1. Using software to file taxes yourself can be complicated and it is possible to run into technical or other difficulties.
Individuals may file electronically using tax software. However, it can be confusing and lead to technical difficulties. The popular Turbo Tax Software had fraud concerns and shut down the filing of state taxes for a period of time. Using a CPA for tax and bookkeeping services can help minimize these concerns and make filing a much simpler technical task for you.
2. If you experienced a major life change in the last year, such as moving to or working in another state.
Having numerous changes in your life, such as a major move or change of workplace/state that you work in can come difficult come tax season. Multiple forms and making sure to claim moving expenses are just two of the items that can cause confusion. Ed Caine of EP Caine & Associates has years of experience in the Wayne area and can help should you have had a major life change in the past year.
3. A death in the family could cause tax implications if there is an estate of which to be dealt.
When there is a death in the family, many questions arise such as whether or not a tax form should even be filed. If so, who should file it? How do you answer questions that you may not have answers to? These questions can be answered by a professional in tax and bookkeeping services, they will make this process simpler.
Small business owners, especially those who have had major changes in revenue and/or expenses.
4. Taxes can be complicated for a small business owner. Understanding what consists of a business expense is often a popular question. Businesses that have experienced a major flow of income or losses may be in a different position than before and need assistance with how to file in order to best protect the interest of the business. Whether a sole proprietor or owner of a multi-staffed company, business taxes can be confusing and have serious implications if done incorrectly. A CPA can assist you with your business taxes.
5. Major changes in your stock portfolio: Perhaps experiencing major gains or losses.
Having a stock portfolio can make taxes confusing, as each stock account has its own form to use when filing taxes. Calculating your overall gains and losses, especially if an unusual event occurred, can be perplexing. Understanding how to take advantage of excessive losses that you may have experienced is also important.
Get in touch with a CPA to help with the filing of your taxes, especially should you find yourself in any of the above-mentioned situations. Ed Caine and Associates of Caine CPA specializes in tax and bookkeeping services in the Wayne area. Contact us today at (610)-525-2933 or fill out our contact form here.