May 27, 2015 | Posted in: Uncategorised
The majority of us try to cut costs where we can and like to try to handle things on our own. Be it trying to cut your own hair, washing your own car, or doing your own taxes, we love to save where we can and may even talk ourselves into doing so “because we like the way we do it better”. Well, when people start looking at you oddly do to your amazing new hair cut, you lose your weekend to washing your car, or you have the IRS calling, it may be time to reassess just what you are doing on your own. In regards to your finances, here’s 4 reasons you may want to hire an accountant.
- You own a business, are self-employed, or have rental property
All of those have unique situations requiring specialized financial information as well as tax knowledge. An accountant can help you know how to keep track of your financials in the best way to streamline your tax records, profit-loss statements, and keep your business records in good shape for a future sale. They can also keep you abreast of information you need for your taxes as well as the best way to file information in order to save the most you can on your taxes.
- You have material foreign source income
Foreign income…. not me? Well, this might affect more people than you expect. Material Foreign income source implicates foreign EFTs, mutual funds, or stocks of foreign companies. You know, companies like British Petroleum (BP), Nestle, and Volkswagen. Want to know who are some of the top international companies – check out Forbes list
- When you’re planning a business change or inception
If you’re planning on creating a business or changing the current status of your business, these decisions can have large tax implications. A CPA in Salt Lake City for example should be well versed in every style of business taxation including C-corporations, S-corps, LLCs, partnerships, and single-owner entities. Yes, each choice can affect your taxes differently and a well-versed accountant will be able to help you show the way and save you a ton of work and money in the long-run.
We mean this beyond the normal tax filing and in regards to government contracts, licenses, or other situations which will bring you under extra scrutiny. Having your financials well maintained and in order can go a long way in appeasing the government and keeping you off their “dig deeper” book and in the “easy to do business with” book, simply because of how well kept your financials are!
While there’s many other reasons why you may want to consider hiring a CPA, above are 4 strong reasons that might make you want to considering enlisted their help. When it doubt it always best to be safe and go with someone who knows more about it than you and can help you navigate the minefields you may find yourself coming up against along the way.
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