Do I Need a Tax Advisor?

Do I need a tax advisor?

Most people avoid using a tax advisor because of the cost, but tax consultants can save you a lot more than you spend if your taxes are complicated. Here are a couple of reasons you may want to consider hiring a tax advisor.

• You make over $200,000 a year.
  • If you make some serious cash, your likelihood of being audited increases by four times. Talking with a tax advisor can help ensure you’re staying safe and smart. A tax-in-the-box solution won’t have your back if the IRS comes knocking.
• You own a business, have rental properties, or are self-employed.
  • Business taxes are complicated, and a tax advisor can help you save money from a depreciating business or real estate assets.
• You receive K-1s.
  • K-1s are issued for partners in a business or shareholders in an S corp. Some K-1s are relatively simple, but most tax programs aren’t built to handle unique tax forms like advanced K-1s.
• You are investing money for your children’s education or future.
  • Accountants understand what types of college saving accounts and trusts for children are tax-free or tax-deferred, which can save you money in the long run.
• Time costs money.
  • Calculate how long it will take you to do your taxes and decide what your time is worth. If your taxes are overly complicated it may take you hours to finish them, and it might make sense financially to get an advisor.

There are many reasons you may need a tax advisor, as everyone’s situation is different. These are just a few common reasons people choose to use a tax consultant. If you need one, feel free to contact