picture of tax withholdings form

Why Hire a CPA To Do My Taxes?

by Mar 17, 2022Tax Accounting

Everyone in the work force has an opportunity to maximize their tax returns by decreasing taxable incomes and taking advantage of available deductions.  A CPA understands that a tax return is never a straightforward form.  Every taxpayer has different tax situations and opportunities. No matter what your income is, a CPA can do a lot toward decreasing your tax liability or to have a more strategic tax plan.

You are New to the Workforce

If you are new to the work force, you may not have a complicated tax return, but if you aren’t familiar with taxes and the filing process, you want a professional on your side to help you navigate the details.  A CPA is an inexpensive route to making the most of your deductions and your tax return and advising on your W-4 employee withholdings and income taxes for the future.

You are Self-Employed or Have a Small Business, a Side Gig, or Income Producing Hobby

If you earn income in a job where you are your own boss, you will benefit from the professional guidance of an experienced CPA:

      • if you own your own small business, do contract work, or work freelance
      • if you work at a side gig, such as driving for Uber or selling in online store
      • if you have a hobby that produces income such as running a craft booth on the weekends or painting or refurbish furniture

A CPA is critical to navigating complicated 1099s and self-employment taxes and finding opportunities to lower your taxable income through the deductions allowed for the self-employed.

You Own Rental Property

If you own rental property, your tax return can get a little tricky.  Hiring a CPA is definitely an affordable investment in saving money on your taxes and planning for future tax situations.

A CPA is a critical to maximizing the tax benefits for your real estate investment: self-employment benefits, deduction of expenses, depreciation costs, and pass-through deductions.

You Experienced a Major Life Event

If you have experienced a major life event during the tax year, you will want a CPA who knows the tax consequences and allowable deductions that come with those events, such as:

      • Getting married
      • Getting divorced
      • Having a child
      • Buying or selling a house
      • Receiving an inheritance
      • Moving to a different state

All these events can have a significant impact on your taxes with changes to your filing status, deductions and credits, and the different forms you will need to attach to your tax return.

It’s Time to Get a CPA to Prepare Your Taxes

Hiring a certified public accountant will save you time, money, and stress when filing your income tax returns and when planning your future tax strategy.  Whether you need current or previous tax returns prepared, give us a call.

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