by the IRS - You may be contacted by the IRS for any number of reasons. Even small issues that seem easily handled could use the adept hand of a CPA to make sure you don’t trigger any concerns or unintentionally flag deeper probing. Your CPA will know what the IRS is looking for and can show you how to satisfy the requirements.
- Retirement planning – There are a variety of ways to invest in your own future retirement which could be quite complicated as the investment could interact with your taxes. A CPA can help clear up confusing details and help make your planning much easier.
- Real estate and rental property – Avoid dealing with tricky deductions and potential penalties on your own. A CPA can help navigate laws and taxes involved in real property investments.
- Special investments – Special Investments can have confusing tax requirements and use confusing jargon. CPAs can help you understand the requirements and give you a better chance at accessing more favorable tax advantages.
- Family changes and issues – When a family crisis or adjustment occurs, you will want to make sure you know how to navigate all the possible complications. Divorce can leave you with questions about the impact that joint filing and custody issues have on your taxes. Adoption or adding a new member to your family has its own tax benefits. The death of a loved one can also bring up questions of inheritance and other areas that affect your tax status.
Myrick CPAs are well acquainted with a variety of tax challenges and personal financial situations that you may need help navigating. Call us for a consultation today.
Let us help you plan ahead for growth!
Charles P Myrick CPA offers tax preparation for individuals and small business owners using a process that combines smart, personalized planning with annual tax preparation and filing. Our job is to help you know about all the available tax opportunities that meet your individual needs and circumstances. We work closely with tax lawyers, and investment advisors to ensure that all the details are legally sound, technically accurate, and working to your maximum benefit. Contact us to learn more: (202) 789-8898