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Why it makes financial sense to hire a tax accountant for personal use

Tax accountants assist clients with their financial and income statements. If you think you need a tax accountant in Adelaide to assist with your accounting needs, these tips will help you to decide. 

First of all, a tax accountant will prepare federal, state and local tax returns for your personal or businesses taxes. They are professionals who are knowledgeable on business concepts and government regulations. Tax accountants may advise you on how to minimize tax liability, inform them you of any tax changes that affect your business and ensure compliance with taxing agency requirements. They will also get involved in any disputes or audits that could affect your case.

There are some parameters you can consider to decide wither to tackle taxes on your own or engage is the use of a tax accountant. To start, your salary is a good indicator if you will need additional assistance. Your odds of being audited rise significantly if you earn more than $200k a year. In addition to salary, you want to consider if you typically receive a K-1. You would receive this if you’re a partner in a business or a shareholder in an S corp.

If you run a business and are self-employed, you will most likely see the greatest return when hiring an accountant. The reason being that running a business presents a lot of unique situations that can have a significant impact on your taxes and open the door for a new world of deductions, credits, and retirement account planning that you may not be used to. They can also help with ways to structure your business in the future by helping  you take advantage of tax breaks in the coming years and being there for you if you encounter problems down the road.

If you own real estate, an accountant can be very helpful. A rental property opens up a lot of special tax situations that you’ll surely want to take advantage of and make sure you aren’t making any mistakes. The same thing can go for just buying and selling a home or other real estate.

If you have encountered a major life-changing event in the middle of a tax year it could lead to an unpleasant surprise come tax time. Some of these changes include getting married, divorced, changing jobs, having children, receiving an inheritance or preparing to retire. An accountant can to minimize the unexpected in these circumstances.

Lastly, if you buy and sell stocks, bonds, mutual funds, or anything else throughout the year in a taxable account you’re going to have a lot of things to consider. Long-term vs. short-term gains and losses, and dividends taxed at a different rate are critical to get straight.

Whether or not you are still working on your taxes today, this is a good time to consider whether you need an accountant. If you decide to look for one, try starting your search in an accounting firm in Adelaide. When going through a firm you can be confident you will be getting a tax accountant that is properly educated and received all the proper qualifications necessary to become an accountant.

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