It’s the beginning of 2020 and the tax season is upon us. Are you still doing your taxes by yourself?
If you are, here are a few reasons you might want to make this year the one where you outsource your taxes to a professional. Here’s why we recommend it.
Because Tax Laws Have Changed Recently
Recent changes to the tax code under President Trump have meant big shifts in what you can and can’t deduct. The changes impact a range of issues, including:
- Alimony payments
- Home equity loan interest
- Personal exemptions
- Standard deductions
- Child tax credits
- Estate tax thresholds
- Property and casualty losses
It’s crucial to have a tax preparer take a look at your records and help you navigate these changes within the law and to your maximum benefit.
Because Even A Small Mistake Can Be Costly
Even a small mistake on your taxes can cost you money. This is true if you make an error that results in fees and penalties, but also if you’re not getting all the deductions and credits you’re entitled to.
In general, a professional tax preparer’s fees are often easily offset by the amount you save on your taxes.
Because Your Finances Have Changed
Did you recently go through a major life change like starting a business, changing your career, getting married or divorced, buying a house, or having a child? If so, there may be major tax implications that you haven’t considered.
If you’ve recently undergone a major life shift, you owe it to yourself to sit down with a tax preparer. They can take a look at your situation and help you avoid common pitfalls associated with this change.
Because Your Work Situation Isn’t the Usual
If you aren’t a salaried employee, chances are your taxes are more complicated than the single W-2.
If you’re a contractor or freelancer, own your own business, or you’re part of the “gig economy” – a lot of people can be categorized as several or all of these things – then you may need professional help to make sure you’re getting all the deductions you’re entitled to.
Even if you have a steady salaried job with a side hustle that makes above a certain threshold, your taxes may be complex enough to require professional help.
Because You’re About to Buy or Sell A Home
Both buying and selling a home can unleash an avalanche of tax concerns, ranging from capital gains and losses to deductions for homeownership expenses. Even if you’re used to handling your own taxes, these can be very difficult to deal with on your own.
If you’re either becoming a new homeowner or selling a home, it’s important to get help from a tax preparer who’s experienced with real estate taxes.
Because you’re pressed for time
Nobody has enough time lately and chances are you have plenty of things you’d rather do than deal with your taxes. Hiring a tax preparer can save you an immense amount of time, and time is valuable.
Work With a Professional San Francisco Tax Preparer
This year, save yourself time and money and hire a professional to handle your taxes. Get in touch for a income tax free consultation at our San Rafael offices today.