Partnering with a personal accountant for your business can make a world of difference. When it comes time to file your taxes, there are a few different options that you have. You can use an online software program, like TurboTax, or you can work with a personal accountant. Many people believe that using online software is the best option because it’s perceived as cheaper and more convenient. However, working with a personal accountant often provides much more value for your money.
In this blog post, we will discuss some of the reasons why you should work with a personal accountant when filing your taxes.
While there is no clear-cut guideline, there are several aspects of your financial life to take into consideration when deciding between hiring an accountant and using accounting software:
- Your Income Level
- Whether you are an employee or own a business
- The number of income streams you have
- Real Estate Investments
- Contractor Payments
Generally speaking, self-employed individuals value the added peace of mind and personalization that comes with working with a personal accountant. This is often due to the fact that their financial situations are typically very unique.
Below are additional benefits of working with a personal accountant over software:
One of the biggest benefits of using a personal accountant is that you get a more individualized approach. Your accountant will take the time to learn about your unique financial situation and find the best way to file your taxes.
This can result in significant savings for your business. This is opposed to using software that may not be tailored specifically to your needs.
Another advantage of using a personal accountant is that you may be able to take advantage of deductions that you wouldn’t have known about if you filed on your own. Accountants are well-versed in all the latest tax laws and can help you claim any deductions that you qualify for. This point holds stronger than ever as we’ve seen filers having to claim un-received stimulus, child-tax credit, and economic impact payments with their returns.
This can save you a lot of money, especially if you have a complex financial situation. For example – business owners and individuals with real-estate-rental income.
When you work with an account, you are afforded added peace of mind that comes with knowing that your taxes are being handled by a professional. If you have any questions or concerns during the filing process, your accountant is there to help.
In addition, if an audit should occur, having an accountant on your side can be invaluable. Acting as a liaison between you and the IRS, your accountant can make the difference between getting forgiveness or not.
Overall, we believe that working with a personal accountant provides more value for your money than using online software. Not only do you get a more individualized approach and access to deductions, but you also have the security and peace of mind that comes with working with a professional tax preparer.
Overall, there are several good reasons why you should opt to file your taxes with your local accounting firm and it’s definitely the best option for anyone who wants to get the most out of their tax return.
Not only will you save time and money, but you’ll also have peace of mind knowing that your taxes are being handled by a professional.
Contact us today for help with filing!