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Should You Hire a Pro For Your Taxes?
March 13, 2015
As tax time rolls around you may be finding yourself wondering how to best spend your money:
• On the gas to drive to a government building to pick up some tax forms
• On tax preparation software to do taxes on your own
• On a tax professional who can do your taxes for you
There’s no blanket right answer to this question. However, in certain situations it may make sense to hire a professional. For example, you may want to turn it over to a preparer if you:
• Are concerned about a mistake costing you money
• Are reporting the sales of non-retirement investments or have a large amount of investments in general
• Have self-employed income and want to make sure you get all the deductions you are entitled to
• Had multiple sources of income
• Had investment property income
• Had a short sale on your home during the tax year
• Don’t feel you will have the time to accurately and thoroughly complete your taxes on your own
• Want to have someone who knows your situation and can provide you with good tax advice throughout the year
• Are being audited
• Are concerned about recent changes in tax laws
• Have received a large inheritance
• Went through a divorce during the tax year
• Have children from a previous marriage
• Bought or sold a home • Have numerous itemized deductions • Have started your own business
• Had debt cancelled in the tax year
• Went through bankruptcy
• Supported people who aren’t your children
• Own employee stock options
• Had large medical expenses
With taxes it’s better to be safe than sorry. Not only could a mistake mean owing more than you thought, but it could result in needing to pay a penalty too. If your tax situation seems pretty straightforward, then doing your taxes on your own is fine. But if there is something you aren’t particularly clear on, it’s a good idea to get advice from someone more familiar with tax law.
If you have any questions regarding financial management, taxes, budgeting, or anything financial related, call Central Sunbelt at 601-649-7181 Option 6 to speak with a certified Balance financial counselor. You can also chat with one right now at www.sunbeltfcu.org/balance.
Copyright 2015 Balance Financial, a partner of Central Sunbelt Federal Credit Union.