July 1, 2021

Mary Sullivan

When should you hire a tax professional

Urgh! It’s that time of the year – again.

No, we’re not talking about summer or winter or whatever weather season drives you nuts. We’re talking about tax season, the period between Jan 1 and April 15. The official onset of 2021’s season was delayed because of the COVID-19 pandemic, but this doesn’t mean you can also delay year taxes.

If you’re a good record keeper and have some time to spare, you can file your taxes on your own. However, there are instances when you might need to hire a tax professional.

In this article, we’re telling you how to know you need a tax accountant.

You’re Self-Employed

Being formally employed has its downsides, but on the brighter side, doing your taxes is super easy. Your employer has a duty to withhold and remit your taxes to the IRS. They’ll also give you Form W-2, a wage and tax statement summarizing your tax payment for the ending year.

If your job is your sole source of income, you’ll use your W-2 to file an accurate tax return.

But what if you’re self-employed? Here, things get complicated. No one is responsible for withholding and remitting taxes on your behalf. You have to do it yourself.

So, if you’re self-employed and earned more than $600 in the last year, the IRIS is expecting your tax return. If you earned a lot more and from various sources, keeping up with your tax situation can be difficult. This is why it’s advisable to bring in a tax professional to help you.

You Just Got Married or Divorced

In an ideal world, your relationship status shouldn’t have anything to do with your taxes. But this world is far from ideal, which means getting married or divorced has an impact on your taxes.

If you’re married, you have two options: married filing jointly or married filing separately. Which option is better for you? Like most couples, you certainly want the option that works to lower your tax liability.

After years of marriage, you should know this, but if you just got married, it’s best to get the advice of a tax consultant. The same applies if you just got divorced and no longer have the option of married filing jointly.

You’re in Tax Trouble

When you don’t pay the taxman what belongs to the taxman, trouble is bound to rise. Sometimes you can make an honest mistake; other times you might want to be naughty and try to pay less than you should or claim more than you should.

When you’re in tax trouble, hire the best tax relief consultant.

This professional will evaluate your situation and advice you on how to best go forward. Especially if you need some tax relief, this professional will be of great help.

Know When to Hire a Tax Professional

Paying your taxes isn’t just a patriotic duty. It’s also a legal requirement for most people. Depending on your situation, filing taxes can be a simple matter or a complicated one. With this guide, you now know when it’s wise to hire a tax professional.

Explore our website for more helpful tips and advice.