4 Benefits of Hiring an Accountant Rather Than Doing Your Own Taxes

Posted on: 20 January 2015

When it comes to tax time, there's no reason to panic or get overwhelmed. Hiring an accountant to handle your taxes for you can be the best choice for alleviating the stress of preparing your taxes on your own, but he or she can also offer you some other benefits as well. Note why everyone should consider hiring an accountant to work with them throughout the year and to prepare their taxes come tax time.

1. Laws change from year to year

Last year you may have been able to claim certain deductions, or certain expenses were not counted as deductions, but this year the laws may have changed. You may be in a higher or lower tax bracket, or there may be other changes that will affect your overall tax bill. An accountant will stay current on these laws and ensure your taxes are filed accurately.

2. It's easy to overlook deductions

This is especially true for homeowners, parents, and those who operate small business owners. Many of their expenses can be claimed in order to lower their tax bills, but it's easy to overlook these deductions if you don't know you're eligible. Your accountant will know about all these deductions and will know to ask you about your situation so he or she can claim every deduction that applies to you.

3. You need to ensure all your paperwork is in order

A surefire way to be audited by the government is to be missing paperwork or to use wrong forms on your tax returns. When you make a deduction you need to have certain paperwork included in order to back up your claim, and you may need to provide other forms to prove income and assets. Without this paperwork you may set yourself up for an audit and this can prove to be both unpleasant and costly.

An accountant can ensure that all your paperwork is filled out accurately. He or she can also ensure it's included with your taxes and that you have the copies you need for yourself once your taxes are filed.

4. An accountant can help you with an audit

If you are ever audited, an accountant can be there with you during that time and ensure all questions are answered. This can reduce the risk of getting a tax bill after the audit. It can also make the process much less stressful on you overall.

For more information, check out companies such as Brookman Accountants.


Pocket Money: Finance For The Young And Young At Heart

As a high school teacher, I am responsible for the “Life Skills” curriculum for senior students. When I first started teaching thirty years ago, the biggest problem was helping students to decide which car insurance to buy. These days, some students in my classes have already left home and are self-supporting. In some cases, they teach ME about budgeting! There are many new options available now with online banks, new insurance products and increasingly flexible payment options. There are so many financial opportunities, and pitfalls, for my students. I make sure that I keep up-to-date in order to provide valid information. I realise that it isn’t just my senior students who are trying to navigate their way through this brave new world of money and finance. This blog should help you to learn about the latest in financial news. I really hope that you find it useful.