Even if you're largely comfortable doing your taxes on your own, you should consider talking with an accountant about a few basic issues. A professional can help you to make sense of the larger tax system and ensure that you won't pay more than you truly owe. This article looks at why you should consult with an accountant about your taxes and several topics you can cover.
The American tax system is ponderously huge. Unfortunately, that means that lots of people and businesses miss out on eligible deductions. First, you should ask an accountant to look at your deductions and make sure you're claiming everything possible. Second, you should discuss your long-term plans to see if there might be more deductions available if you make specific choices. If you're remodeling your house, for example, you might install solar panels to claim state and federal tax credits.
Every year brings new tax laws in the United States. Keeping up with these changes is hard even in years when the government doesn't pass major reforms. When a large reform push happens, though, keeping up becomes all but impossible. Do not despair. An accountant can fill you in on the changes and tell you which ones will affect your finances and accounting.
The structure of a business will significantly influence its taxes. Some business structures are more tax-efficient than others, but the legalities depend on making specific decisions. You should structure your business to maximize deductions and minimize tax bills, and an account will be happy to assist you.
Changes in Living Arrangements
How you order your personal life also affects your taxes. Someone who recently got married, for example, needs to think about how to leverage their new joint-filing option. If you just had a child, you'll gain an additional blessing because your child is likely a source of credits and deductions. You should also consult with an accountant if you get divorced, retire, change jobs, or even move to a new state.
Whether you're trying to get ahead financially now or building a retirement plan, taxes always come into play. An accountant can help you explore setting up a tax-deferred account for retirement. They also can help you plan to minimize the higher bills associated with short-term capital gains. If you've taken investing losses, an accountant can help you decide whether to harvest those losses to offset gains elsewhere in your portfolio.
Contact a local accountant to learn more.Share