Taxes are something which no one in America can avoid if their income is above a certain level. While preparing for your taxes, there are two main options: do them yourself or hire a CPA in Celebration, FL. If your taxes are simple, you can take care of them by yourself, otherwise, you would be better off with the pros. Indeed, there are some costs associated when you hire a CPA in Celebration, FL, but there are benefits as well. Over here, we’ll quickly evaluate the two options in detail.
You should do taxes yourself if
Your tax situation is simple and straightforward
A simple tax situation is one in which there are no investments, charitable contributions or dependants. You should also be an employee and not running your own business. If this is your case, you can use any tax software to fill up your return, and you will probably not have many issues. Just be sure to consider the effect of applicable deductions.
You have plenty of time and a hoard of patience
Taxes are time consuming, and you get them right, only when you concentrate on them completely. If you are planning to multitask, then you will probably end up making a mistake on your return. Thus, you have to be careful and make sure that you make no errors.
According to the IRS, you need around 16 hours to prepare the most basic form of taxes.
You have a techie mind
Generally, tax software is simple to use and has an easy interface, but you will still have to navigate through the different sections and look up help if any issue arises. You may also have to go through the information available on the IRS website in order to ensure that you have filled the form properly.
You should hire a CPA in Celebration, FL if
Your income is more than $200,000 yearly
If your income is over $200,000, there is a greater chance that you will have to go through an audit. And if your income is greater than $1 million, it is even more likely that the IRS will choose you for an audit. Should that ever happen, you will want to make sure that everything is prim and proper on your end, and that there are no loopholes. A reputed CPA in Celebration, FL will make sure of this, helping you traverse through taxes properly, and decrease the chance of an audit.
Your life underwent a major change in the past year
If you have experienced a major change during the tax year such as buying a house, getting married or having a baby, you should work with a CPA in Celebration, FL. All these life changes can have an effect on your taxes, which the pros will explain to you when you take their help.
So are you going to do taxes by yourself or hire a CPA in Celebration, FL?
If you need more information about our accounting and tax services, please contact us at 407-502-2400. 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 experts are NOT CPA’s. CPA services provided by third party provider.)