You usually prepare your own tax returns every year using tax software like TurboTax.  Your tax situation used to be simple, a W2 and not much else.  This year may be different.  

Maybe your return has gotten too complicated to handle on your own, changes in your situation may also apply to new tax laws you are not aware of or maybe you just don’t have the time to fill out all those forms. Here are some reasons to hire a tax professional to prepare your taxes. 

You have many sources of income.

If you have complicated investments, rental properties, freelance work, pension income, or other diverse income streams, a CPA will report everything correctly and maximize your deductions.  

You have a major life change.

Getting married, having a child, buying a house, or retiring can all impact your tax strategy.  You may need to adjust withholdings, pay estimated taxes, and also know what relevant deductions relate to these life changes.  

You started a business.

When you become self-employed, there are additional forms, schedules, deductions and strategies that need to be discussed with a CPA.  They can help you maximize your business deductions and lower your tax burden. They can also prepare financial statements that allow you to see the progress of your income and expenses.    Working with a CPA from the beginning can set your business up for success.

You have international or crypto currency activities.

If you send money abroad, own foreign assets, travel overseas for work, or have cryptocurrency transactions, you may have to report these activities to the IRS.  A CPA can help avoid expensive mistakes when dealing with these complex issues.

You get audited. 

An experienced CPA knows how to handle an audit.  They can represent you and communicate directly with the IRS or State agencies to make the process far less stressful.  

As a bonus, a CPA is available to you for advice and help throughout the year.  If you have financial decisions to make during the year, this advice could be invaluable.  So, most people would benefit greatly from the services of a Certified Public Accountant.