Why Should You Hire a Tax Accountant?
When it comes to doing taxes, many people find the process both daunting and lengthy, but are reluctant to hand the task over to a professional. For the most part, accountants are used as advisors only- when in reality calculating and filing your taxes is all part of their repertoire. So, why don’t we use them to their full potential? In most circumstances we are simply reluctant to hand over our sensitive financial information, especially as the resulting document can have such a huge impact on the future of our finances, but this is often a misguided judgment. Let’s take a look at why you should hire a tax accountant.
Why should you hire a tax accountant?
The biggest reasons why you should hire a tax accountant are time, security and of course, information. It’s no secret that doing your own taxes can take time and can be risky if you make a mistake, but hiring a tax accountant can actually give you some valuable information when you are running a business. If you consider the capacity that your accountant can currently advise you, imagine the wealth of information that you could gain if you hired them to actually calculate and file your taxes for you.
If you file your own taxes, or use software to help you do so, you might also be missing out on potential money-saving opportunities. A qualified (and human!) tax accountant will have both the knowledge and know-how when it comes to finding you extra savings, mostly through those elusive deductions.
What to look for when hiring a tax professional
Contrary to popular belief, there is actually more than one type of tax professional that can help you with your taxes. Essentially anyone can call themselves a tax preparer, and as a result can file your tax return for you, but there are only two types of tax professional that should be hired to do your taxes. Certified Public Accountants (CPAs) and enrolled tax agents can both represent you in front of the IRS in case of an audit.
The right tax accountant for you will be able to understand your type of business and your consumer base, should be on hand to work with you on a year-round basis and will have prior experience in dealing with the IRS. The best way to find a tax accountant is through existing contacts (such as family or business contacts), trusted referrals, or by locality. Once you have found some tax accountants that may be right for you, it will be important to discuss your requirements before you hire.
Important things to consider before you hire
It is important to discuss your accounting needs with your potential tax accountant to make sure that you get the right services. Consider major aspects, such as the amount of time that potential tax accountants are willing to dedicate to you, the tax program that they use and how they bill for their services, before you hire.
If you would like more information on why you should hire a tax accountant, our friendly staff is on hand at http://www.tacticapartners.com.au now.