Frequently Asked Questions
Tax laws keep changing all the time and it’s so hard to keep up. Having a background in finance doesn’t guarantee that you’d be able to do your taxes on your own. Guess which professionals are paid to keep track of your tax benefits? That’s right, accountants.
You know what’s even more confusing than doing your own income tax? Preparing taxes for multiple income sources. Hiring an accountant should get rid of any confusion.
Accountants can warn you if your investment decisions aren’t sound, and could affect your future finances. For example, if you’re interested in buying property, your accountant can suggest what mortgage is suitable to your financial capability.
An accountant can optimise your cash flow, which can help you make on-time payments and improve your credit rating.
Do you still have some time to spare to work on your taxes after work, family, your son’s rugby practice or any other urgent and time-consuming activity? If you do manage to find time, do you think you can do it properly and avoid future tax problems?
You wouldn’t want to be audited by the IRS. It’s stressful, yes, but it could also result in fines, especially if you end up late in your filing.
An accountant can help you make the most of your tax deductions by maximising on little-known details that could help you save money. For instance, were you aware that there are work-related expenses that you can also get deductions from? Who knows, the total deductions could pay for your accountant’s fee or even get you a shiny new gadget.
Seriously, do you really have the patience to read up and understand the dizzying details of a tax return? If you do, then you probably should’ve been an accountant.
Learning how to do taxes is like studying a new language—it’s downright tough. You can ask a friend or family member for help, but that means you have to reveal sensitive details about your finances to them. In this instance, it’s actually better to have a professional stranger and outsider to look into your books.