5 Reasons You May Want To Hire An Accountant To Do Your Taxes

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5 Reasons You May Want To Hire An Accountant To
Do Your Taxes
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You Have A Small Business Or Side-hustle
Being a small business owner, you always aim to
save money. Several possible tax write-offs are
there, which a business owner may not know.
However, with an accounting expert by your side,
you can easily point them out. It will be easier
for you to identify the deductible areas, which
can save a lot of money for you. Further
accounting professionals can help you identify
the risks also besides helping with 1099 forms.
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The IRS Contacts You
Small business owners often get frightened by
hearing the name of the IRS. However, having an
accountant or a CPA Santa Monica by your side,
there is nothing to fear. Bring your accountant
in the middle whenever the IRS reaches you out.
Remember, if you are unable to handle the issue
at the initial phase, it can be a big deal later.
However, your accountant knows well the way of
handling the IRS. They will only share relevant
information.
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You Are Planning For Your Kids To Go To College
Do you have a child who is soon to start college?
If yes, then you can plan to apply for the Free
Application for Federal Student Aid (FAFSA).
However, your accountant can help you in doing
this. However, ensure that there should be no
unwanted assets or income in the name of your
child. It can hurt the chance of getting
financial aid. In case the child possesses a 529
plan or Coverdell ESA, talk with your accountant.
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You Own A Rental Property
If you are dreaming of getting a return on the
real estate investment, it can be a little
tricky. However, a professional can help you to
identify the areas from where you can get the
maximum deduction. However, they can also advise
you on the relevance of keeping that property to
rent or sell it off. Further, you can rent the
property to the business to save money. No
matter, your accountant or CPA Santa Monica can
help you in this.
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You Are Self-directing Your Retirement
Apart from the stocks, bonds, and mutual funds,
several options are there to deal with the
401(k). Alternatives such as bitcoins and real
estate can be a good option for investment.
However, investing in these options can be risky.
Your accountant can help you with this. However,
among the different accounting and finance
professionals, it is better to take the help of
the CPAs when you are planning for a long-term
investment.
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Thank You