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The Benefit of Hiring a CPA for Preparing Taxes

A lot of taxpayers are actually doing their own tax returns with the use of the online tax software or off-the-shelf. If you have spent several hours on the taxes this year, then it is time that you ask yourself if such makes sense to outsource the task to the CPA or a certified public accountant. Moreover, you need to know if you are happy when it comes to preparing the taxes. Here are the things which can be indicators that it can be beneficial for you when you have accountant to prepare the taxes.

 

When you are actually earning more money, the odds of getting audited would increase. If your income is below $200,000, then the chance of getting audited is .9%. But, when the income is more than this, the odds would actually climb to 3.7% and if the income is over a million then this increases to 12.5%. Such is the reason why you must get an accountant to be there for you when the IRS would contact you.

 

If you have a business, you have rental properties or you are self-employed, then it is quite great that you get a bookkeeping to help you out. So many business and rental properties and have an expense which is depreciation on capital assets. So many people don't know what is the depreciation rule or capital asset. A tax accountant will know how to deal with capital assets as well as depreciation. A good tax accountant will assist you to reduce the taxes.

 

Also, you will need a CPA when you think of selling the stocks or other capital assets. An accountant may help you in planning that gain that is taxed at a lower rate than the ordinary income and help you find other ways to reduce the taxes like tax-loss harvesting. Also, when you are very busy to do the taxes, then you must get an accountant to prepare the tax returns which will let you accomplish the other tasks. You also have time to get the forms and other pieces of information together.For more facts and information regarding accountants, you can go to http://money.cnn.com/2004/11/15/pf/saving/willis_tips/index.htm.

 

Taxpayers who have such complicated business and investment matters could have the ability to prepare the taxes. However, is this really worth the time? Accounting firms are very familiar with the tax system, one can readily complete the tasks that might take taxpayers several hours of research.