5 Reasons to Hire an Accountant for Tax Preparation

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Money and taxes

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Pretty much everybody in New Jersey knows that filing taxes can be time-consuming and tedious. Aside from that, there’s also the fear of making a mistake somewhere along the way and getting the dreaded notice from the IRS. Yes, you can save some money by doing your taxes yourself, but it’s not worth it if you’re going to make mistakes along the way anyway. And there’s no worse feeling than knowing that you spent your precious free time poring over your taxes again and again only to receive a notice from the IRS at the end of it all. So, if you want to avoid all that hassle, just hire an accountant for tax services in Kearny, NJ.

If you’re still on the fence on whether to let an accountant handle your taxes or not, take a look at 5 good reasons why you should.

  1. When Your Tax Status is Complicated

Unlike people with simple income streams, people with multiple businesses, rental properties, and even investments will find it more difficult to do their taxes on their own. This is when a good accountant comes in because they can lower your taxes and even help you plan for the future. And since people with multiple businesses and investments will likely have more income, they have a higher chance of being audited. A good accountant can help provide an extra layer of security if that happens.

  1. When You Own Rental Properties

Real estate investment returns can get really tricky, especially if you don’t know what kind of deductions you are entitled to. However, a professional accountant can help you figure that out. And if you’re only in your first year of owning a rental property, you should definitely get some professional advice.

  1. When You Have Your Own Business or Side Hustle

Being a business owner can make you eligible to a number of tax write-offs. But if you’re not aware of those, you will likely pay more taxes than you should. And when you have a side hustle in the mix, computing your taxes on your own can even be more complicated. Hiring an accountant for tax services in Kearny, NJ will help you save big on taxes. That’s because they are aware of tax write-offs and they can help you compute how much taxes you owe for your side hustle.

  1. When the IRS Contacts You

The IRS may just be reaching out to you for something as simple as the substantiation of expenses related to a property you bought. However, if you handled it incorrectly, it can suddenly turn into a big deal. This can happen if you give the IRS irrelevant or even wrong information. And since a good accountant understands the language of the IRS, you can save yourself from a lot of trouble by letting one handle the situation.

  1. When Your Family Situation Has Changed

If your family has gone through changes like divorce or death, you will most likely need help with your taxes. This is especially true if the person who handled your taxes in the past was your ex or deceased spouse. Also, if your divorce has not yet been finalized, an accountant can help take care of your tax situation to help you and your soon-to-be-ex save on taxes.

There are many more good reasons for you to hire accounting services in Kearny, NJ for tax preparation. And if you’re looking for one in New Jersey right now, consider Nicholas J. Coco, a trusted Certified Public Accountant who is known for his services in the area.

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