Some tasks are good candidates for the DIY approach, and others require professional help—or at least, they could strongly benefit from it. Unfortunately, everyone has different opinions on which tasks fall into which categories. In our experience here at the office of Brad R. Smith, CPA PC, a surprising number of people try to take a DIY approach to their taxes, even when getting a professional opinion would make the filing process much smoother.
In this article, we’ll go over a few situations where we would encourage you to speak to a tax advisor—if you have experienced any of the following scenarios this year, don’t hesitate to give us a call.
- Change in Income – If your income has increased or decreased significantly in the past year, you will need to be prepared for the changes this will cause for your tax filing. Whatever your situation, you can turn to our team for help. Our experienced tax advisors will help you make sure you are paying the correct amount of tax—but no more—for your income bracket.
- Investment Gains or Losses – Similarly, if you have investments that have resulted in significant financial gains or losses in the past year, you should speak to your tax adviser. Depending on your specific circumstances, our team may be able to help you reduce your tax liability by the time April rolls around.
- Property Purchases or Sales – Lastly, we encourage you to speak to your tax adviser if you have bought or sold any real estate in the past year. Property transactions can create complicated tax situations, so it’s wise to have a professional review your circumstances to make sure you are in the clear when filing.