The process of filing taxes can be complex, depending on the situation. For individuals filling out W-2s (Wage and Tax Statements) in Phoenix, you can likely do it yourself. When you have a complex return, it might be worth it to hire a professional – someone who can save you not only time and stress but money. A professional tax accountant in Phoenix is someone who is paid to keep up with the tax code, so they will assist you in getting all the deductions and credits that you are eligible for. There are several situations where seeing a tax professional may be your best option, including:
You are a self-employed individual or a small business owner
Small business owners have many concerns, including a home office, mileage, internet connection, new equipment, and so much more. A professional can assist you in navigating the many tax write-offs that may be available to you if you have your own business. Additionally, if you’re working in the gig economy or selling products on websites like Etsy, you might need tax help.
You are contacted by the IRS
It is always better to hire a professional tax accountant if the IRS reaches out to you regarding something as simple as substantiating car expenses. Even though it may seem benign or innocuous at first, if you handle it incorrectly, you may find yourself in a bind. After all, you don’t want to give the IRS the wrong or erroneous information. An error can be anything from giving incorrect information to not following the directions on the form. You’d be better off contacting a tax accountant because these professionals are familiar with the language of the IRS.
You own one or more rental properties
It can be tricky to figure out what kinds of deductions you might be entitled to when investing in real estate, so a professional tax accountant can assist you.
You will save time
Investing in an accountant will save you both time and money in the long run. While you might spend many hours doing your taxes by yourself, an accountant goes through the same process hundreds of times during tax season. Throughout the year, tax laws and tax-saving opportunities are fresh in their minds since taxes are their primary focus.
Since these cases are complex, a professional tax preparer can save you time, reduce stress, and avoid DIY mistakes, as well as potentially uncover tax savings that even the best tax software can’t find. Get in touch with a professional tax accountant to take care of all your tax needs.