4 Signs You Need Professional Help with Your Taxes
You always file late.
Filing your taxes late will cost you. The Internal Revenue Service (IRS) will charge you a late filing fee starting at 5% of your unpaid taxes by the month. This means that the longer you go without filing your annual taxes, the more money you’ll end up paying. So, if you’re expecting a refund, but still filed your taxes late, then be prepared to deduct at least 5% from every month you’re late. If you end up owing, then go ahead and add 5%. Whatever the reason is that’s preventing you to file on time, you can avoid this nasty 5% penalty by hiring a professional to take care of your taxes.
You own a business.
Business taxes are going to be handled differently than your personal taxes, even if you are a Sole Proprietor. When you’re operating a business, you need to account for all of your income as well expenses—and this needs to be separate from your personal income and expenses! For some taxpayers, organizing these debits and credits might get confusing. That’s why it’s not at all uncommon to hire professional help to take care of your business filing at the very least.
You’re paying back taxes.
If you are already paying taxes on a past filing, this is a surefire sign that you might need some professional assistance. This is because you’ll have to account for your personal outgoing expenses—including that which is going to the IRS. A professional tax preparer can better assist you with organizing your finances when it comes to reporting what has already been paid verses what more you’ll need to pay. There might be an instance where you’re expecting a refund, yet still paying back taxes. This can get a little complicated when it’s time to explain this to the IRS, so you might be better off letting a professional take care of it for you.
A major life-changing event has occurred.
Did you get married, divorced, have a baby, or buy a house? Such life-changing events can affect your income boosting or possibly even reducing you to another tax bracket. Marriage could mean a boost in income, or another dependent if he or she isn’t employed. Having a baby is a definite dependent. Claiming a dependent on your taxes can often mean more money in your pocket or paying a lesser amount in taxes. Read our article, “Who is Classified as a Dependent on Tax Returns?” here.
Whether you’re getting married or divorced, this could mean an increase or decrease in your annual income. If you’re divorced, maybe you’re paying or receiving alimony. If you’re married, you may be adding to your annual income.
Success Tax Relief: Try Us!
You may of made a mistake on your last annual filing and don’t want to repeat it, or you might just be too busy. The professional tax experts at Success Tax Relief has over 30 years of experience helping taxpayers get the most out of their tax filing. For a free consultation, call 877-825-1179 or contact us online today!