Here at Proctor & Assocs., we understand that doing your taxes is often a stressful undertaking. No one likes filling out forms, especially if there could be serious consequences for doing so incorrectly. To help you avoid this stress and get more peace of mind about your finances, we recommend working with a professional tax accountant. In this article, we’ll outline three scenarios in which a tax accountant can be especially helpful so that you can understand our reasoning and make the best decision for your needs.
#1: The IRS contacted you. If the IRS contacted you about your taxes–even for something that seems simple, such as substantiating expenses relating to a new vehicle purchase–we at Proctor & Assocs. definitely recommend talking to a trained tax accountant. Professional accountants understand the language of the IRS and will help you make sure that every detail is submitted correctly so that you can avoid accidentally escalating the situation.
#2: Your kid is going to college. In addition to helping navigate tricky situations with the IRS, a tax accountant can help you when filling out the FAFSA for your child’s college education. If you have a kid in college or are sending them to school in the fall, our team will help you organize your assets to get the best possible financial aid package.
#3: You own a small business. A third scenario in which speaking to a tax accountant can really help you is if you own a small business or do a lot of gig-based work, such as being a rideshare driver. There are many possible tax write-offs for a small business, and we at Proctor & Assocs. will help you correctly document all the ones that apply to you. In addition, gig jobs require you to file 1099 forms, and we can help you navigate those too.