When It's Best to Bring Your Taxes to an Accountant

Many individuals manage their own tax filings if they have a regular job where taxes are held from the check and if they don't have any unusual forms of income, deductions, or costs that need to be included on their returns. However, tax returns are not always that simple, and there are times when it's best to bring those taxes to an accountant for him or her to prepare. Note when that is and why their services can be beneficial for you.

If you've inherited property or money

If you've inherited property, meaning land, jewellery, and the like, or have inherited cash, you need to consider if these items should be claimed on your taxes. Very often it will depend on how the inheritance was set up, from whom you inherited, how much you inherited, and the like. If you do need to claim some items on your taxes, you will want to be sure they've been depreciated as much as possible so your tax bill is as low as possible. An accountant can determine all these factors for you.

If you want to save for the future

How you save money will affect your taxes; some earnings you put away now may be taxed when you withdraw that money in the future, whereas other forms of savings are taxed now, so the funds remain tax-free in later years. An accountant can explain your options for building your savings while also lowering your tax bill, both now and in the future; he or she can also explain how options like super funds work and grow so you can know the best choice for your individual financial goals.

If you've had any major expenses in the past year

If you've had any healthcare expenses or moving expenses, have paid tuition for your child or even yourself, have made major renovations to your home, or have faced any other type of major expense in the past year, you want to talk to an accountant about your taxes. In some cases, these expenses may be claimed as deductions; renovations made to your home could also affect your property taxes. You may also be eligible for tax credits for some of these expenses, such as partial reimbursement for installing solar panels or a granny pod on your property. Whatever the case, be sure you speak to an accountant before preparing your taxes so he or she can note how they would affect your tax bill, if at all.

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