There may be times when DIY tax preparation is appropriate. However, DIY tax prep software has its limitations, and there are many times when the DIY approach simply won’t work. Following are 10 times when it pays to abandon your DIY ways and seek the help of a professional tax preparer in Jamestown, ND.
- You hold foreign assets or investments in foreign banks.
If this describes your portfolio, don’t take chances. The IRS is cracking down on foreign assets, so holding these puts you in their line of fire. A professional tax preparer in Jamestown, ND will keep the target off your back.
- You live and work in different states.
Tax prep software is not typically set up to handle the complications of multi-state residence and work situations. The laws governing these scenarios are complex and confusing. It’s best to let a professional tax preparer in Jamestown, ND sort this out for you.
- You experienced a major change in your personal life.
Marriage, divorce or the birth of a child changes your life and complicates your tax situation. Major life changes require major tax help, and that means hiring a professional tax preparer in Jamestown, ND.
- You made mistakes on a past return or owe back taxes.
Taxpayers in this situation can face a higher risk of audit. You don’t want to add mistakes to the pile of errors and fees you already face. Get a pro in your corner to fight through this for you.
- You received a hefty inheritance.
Did you inherit real estate, stocks or other property in 2018? If so, your taxes may be too complicated to handle on your own. A pro will sort through these complications to ensure you don’t pay more taxes than you should.
- You won the lottery.
It’s unlikely, but it does happen! If you won a large jackpot, you probably owe a large chunk of it to the IRS. You’ll need help from a tax preparer in Jamestown, ND.
- You became a homeowner.
If you just bought your first home, you may be entitled to some tax breaks. Not all of these are obvious, so seek help from a professional to avoid missing any deductions.
- You sold your home.
Home sales are complex tax matters. You’ll want to get credit for realtor fees and past improvements as well as determine the true cost basis. A professional tax preparer in Jamestown, ND can help you navigate these tricky waters.
- You experienced the death of a spouse.
This tragic loss affects every area of your life, including your taxes. If you have suffered such a loss, you have enough on your plate—let a professional handle your tax preparations.
- You started a business.
Congratulations, entrepreneur! As you get started, work with a professional tax preparer for the first year’s taxes. This expert can help you with everything from business structure to identifying valuable deductions.
Partner with a Pro
Don’t miss out on the benefits of partnering with a professional tax preparer in Jamestown, ND. Contact Craig S. Hanson, CPA to take advantage of our expertise. Reach out to us year-round at 701-252-6190 or online at https://craighansoncpa.com/.