Make Good Use of an Accountant

I’m a finance guy by day, and a personal finance blogger by night.  This dual existence is a great benefit to me since my blogging is a side hustle that brings in nice income, and my day job as a sort-of accountant comes in good use when figuring out all my business-related deductions.  Don’t get me wrong, I’m by no means a tax expert, but I can make do within reason.  Even still I find there are times, and certain years, when the tax implications are too great and I have to seek outside professional help as well.  With the masses of people rushing out to buy Turbo Tax and other easy do-it-yourself software, accountants (i.e. a U.S. or even London Accountant) have become increasingly less popular choices during tax time.

Tax software can be great for some people.  There’s no need to pay a CPA $200 an hour to complete a 1040EZ form, when simple software that costs $40 will get the job done just fine.  But more and more people are neglecting the complexity of their tax situation and think they can handle everything on their own.  The realization is that while they are saving several hundred dollars in tax preparation fees, they may be leaving thousands of refund dollars on the table.  In some cases, simply losing out on money may be a blessing.  The IRS can often time stick you with heavy fees and penalties.  We have even seen some high profile celebrity cases related to tax evasion that lead to jail time.  Even for nothing more than peace of mind a public accountant can be worth their weight in gold.

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