If you are self-employed, you may find yourself wondering if you can handle your taxes on your own, or if you should hire a CPA. While a CPA will end up costing you a bit of money, there are many benefits associated with hiring a CPA to help you with your taxes. If you are on the fence about hiring one, take the time to read more about these benefits.
A CPA Can Help You to Find Deductions and Credits
One of the benefits associated with hiring a CPA to help you with your taxes is that they can help you to find deductions and credits. When you are filing your taxes on your own, you may not know about every deduction or credit that you or your business may qualify for. A CPA does. This can help you to reduce your taxable income or reduce the amount you pay in taxes, which ultimately, helps you to save money.
A CPA Can Ensure You Are Filing Taxes in a Timely Manner
The second benefit associated with hiring a CPA if you are self-employed is that a CPA can ensure you are filing your taxes in a timely manner. Many people are unsure of whether they need to file quarterly taxes or yearly taxes when they are self-employed. Failing to file correctly and within the right time frame can lead to you receiving a tax penalty. A CPA can determine how you need to file and ensure your taxes are filed accordingly.
A CPA Can Reduce the Likelihood of an Audit
The final benefit associated with hiring a CPA to help you file your taxes when you are self-employed is that a CPA can reduce the likelihood of an audit. Those who are self-employed are more likely to be audited than those who are not. Using a CPA ensures that your taxes are filed properly, that you are only taking credits you are entitled to and that there are no mistakes on your taxes. This decreases the chances of your account being flagged for an audit, and helps to ensure that if you are audited, there are no problems that can wind up costing you.
Hiring a CPA to help you with your taxes can be beneficial if you are self-employed. A CPA can help you to find deductions and credits, work to ensure your taxes are filed in a timely manner and work to reduce the likelihood of you being audited. If you are self-employed, contact a CPA today to get started reaping the rewards associated with hiring a tax professional.