On the surface, perhaps it is. Many people think DIY tasks are always cheap, and easy to do. If you have to choose between paying someone to tidy up your lawn, versus doing it yourself of course you’d prefer to do it yourself. Similarly is the case with cooking your own meals, rather than hiring a professional chef to do it.
In some cases though, hiring a professional is probably a good idea, and filing taxes is one of them. According to a study of the 2013 tax year, Americans missed out on about $1 billion by not optimizing on deductions and credits that they were eligible for. So, it will seem hiring a professional CPA in South Orlando to file our taxes is the sensible thing to do, but there are still some instances to it.
When should you do your own taxes?
Individuals, who are salaried or hourly employees, should think of doing their taxes themselves as opposed to one who is self employed or is a business owner.
The reason for this is simple, such individuals have fairly simple tax situations. Roughly 60 million Americans come into that category, it has been estimated.
When you should hire a CPA in South Orlando
As stated earlier, individuals who run a business, or are self employed should pay a professional CPA in South Orlando for their tax filing and accounting needs because their tax situation is a lot more complicated.
Those who are self employed or own a business are required to complete and submit a number of tax forms that list all the business expenses and deductions made in the year. There are various other factors to be considered, such as depreciation value of equipment, transactions and investments made, salaries given and much more. A CPA in South Orlando will make sure that all relevant deductions and credits are being fully optimized.
Other reasons why individuals should hire a professional is:
- If they own a house, the mortgage interest might be tax deductible
- If they own properties on rent, assets can depreciate
- If they experience a loss on their rental properties
- If they have multiple accounts
Hiring a CPA in South Orlando for help and advice at this level you might actually save, and perhaps make more money as the professional will help wade through the most complex tax situation; he knows and breathes the tax code after all.
The bottom line
In the end, the answer to the question of whether it’s more budget friendly to hire a CPA in South Orlando, or to do the taxes yourselves lies completely on the tax situation of the individual.
If you need more information about our South Orlando, FL accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt. (Freedomtax’s accounting and tax professionals are NOT CPA’s. CPA services provided by third party provider.)