When is it time to hire a tax professional?

Keith Rucinski
Chapter 13 Trustee
Akron, OH

Many people prepare their own taxes each year. 

 The Internal Revenue Service website has computer programs to assist taxpayers to file online.   For people with only W-2 income,  using computer programs are a quick and easy way to file taxes.

However, life is not always easy.

Experienced tax professionals (Certified Public Accountants, Enrolled Agents) can be helpful to address changes in your life that impact your finances.

If you recently got married, a tax professional can help you determine if you should file separately or jointly.

If you had a child in the last year your tax professional can help you determine if you are eligible for any child or earned income credits.

If you got divorced in the last year, a tax professional can help you determine how to report support and property settlements.

If you made major upgrades to your home last year (new roof, new window, new furnaces), a tax professional can help you determine if you can claim any upgrades to your home as a credit on your return.

If you purchased a new car, a tax professional can help you determine if you can deduct any portion of the purchase price as a credit on your taxes.

If you need more time to file your taxes, a tax professional can help you file an extension for time to file.

If you discharged any debt in bankruptcy, a tax professional can help you determine if you must report any of discharged debt as income.

If you work as an independent contractor, a tax professional can help you determine if you have any expenses which can be deducted.

If you own your own business, a tax professional can help you determine if you have business expenses which can be deducted from your income.

If you want to start saving for retirement, a tax professional can help you determine how retirement savings will impact your taxes.

If you provide the majority of support for a family member, a tax professional can help you determine if you can claim the person as a dependent.

Online tax preparation programs are an excellent resource when life is easy.   For those times when things are not so easy, talking to an experienced tax professional can help people make the correct financial decisions for themselves and their families.