Should I get an Accountant to Handle my Taxes?
John Szabo & Associates Pty Ltd - Accounting & Taxation Services
Accountants, Accounting Services, Accounting
Did you know that it can take as long as eight and a half hours to read and master tax forms? Sure, you can do your taxes yourself online, but given the nitty-gritty of our tax system, you might not be fully aware of your many exemptions and inclusions as taxpayer. This is where the option of hiring an Public Accountant comes in—but is the trouble and costs to get a stranger to pore over your finances worth it?
Here are a few reasons that could persuade you to get a Public Accountant to do your taxes:
1: You know nothing about taxes. Let’s face it: learning taxes is like studying a new discipline or language. You can ask a family member or friend, but finances are something that is ideally kept private from friends and family. Besides, it’s better to have a professional who knows what she’s doing to look into your taxes.
2: You have no time or patience to do it. Having too much on your plate can is a fact of life & even if paying taxes are a legal obligation. If not done properly, you could incur more liabilities for failing to do so. A combination of family, work and studies could keep you away from filling out forms, understanding the intricacies of tax laws, and doing your tax return correctly. If you’re exceedingly busy, then an accountant is your best option.
3: You could get audited by the ATO. Anyone can get audited by the Australian Taxation Office. If you don’t do your taxes properly (because of reason #1 – i.e. you know nothing about taxes), the ATO will often contact you to check the accuracy of the information that you provide them. If you had a Public Accountant doing your taxes, your return will be more accurate in the first place & probably lessen the chance of an audit. And even if an audit does happen, with a hired accountant, you won’t face it on your own.
4: Finances of the self-employed are incredibly complex. If you’re self-employed, your finances might be quite complicated because there’s no employer to consolidate everything for you. Furthermore, there’s a good chance you’re not limited to having just one source of income. To save you the trouble, an accountant would really help you understand all the details.
5: Make the most of your tax breaks. As a professional, your accountant knows what deductions you can claim. You may mistakenly believe that most expenses are not tax deductible, but did you know that you can get tax deductions from certain work-related expenses, non-work related expenses or even superannuation contributions? The total deductions & tax offset could pay for your accountant’s fee many times over.
6: You can learn from your accountant. If you can learn the finer points of doing your taxes from your accountant this year, or your accountant can teach you to be better organised with your records, then perhaps you can reduce your requirement of him or her in the succeeding years to save on costs. However, tax laws do change and it’s not so easy to learn everything at once. So unless you can keep up with these changes and remember all the details, you’ll probably see your accountant again next year.
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