10 Reasons To Get An Accountant

There are far more than just ten reasons to get an accountant which most people don't realize

. One definition of an accountant is someone who solves problems you didn't know you had in ways you don't understand. Although there are service fees charged by accountants, the amount of a tax refund received usually far outweighs this expense. Hiring an accountant affords the advantage of dealing with the same person each time as opposed to using a commercial tax preparation service.

Accountants Are Tax Knowledgeable.

Accountants are required to keep up to date on the ever-changing tax code and form filing requirements. In addition to which forms to file and when to file them, accountants are far less likely to make mathematical calculation errors and are obligated to ensure accuracy. Since 2 to 5% of income tax returns are randomly selected for audit each year, accountants are trained in how to handle these issues on behalf of their clients.

Personal Finance Management

In addition to making optimal use of W2 or other income declaration forms, accountants offer advice on such things as changes in filing status, allowable deductions and the rules involved. For many, side from salary or wages, there are other income sources or streams which legally must be reported. In addition to an investment portfolio, there are rules which apply to stock trades particularly day traders. In certain cases, support for full-time college students ages 19 to 24 is deductible.

Accountants know how to legally hide income by advising on matters related to tax savings plans. They are also knowledgeable in ways to reduce personal debt and improve or repair credit scores. In current economic situation, accountants are a source of advice in terms of how such things as mortgage refinance, green energy home improvements and charitable contributions and other financial gifts affect personal gross and net income status.

Self- employment And Small Business Assistance

There are tax related codes and rules which must be correctly interpreted and applied such as what legally constitutes an in-home office. Accountant assistance is especially important if the home business functions as a second or alternate source of income. Persons whose income is derived from sub-contracting must maintain income and expense records.

Aside using an accountant for tax preparation and business building or expansion, accountants have the ability to interpret complicated financial issues in terms other people can easily comprehend and relate to.

by: Henry Calling

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