Do You Need Professional Tax Help?

Tax time - need help

Call the experts at CEA (952) 831-0085 or Click Here

Not sure if you need professional tax services? Answer yes or no to these questions to find out if you need professional help:

  1. Have you had a major life change this year? Think marriage, divorce, new baby or college.
  2. Did you buy or sell a home, or move to a new state this year?
  3. Did you receive investment income in 2015? Or did you lose money on investments?
  4. Have your wages increased significantly over the last few years?
  5. Have you recently become subject to the Alternative Minimum Tax?
  6. Do you make over $200,000 in wages?
  7. Do you owe back taxes? Interest and penalties? Are you behind in filing your tax returns?
  8. Have you recently retired and want to make the most of your retirement income?
  9. Did you have self-employment income in 2015? Are you a business owner?
  10. Do you own rental property?
  11. Have you received an inheritance this year? 
  12. Did you gift a significant amount of money to a loved one?
  13. Was any of your income from foreign sources?
  14. Did you receive any stock compensation – stock options, employee stock-purchase plans?
  15. Was using tax preparation software last year too complicated and time-consuming?
  16. Does the thought of doing your own tax preparation immediately make you start to sweat?

If you answer yes to any of these questions, it is time for professional help.

Storefront tax preparers – think H & R Block or Liberty Tax – are on every corner this time of year. There are some issues to watch out for; most employees are temporary seasonal workers who are trained to prepare tax returns on software much like what you would use at home. For the most part, they are not accountants or bookkeepers, and they won’t be back next year when you need help. Last year, the average cost of a tax return prepared at H & R Block was nearly $200, so it’s not necessarily a bargain either.

More about Carpenter, Evert and Associates

A better option is a certified public accounting firm. CPAs are experts – they are highly educated and trained, and are registered with the American Institute of Certified Public Accountants. Just a few of the advantages of hiring a CPA:

  • CPAs go beyond just doing your tax returns. They offer specialized services in a variety of accounting areas. As your circumstances change, they will be ready to help.
  • You will build a relationship with your CPA, much like you would with your banker or financial advisor. By working with a CPA on an ongoing basis, you will have a trusted confidante who cares about you and will work to reduce your tax liability year after year.
  • A CPA is available year-round to answer any tax questions that might arise. They can also advise on budgeting, investments, and life changes.
  • The cost of hiring a CPA is based on the complexity of your tax return and can be surprisingly reasonable.

If you have questions about preparing your taxes, or to make an appointment with a Carpenter, Evert and Associates CPA tax expert, call (952) 831-0085. To request a free tax organizer, click on the link below.

To make the most out of your tax deductions, request a free Tax Organizer from Carpenter, Evert and Associates.

Comments

  1. I need a CPA that knows about tax inversions.
    Example: Medtronic buying Covidien in Ireland to avoid US taxes.
    I own some Medtronic stock INC. that was sold.
    I do not know how to file my taxes on the sold stock.
    LEO

  2. Going through these questions would probably help anyone know if they need to hire an accountant. Your question asking if you own rental property seems important for landlords to ask themselves. It seems there’s a lot of revenue in renting property to tenants, so hiring someone to handle those finances would help landlords keep track of their revenue. Thanks for posting this!

Speak Your Mind

*