Why Should You Hire a Tax Pro?
When the tax season approaches, many people are often torn between filing their own taxes or seeking the help of a tax professional.
In some instances, preparing your own tax returns makes sense. For example, if you only have one W-2 and no deductions, your tax situation is simple. In this case, you can simply file the returns yourself or use tax software.
But in some cases, you may need more guidance.
For instance, if you own rental property, have investments, or your tax situation is otherwise complicated, you may want to hire a tax pro. Still not sure whether to hire a tax professional? This guide will help you make the right decision.
Do You Need Help with Your Taxes?
If your tax situation is complicated, you are better off hiring a professional, so you can avoid messing things up. A tax professional may be your best bet in several situations, including:
- You are being audited
- You run a small business
- You own rental property
- You have undergone significant life changes
- You are buying or selling property
Let us briefly go over these situations:
You are Being Audited
If you have received a notice from the IRS indicating that you owe money or that your income was underreported, take the pressure off by hiring a qualified tax professional experienced in going up against the IRS.
Finding someone with experience is key. An experienced professional can help address the issue and even represent you before the IRS on various matters, including audits.
You Run a Small Business
Running a small business or working as a freelancer has many tax implications. If you own a business or are planning to enter the gig economy, it is important to consult a tax professional to learn about those implications.
If you are in business, a tax pro will help you figure out your taxes and ensure you take advantage of the many tax breaks and write-offs available.
You Own Rental Property
Tax returns involving rental income can get tricky.
If you own rental property, you are required to comply with special rules governing depreciating rental property and claiming losses from rentals. Unless you are a CPA or an attorney specializing in property law, hiring a tax pro is recommended.
You Have Experienced a Major Life Event
Did you get married? Received an inheritance? Have a baby?
All these can impact your tax filing, and you may need a tax pro to guide you through the filing process,
particularly if you are doing it for the first time.
Care should be taken when dealing with inheritance, as different types of inheritances have different tax consequences.
You are Buying or Selling Your Home
Buying or selling a home is associated with a slew of taxes, including capital gains/losses and deductions for certain homeowner-related expenses. If you are not sure of how to deal with property taxes, you should hire a tax pro to take the burden off your shoulders.
Contact Reeder Murphy for Help from a Tax Pro
Need help with your taxes? Contact our law office for help from our tax pros. Our attorneys and tax professionals provide guidance for a wide range of legal matters, from business law and estate planning to tax resolutions and everything in between.
Whether you are dealing with pending tax audits or are looking for guidance on how to navigate the complex world of property and estate planning laws, our tax professionals will walk you through the legal landscape and help resolve your case. Get in touch with us today at (616) 458-3994 or schedule a free consultation online.