Why You Need An Accounting Firm To Help With Your Tax?
As a business owner, there are certain things you can’t do by yourself either because you lack the expertise to execute the task or because you have a tight schedule. One of those things is handling your taxes.
Filing your taxes can be quite challenging. For example, filling out a W-2 is quite easy, provided you have the time and some little knowledge regarding how it is done. However, in situations whereby you have a very complicated tax return, you might have to consider hiring an expert, a person who can save you the time, stress and the money.
An accountant from an audit firm in Malaysia or an accounting firm in Malaysia (if you reside in Malaysia) can help you take care of those complicated tax returns. The following are a few reasons why you need an accounting firm to assist you with your taxes.
1. You own a small enterprise or a side job
If you are a business owner, you will be faced with many tax write-off, and an expert can help you handle them without you wasting your time.
Also, if you have a particular side-hustle be it driving Uber, selling products on sites such as Etsy or racing horses, for instance, you might not have time to take care of your 1099s.
2. You get contacted by the IRB
If you get contacted by the IRB, and they request for something as basic as substantiation of expenses linked to a car you purchased, you will need the help of an accounting firm.
You might say it’s quite simple and choose not to contact an accountant from an accounting firm in Malaysia or wherever you reside, but you must be aware that if you decide to handle it yourself and you do so incorrectly, you might transform a basic issue to something huge.
A professional tax accountant fully understands the language of the IRB and would be able to assist you with that supposed “basic” issue.
3. You want your kids to go to college, and you are planning towards it
If you have a child who is mature for college and you are making preparations towards filling out the Free Application for Federal Students Aid (FAFSA), you would need help.
You will want to ensure that no unwanted assets or income are attached to your child’s name, for instance. That alone can end up hurting them for financial assistance, though this might be ideal for tax planning.
Therefore, if your child has a 529 plan or Coverdell ESA, or even if they have a little stake in your business, it would be great if you solicit for the assistance of someone who understands FAFSA.
4. You are a rental property owner
A tax return on real estate investment can be dicey along the way, and an expert (in-person of an accountant from an accounting firm) can help you determine the type of deductions you may be entitled to.
You should seek advice from a professional during your first year of owning a rental property.
5. You are self-directing your retirement
Taking it upon yourself to fill your return on these investments might be challenging. Therefore, you need to seek help from the right source. An accounting firm can help you with that.
In a Nutshell
Generally, the Accountants can assist you with your taxes. When you are making plans regarding who to hire, ensure you take into consideration how complex your return is. Aside from handling tax returns, accountants can also prepare transfer pricing documents and offer payroll and HR services.
For more information, get in touch with us.