Doing their own taxes is something that a lot of people manage on their own when they just have themselves and one income. But as someone grows and financial situations change, it can be time to get help. It's important to make sure that you get professional help if you have had a lot of financial changes in your life, and you don't want to end up owing back taxes. Here are some changes in your life that if they occur, you want to get a tax professional.

You Have Inherited

If you have inherited money, a property, or any other type of asset, you want to consult with a professional before filing your taxes. There are some things that you won't have to claim or that are tax-exempt because of inheritance laws, but others that you may have to claim. Let the professional walk you through what you should or shouldn't file and claim so you don't have any problems or end up owing later.

You Started a Small Business

A lot of people have a second source of income besides their main employment. If you are making wood pallet signs, selling a product or service, or doing something else to make money on the side, you will have to claim this income.

If you haven't been charging people tax on the sales, this could end up costing you in the long run. Talk with the tax professionals to see what expenses are deductible, what you owe, and more.

Your Financial Bracket Has Changed

When you jump a tax bracket, a lot of things can change. You want to sit down with a tax expert so they can tell you what money invested and saved needs to be claimed, what you need to donate or spend to help with your return, and other details before you file. If there are some major changes to make, the tax professional may want to file an extension to help.

The cost to have your taxes done by a professional is minimal compared to the fees, fines, and costs that may be associated if you have an audit and have to pay back taxes and if you are dealing with other problems as well. Consult a certified public accountant and see what you should be doing differently to help improve your tax refund and to reduce what you have to pay in when you file.

Share