10 Reasons to Hire an Accountant
Do you always have difficulty when dealing with your taxes? Don’t worry, many people do. After all, it’s not easy to organise pages of information and forms. However, hiring an accountant to do your taxes isn’t cheap. To convince you of its merits, here are the ten best reasons to hire an accountant.
Reason #1: You don’t know anything about taxes
Learning how to do taxes is like studying a new language—it’s downright tough. You can ask a friend or family member for help, but that means you have to reveal sensitive details about your finances to them. In this instance, it’s actually better to have a professional stranger and outsider to look into your books.
Reason #2: You have any patience to do it
Seriously, do you really have the patience to read up and understand the dizzying details of lodging one’s tax return? If you do, then you probably should’ve been an accountant.
Reason #3: Tax laws change often
Tax laws keep changing all the time and it’s so hard to keep up. Having a background in finance doesn’t guarantee that you’d be able to do your taxes on your own. Guess which professionals are paid to keep track of your tax benefits? That’s right, accountants.
Reason #4: You have several income sources
You know what’s even more confusing than doing your own income tax? Preparing taxes for multiple income sources. Hiring an accountant should get rid of any confusion.
Reason #5: Make the most of your tax breaks
An accountant can help you make the most of your tax deductions by maximising on little-known details that could help you save money. For instance, were you aware that there are work-related expenses or even superannuation contributions that you can also get deductions from? Who knows, the total deductions could pay for your accountant’s fee or even get you a shiny new gadget.
Reason #6: You could get audited by the ATO
You wouldn’t want to be audited by the Australian Taxation Office. It’s stressful, yes, but it could also result in fines, especially if you end up late in your lodgement.
Reason #7: You can learn from your accountant
If you finally learned from your accountant how taxes work this year, you might not have to hire her next year to save on costs—at least until another round of changes are made on tax laws (see reason #3).
Reason #8: You don’t have time to do your taxes
Do you still have some time to spare to work on your taxes after work, family, your son’s rugby practice or any other urgent and time-consuming activity? If you do manage to find time, do you think you can do it properly?
Reason #9: An accountant can help improve your credit rating
An accountant can optimise your cash flow, which can help you make on-time payments and improve your credit rating.
Reason #10: An accountant can analyse your investments
Accountants aren’t really financial planners, but they can warn you if your investment decisions aren’t sound, and could affect your future finances. For example, if you’re interested in buying property, your accountant can suggest what mortgage is suitable to your financial capability.