There are certain signs and conditions that should tell you when to call on the help of tax accountants. These men and women are highly trained in all tax law and can help you with even the most complex of tax issues. For this reason, you need to know what these signs are and when making the call is not only a good idea but necessary.
More Than $200K Per Year
When you make a high income, tax laws become even more complex than they are for typical taxpayers. The likelihood of an audit is more than four times higher once you make over $200K per year, and tax accountants in Brooklyn can help you ready your taxes for such an inconvenience. A letter from the IRS is enough to make anyone nervous, but a professional can make the issue simple and easier to handle.
K-1s
Typically, taxpayers receive a K-1 if they are partners in a business or are shareholders in an S corporation. Some K-1s are relatively simple to include in a tax return, but most are lengthy. Typical tax software is unable to handle more than a select few of these, making the help of tax accountants necessary. The sooner you get their expertise on your side, the faster your return can be filed correctly and on time.
Own a Business
An accountant can help you find opportunities to minimize taxes. He or she does this by depreciating business or real estate assets. If you only recently established your business, it is important that you have a tax professional on your side to ensure that all of your taxes are in order. Businesses need to file more often than homeowners, meaning there are more opportunities for serious mistakes. The right tax accountant can help you learn what to do and what documents to keep on hand and properly filed.
