Filing your individual, personal tax returns may not be very complicated, if you have an employer who takes taxes out of your check every week and you only have standard deductions to claim, such as children at home. However, some situations may signal that it's good to have your taxes handled by an accountant, even if your returns don't seem overly complicated. Note what that means and why it can be good to at least consult with a tax professional every year to ensure your taxes are prepared properly and that you don't miss any deductions.
Support and family expenses
If you're paying spousal or child support, or receiving these forms of support, you may need to claim the income on your taxes or may be able to deduct the cost of this support. Other similar costs, such as expenses in caring for aging parents or disabled children, may also be considered deductible, and you may need to claim certain income you're receiving for this care. The rules regarding these forms of income and expenses will vary according to each location and each situation individually, so it's good to consult with a tax attorney who can review your situation in particular and ensure nothing is overlooked.
Long-term unemployment or disability
As with family support payments, whether or not you need to claim long-term unemployment or disability payments will often vary according to your situation. For example, this might depend on if you're being reimbursed for certain medical or property loss expenses versus being reimbursed for lost wages. Only a tax attorney or accountant can note if you might claim any income or expenses due to an injury, disability, or other such situation and can ensure your taxes are filed properly in these cases.
Someone who owns a large apartment building or a portfolio of rental properties may know to have a tax accountant handle their returns and filing, but if you own just one rental home or other unit, you may not think you need the services of a tax professional. However, you may be overlooking deductions from this property, including travel costs to maintain or show it, damage to the property, and the like. You may also want to have an accountant explain property depreciation to you, so you can decide how to deduct such costs over the years. This can ensure you have the lowest tax bill possible for any rental property you own.Share