Filing taxes can seem like a chore if you’re new to it and have no idea how to go about the process. Often, the task can seem too time-consuming and dreary. With no background or previous experience in taxation, you might need the help of a professional. Especially, if you run your own business, work online or earn a high income.
Here’s how to know you need an accountant to manage your taxes:
1. Receiving Inheritance
When you receive an inheritance, you are liable to make some tax payments. These might include estate tax, capital gains tax or even inheritance tax. Hiring an accountant can aid in figuring out the amounts payable and save you from future tax liabilities.
2. If You Are A Business Owner
When it comes to running your own business or being self-employed, you are accountable for hefty taxes. Having an accountant saves you from having to pay thousands of dollars every year, they can guide you on the taxes that apply to you and you’ll always be informed on how much you owe
3. Renting property
If you happen to own rental property, it is your responsibility to cover the taxes. If you’re renting out multiple properties, having an accountant on board will help you keep track of all the deductions that apply to you. If you’re educated on taxes, you may be able to pass on some to your tenants. This could include repairs, insurance tax and real estate tax.
4. High Income
High income earners making around six figures a year should also hire an accountant. With so much on your plate, a professional can help ensure your taxes are filed properly, in a timely manner.
If you fall into one of these categories, we believe an accountant could be useful to you. If you need the help of a professional, at Opulent Accountants, we have many experienced individuals that can assist you and offer different packages based on your need.
Contact us now and we’ll prepare you for a hassle-free future!