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Tax return preparation
At LogieCPA, we know tax returns. Our qualified staff will prepare your business and individual income tax returns, including those for C-corporation, S-corporation, partnerships, LLCs, multi-state, consolidated, and more.
If you’re like most Americans, you probably think you can handle doing your taxes on your own. This may be true, but the fact of the matter is that you’re likely missing a ton of deductions, which cheats yourself out of money you could otherwise receive.
When should you consider hiring an accountant for your taxes?
There are many instances in which hiring a professional can be a very good decision. Although you may be very business savvy, accountants have a great deal of knowledge in tax law and can help find deductions and credits that may not be apparent.
One important thing to keep in mind is that there is a big difference between an accountant and a tax preparer. While during tax time there are a lot of advertisements for people who will do your taxes for a fee, an accountant works with you year-long and knows the ins and outs of your business. And, they aren’t interested as much in volume of clients as they are in the quality of their work. The same cannot be said for tax preparers.
The following are some common situations where hiring a professional accountant to assist you taxes might be a good idea:
- You’re a business owner. When you’re self-employed, you stand to get the greatest return by working with a professional. This means that there are a lot of deductions, credits, and retirement account planning options that you probably don’t know about, but are available to help you and your company. Because they do this type of work for a living, accountants will be able to immediately identify these opportunities, all to your advantage.
In addition, accountants can be very helpful in providing you the structure for your business that will result in a clear plan for the years to come, including future tax breaks. And, if you encounter problems down the road, your accountant will be there for you.
- You’re going through a major life change. Even if you’ve been earning steady income for years, sometimes even the smallest change can cause major headaches and financial stress, especially when it comes to the tax consequences involved. These situations include marriage, divorce, a change in jobs, children, receiving inheritance, retirement, or more. If you are not prepared, these events could drastically change your financial situation.
- You have real estate or taxable investment dealings. When you own rental property, your accountant can be your best friend. Owning a rental property opens up a lot of special tax situations that you will want to take advantage of. While the laws are fairly straightforward, the amount of money exchanged in these transactions is usually large, so you’ll want to be sure you’re handling everything correctly.
You should also keep in mind the implications of tracking gains and losses on taxable investments. If you buy and sell stocks, bonds, mutual funds, or anything else throughout the year in a taxable account, you’re going to have a lot of things to consider. The time you save by working with a professional will save you in the long run.
Do you need help? Don’t be afraid to ask!
For entrepreneurs who are used to doing everything themselves, it can be difficult to make the decision to seek outside help with tax issues. However, the benefits to your finances are well worth it.
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