With so many complex tax laws and so much important paperwork to fill out correctly, tax season can be daunting. Fortunately, hired accountants in Brooklyn can help you get it right on the first try. To know when it is time to get the help of tax accountants, you must look at your circumstances.
For example, if you make $200k per year, the chance of you being audited is significantly higher. One phone call from the IRS can cause panic, but highly trained accountants have the knowledge and training to get you through an audit unscathed.
Typically, you will receive a K-1 if you are a partner in a business or a shareholder in an S corporation. Even some ETFs issue K-1s. A very few K-1s can be relatively simple to include in your tax return, but the services of an accountant are the best way to ensure these are filed correctly.
Alternative Minimum Tax (AMT)
If you have to pay the AMT, you definitely need the help of an accountant. Exercising ISOs, high state income tax, the sale of qualified small business stock, and much more can trigger the need to pay the AMT. In general, the need to pay the AMT makes your taxes far more complicated than usual. For this reason, more than 75% of individuals who paid the AMT hired an accountant to help with their tax returns. If you are concerned that you might be hit by the AMT, consult with the IRS’s AMT assistant.
Own a Business
If you own a business, are self-employed, or have rental properties, it is in your best interest to hire an accountant. Your accountant can spot opportunities to minimize taxes. He or she does this through depreciating business or real estate assets. Tax returns for someone in one of these three situations are simply more complicated, so the help of a professional is a great option to give yourself. Tax season is just around the corner, so consider your options as soon as possible.