Do I Need a CPA to Prepare My Taxes?

Whether or not you should hire a CPA to prepare your taxes can be a difficult question to answer. In fact, many experts suggest that there can be pros and cons associated with hiring a CPA; weighing these pros and cons is important, but it’s also important to know the time periods and circumstances during which a CPA will be a particularly valuable asset. Here are some good indications that you need to hire a CPA:

When You Own a Business

If you are a business owner of either a small, medium or large business, you may want to consider hiring a CPA to prepare your taxes. Your CPA will help you make sure that you’re not only filing accurately, but that you’re not mixing your personal taxes with your business taxes.

New Home Owner

Are you a new home owner? Your tax filing will probably look much different than it did before you became a home owner. Because of this, you’ll want to make sure if you have a home office you hire someone who knows how to help you get all of your major deductions.

Major Life Changes

Major life changes can be hard to navigate, but they can be even harder to navigate when you’re filing taxes. Major life changes may include, but are not limited to: getting married, losing a job, getting divorced, having a child, getting a new job and a plethora of other things.

Failure to Pay Taxes in the Past

If you have struggled to pay taxes in the past, you may owe lots of back taxes. This cannot be managed alone and you may want to hire a CPA to help you make sure you’re in over your head in IRS debt.

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