How have you been doing your taxes all this time? With the help of a CPA Kissimmee or by yourself? If you are using a tax software, the latter can be a better option for you. As long as you are aware of the deductions, there should not be too many complexities, and you will be able to do them in a short while.
But what if you are having a problem or your income is too high? Should you hire a CPA Kissimmee? We present you some instances in which taking help from the pros is the only solution to get your taxes done properly.
You are earning amounts greater than $200k
Generally, the IRS targets individuals in the higher bracket range for audits. If you are earning more than a certain amount, there is a good chance that you might just have to face an audit. In this case, hiring a CPA Kissimmee is the only way to get out of it. The CPA will take care of your situation, and make sure you do everything.
From what we know, if your income level is below $200,000, your chances of an audit are 0.9%. If it is between this amount and a million dollars, chances are 3.7%. Should your income exceed $1 million, your probability of facing an audit rises to 12.5%.
You are receiving K-1s
A K-1 is given to those individuals who partner up with someone for business purposes or buy shares for an S corporation. In some cases, K-1s are also issued by ETFs. If these are few, you may be able to deal with them by yourself, but if they are too many, they are just going to complicate things for you. In this case, it is better to hire a CPA Kissimmee.
You are subjected to AMT or Alternative Minimum Tax
An AMT has to be paid by some people in specific situations such as owning business stock, incurring huge expenses for a company, fees for investment advice and so on. AMT makes taxes difficult and only the pros will be able to handle them then.
According to a study, there are over 75% AMT tax payers who hire a CPA Kissimmee.
Your income is from a foreign source
Many people are not even aware of this. If you own foreign mutual stocks or funds of foreign companies or ETFs, this will apply to you. Hire a CPA Kissimmee if this si the case.
You are self-employed
Are you self-employed and run your own business? You should definitely hire a CPA Kissimmee. Not only will they do your taxes for you, but they will also help you plan for next year. Moreover, as a business owner you can take more deductions, which you might not be aware of. An accountant will be able to guide you in this regard.
So if any of the above applies to you, hire a CPA Kissimmee for your taxes.
If you need more information about our Kissimmee 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 numbers, incorporations, and non profit 501c3 tax exempt. (Freedomtax’s accounting and tax professionals are not CPA’s. CPA services provided by third party provider.)