Posted on: 1 April 2019Share
Tax season is here. If you haven't sat down with a tax advisor, you may be putting yourself at risk, especially if special circumstances exist. Mistakes on your tax return can come back to haunt you. Here are just four of the critical reasons why hiring a tax advisor is so important.
You've Been Tagged for an Audit
If you've been tagged for an audit, you need to sit down with a tax advisor as soon as possible. This is particularly important if you've been filing your own taxes. In some cases, an audit is as simple as submitting an additional form or answering a few questions that the auditor may have. However, there other times when an audit may take on a more serious tone. When that happens, you need to be prepared with a tax advisor. They can help you avoid serious consequences when you're audited by the IRS.
You're Moving Out of the Country
If you're moving out of the country, you may think that you're in the clear as far as US taxes are concerned. However, that's not necessarily the case. In fact, as long as you maintain your US citizenship status, you also maintain a tax obligation. Unfortunately, ignoring those tax obligations can get you into a lot of trouble. That's why you need a tax advisor. They can help you understand your tax obligations once you leave the country.
You're Selling Your Home
If you plan to sell your home, you're going to need a tax advisor. Tax laws have changed considerably over the past few years, especially where real estate holdings are concerned. Without a tax advisor, you may miss out on some of the deductions you can use to reduce your tax obligation. Before you put your home on the market, sit down with a tax advisor. They can help you avoid costly mistakes.
If you're self-employed, don't file your taxes without consulting a tax advisor. The IRS is particularly picky when it comes the tax returns of those who are self-employed. This is particularly true where deductions or cash payments are concerned. If you plan to take advantage of business deductions, or you run a cash business, you need the assistance of a tax advisor.
Don't take chances with your taxes. If you're dealing with any of the situations described above, talk to a tax advisory professional as soon as possible.