Finance Friday, Tips

Finance: Should You Hire an Accountant?

Cut the Stress and Hire an Accountant in these 4 Situations

Life seems stressful enough, then tax time rolls around, and you find out what real stress is. If you’ve ever been down to the wire on tax day, you know the feeling. Many people decide to do their own taxes to save money each year but are the savings really worth the headache of trying to make sense of an entire year’s worth of paperwork, receipts, and forms? Certain situations throughout your life can be made a little easier with the help of a professional. If you fall under any of the following categories, save yourself some stress and hire an accountant to help you with your personal finances and taxes.

College Student

Up until now, you’ve probably had a really simple financial situation; you worked one job at a time and you didn’t have any investments or specialized accounts. There’s been nothing to trip you up at tax time. As a college student, though, there are exemptions, credits, and deductions that you now qualify for. If you aren’t aware of all of the credits and deductions available to you, you can really miss out. This is where a professional comes in; he or she knows the system and can help you take advantage of all the benefits you can receive. College students are known for having pretty tight budgets, but in this case paying for a professional will actually make you money in the form of a higher refund. That’s a smart investment.

Small Business Owner

Have you recently started your own business? If so, congratulations! That’s very exciting news. However, since this is all new to you, you might find yourself in a bit of a pickle at tax time. Throughout the year, you have to try to keep track of every penny spent and received; all invoices and receipts, etc. And what does all of that information amount to at the end of the year? Hours of sorting through figures to determine what credits and deductions you’re eligible for. Instead of driving yourself crazy, find an accountant that can help you stay on top of the situation every step of the way.

Rental Property Owner

If you are in the business of renting properties you may want to invest in a tax accountant that specializes in real estate. Taxes for rental properties can be very involved, especially if you have losses, plan on selling a property or are a real estate professional. Investing in a specialized accountant would also be a good idea if you own more than one home, even if you’re not renting said home, such as in the case of vacation or beach houses, for example.

Recent Retiree

Great news, you’ve retired from the workforce! Your golden years are here; a time to be with family and loved ones, travel to the places you’ve always wanted to visit, and see the sights. Oh, and also, time for more involved taxes and finances. Did you retire early? Have you taken any money out of a 401K account? Pensions and mutual funds, and IRAs, oh my! These factors can change the taxes for seniors and retirees from fairly simple to rather complicated. Don’t waste your hard-earned free time worrying about it, get a professional to do the work while you kick back and enjoy your retirement.

Save yourself the trouble and hire an accountant to take care of your personal finances and taxes if you’re a student, small business owner, involved in property rental or retired. 

 

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