Truth be told, with all the complicated tax laws on the books now, one could say that if you have a job, you need an accountant. However, since there are so many options when it comes to filing your taxes online and they walk you through each question, that may not be strictly true. Those who either don’t own property or don’t have a business may not need an accountant, but there comes a time when it’s in your best interest to hire someone who can safely manage your funds and keep you up to date on any changes in tax laws and other financial issues.
Taxes Are Too Much
Most Americans feel like their taxes cost them too much, no matter what. But, when your tax situation becomes so overwhelming that you are afraid to file, it’s a clear indicator that it’s time to hire an accountant. Tax laws change every year, so unless you can keep up with them and your own financial situation, put your trust in an accountant you can trust.
If you aren’t quite sure if you can afford to hire an accountant, consider your own pay scale. Whatever you do for a living, you do it because you are very familiar with the tasks and what needs to be done, just like an accountant. Let’s say you make $20 an hour. When you do your taxes and it takes you two or three days to do them, you’re talking about losing $320-$480. On top of that, you aren’t going to be as familiar with the ins and outs of taxes as an accountant is, so you may be costing yourself more in taxes than you need to. In the end, it might save you money (and stress) to hire an accountant.
Business Income
If you have your own business, hiring an accountant is almost a must. You have a business to run. Just like you buy products and services from outside vendors because you don’t have the interest, skills, or resources to manufacture or provide the services yourself, you can hire an accountant to keep your books for you.
The cost of a business accountant is a tax write-off on its own, as you deduct the cost from your overall expenses. Most business owners consider hiring an accountant no different than paying the light bill or buying office supplies. It’s just part of the cost of running a business.
Property Owners
You don’t have to own a business to need an accountant. When you start buying property, finances can get kind of tricky. This is because you may have deductions or interest concerning the properties. If you aren’t careful, you’ll end up shelling out more than you need to in order to cover all the taxes and expenses you may think you owe. An accountant can help you balance things so you get the right deductions and aren’t doubling your expenses. In many cases, the money an accountant can save you will more than make up for the cost of hiring an accountant.
In short, if your financial situation is stressing you out or you aren’t as financially savvy as you would like to be, it’s time to hire an accountant. Remember, you don’t have to keep one on the books full time. Rather, you can hire an accountant for a flat rate fee or pay as you go, too.
