The short answer is, no, you do not need an accountant always. There are many people with simple tax returns that could be done without professional help. But, if you are a business owner, recently purchased a property or had any life changes you will likely need a professional to ensure your return is filed correctly. These are some examples of when you would need to seek out an accountant to file your taxes.
Focus on your business without stressing over finances. An accountant ensures your business stays compliant when filing a tax return and on guiding you to a low tax liability. Hiring an accountant for your business is crucial. You won’t need to spend hours learning new software or reconciling your accounts which will allow you to have more time on your hands.
You didn’t file a previous year return or need it amended.
If you missed filing a previous year’s return, you should reach out to an accountant. When it comes to handling these matters with the IRS it’s best to leave it to the experts. Not only will you receive advice on your personal situation they can help you when it comes to taking advantage of the various offered programs the IRS has.
Sometimes a previous year’s tax return will need to be amended. A tax amendment is when you need to make a change on an already filed return. An accountant can help you navigate the process, like preparing and filing the 1040-X form.
Certain Life Changes
Any of the following life events can make you eligible for various tax credits and an accountant will know how to save you the most possible money. If one or some of these apply to you, you should reach out to an accountant.
- Bought property
- Started a business
- Had a child
- Got married
- Got divorced
When You Do Need an Accountant.
While there are many people out there with simple tax returns that can be done from home in a few minutes, there are also many circumstances where your return will get more complicated. If that is the case for you, reach out to a professional accountant for help.