Not every person will need a tax accountant to handle their tax returns every single year; if you have a regular job and your employer takes out taxes for you, it can be simple enough to just fill out the paperwork for your taxes and submit them by the appropriate deadline. However, not every person works a "regular job" and many people have other income, deductions, and plans for their money that can affect their tax returns, making them very complicated. Note a few signs that you may need a tax accountant this year and on into the future.
1. You have income from a foreign source
You may not think you have income from a foreign source if you work for an employer based in your own home country, but if you have stocks or shares in a company that is foreign and you receive a large dividend from those shares, this may be considered income from a foreign source. You may not even realize that certain companies in which you're invested are foreign. A tax accountant will know what companies are not based in your home country and what other sources of income might be considered foreign. They will also know how to claim this income on your taxes so that nothing is overlooked or omitted.
2. You want to make a large charitable donation
When it comes to donating to a charitable cause or other similar organization, you may not even be thinking of the tax advantages you might enjoy. However, if you're going to make the donation anyway, why not discuss how it can benefit you when it comes to your tax bill? The organization to which you donate, the way you donate, and other such details may affect your overall tax bill and have many advantages that could save you quite a bit of money every year.
3. You have business assets or property
Business assets or property may need to be depreciated so that you're not overpaying on your tax bill. These assets can include anything from equipment and tools you use for a contracting or small construction business, to real estate and rental property. Rather than assuming you know how to claim these on your taxes or risking overlooking their depreciation in order to lower your tax bill, have a tax professional go over these items in detail and include them on your taxes for you.Share
27 April 2016
Becoming a parent is hard. It's not just the middle of the night feedings or the angry teenagers that can be challenging. You also have to deal with financial issues. From day one, you have to deal with less time to work but more need for money. Hi, my name is Jules, and I have been there. I have raised four kids and really struggled through many of them. Now they are all in uni, and I want to help other families. If you want to read about accounting tips for parents, you have come to the right place. Please, take a look at these posts. I hope they guide you in the right financial direction.