Tax season is a dreaded time of year for many people, especially this year with many laws changing and tax increases across the board. In the past, many professionals turned to programs like TurboTax to complete their taxes independently, but with the many changes that have recently been rolled out, it is wise to consider hiring one of the many professional tax accountants. There are several benefits to working with accountants, but let’s look at the most important advantages.
First, accountants in New York City can help you make sense of changing tax laws. Each year, the Internal Revenue Service changes parts of the tax law and with each new president, it seems the tax incentives either increase or decrease. If you are struggling to keep up with the constant changes, an accountant can guide you through it one step at a time. While it would take weeks or months to learn the tax laws on your own, an accountant already knows the new policies and how to implement them.
Second, accountants can find deductions that you didn’t know existed. If you are worried about owing a huge tax debt this year, an accountant can help you look back over your expenses and find things that you could deduct as business related expenses. There are a lot of deductions that most people never know about, but you could save a lot of money in tax fees by letting an accountant go through your expenses and show you all of the potential write offs that you might have overlooked in the past.
Third, accountants can help you set up your finances for next year with tax season in mind. If you failed to make estimated tax payments this year, you are probably paying hefty penalties and fines already. Your accountant can show you exactly how much you need to pay in quarterly estimated tax payments for the following year and even provide you with vouchers to mail in with your payments. This takes the guess work out of tax planning because it is all done for you in advance.
Your accountant can also advise you of potential changes you can make for the benefit of your business. By evaluating your expenses and profits from this past year, your accountant can offer suggestions so that you have better returns in the next fiscal year. Perhaps you could get some major tax breaks by incorporating your business. If this is the case, your accountant can walk you through of process of determining if you should choose to do incorporation or a limited liability corporation.
Accountants offer sound advice and financial guidance throughout the year. Don’t struggle through this year’s tax preparation alone. Turn to a professional accountant and get the help you deserve.
Robert A. Woloshen CPA, PC offers friendly, knowledgeable public accountants in New York City.
