Filing your taxes can be quite a pain, especially if you have some unusual elements to your filing process that make it more complex. This is especially true this year with all of the changes surrounding the Tax Cuts and Jobs Act, which has gone into effect for the 2018 tax year. Even if you were comfortable doing your own taxes in the past, there has been a significant number of changes that might confuse you this time around.
Beyond all the changes to the tax code, here are just a few examples of why you might find it beneficial to hire an accountant for your tax filing in Oklahoma City, OK this year.
You run your own small business
If you own a company, this is going to significantly complicate your taxes. Not only are there more forms you have to keep track of, but you might also benefit from more write-offs than you typically would. It can be difficult to navigate all these issues yourself if you do not have any training or education in the tax code.
This is even true if you have a side gig, such as driving for Uber or Lyft, selling products on sites like Etsy or working for other types of so-called “side hustle” companies.
You have kids who intend to go to college
If you have a child who will be heading to college in the near future and plan to file the Free Application for Federal Student Aid (FAFSA), it can be helpful to get some professional assistance on your tax return. You want to make sure that you don’t have any income or assets in your child’s name that could potentially hurt their chances of getting financial aid.
You’ll especially benefit from assistance if you have a 529 plan in your child’s name, or a Coverdell ESA, or if they have any sort of ownership stake in a small business you own.
You own an investment or rental property
Tax information for real estate investments can get tricky in a hurry, so it’s a good idea to work with a professional who can help you determine the kinds of deductions for which you qualify. This is especially important in the first year you own a rental property, as this is when you’re going to be the most unfamiliar with all the tax processes and considerations you need to take into account.
You’ve been contacted by the IRS
It doesn’t even have to be for a full-on audit—even if the IRS reaches out to you and asks for a substantiation of a single purchase you made during the year, it’s helpful to get in touch with a professional so you can make sure you handle the situation properly and avoid a full-blown audit. You want to do everything possible to avoid giving the IRS incorrect or irrelevant information.
For more information about when you should work with a pro for your tax filing in Oklahoma City, OK, contact Chrisman & Chrisman Financial Services today.
Categorised in: Tax Filing
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