Times to Consider Hiring a CPA
- You own your own business.
- You have gone through a major life change like getting married, spouse dying, divorce, a new baby, retiring, or your purchased a new home.
- You own rental property.
- You suspect you owe too much or you question your refund.
Three years ago, Ryan was laid off on April 7th, a little over a week before taxes were due. I had been making a part-time income from Surviving The Stores at that point but had kept up with NOTHING. And I mean that. Absolutely nothing.
Does anyone find it hard to believe that I was actually an accounting major in college? It was 100% completely the wrong major for me… I’m not a “rule-follower”, I’m not organized, and I’m not a planner. Really, what was I thinking?
So back to Ryan. I’m so thankful for my organized, planner, rule-follower husband! He came in that week and completely cleaned up my mess, got all of our taxes filed on time, and we got a great refund that year! While I wasn’t thrilled about the layoff (at least, not at the time), he completely saved me by getting all of that taken care of for me!!
But then we started building up Surviving The Stores more and had all of the tax craziness that comes from owning your own business. The next year we hired an accountant and haven’t looked back. Our amazing accountant has been worth EVERY penny.
I was talking to a friend of mine the other week whose husband had decided to do their own taxes this year and came up with a amount to the tune of THOUSANDS of dollars that they owed. She decided to take it to a CPA instead and the CPA found several things to tweak. They ended up getting a refund instead! (WHEW!)
So I thought I’d ask you guys what you thought! I asked on the Surviving The Stores Facebook page and this is what several of you had to say:
Ours are pretty simple so I do them and save us the money. ~Amy
If you have simple taxes, then yourself with some software is probably fine. With investments, business, etc, a CPA is mandatory, in my opinion. I love ours! ~Dina
I def think its worth it for the right CPA to do them. I got back way more when I started using a CPA and itemizing. ~Megan
We’re lucky that ours are simple and I can do them myself (with TaxAct). Even if we didn’t do them, we’re eligible to have them prepared for free since we don’t make much money. ~Katie
It’s worth having a CPA do our taxes, they are up on all the new “stuff” and have saved us a LOT. ~ Vikki
Would you like weigh in? Join the discussion by adding your thoughts in the comments below!
If you do not own a business or rental property and you take the standard deduction then you may consider saving the cost of a CPA. However, if you are a business or property owner and/or experienced a life change or claim deductions for work, child care, or medical bills, you may want to consult a professional to ensure you are not overpaying or secure the highest refund.
In the end, your personal situation will determine the worth of a CPA. Join us on Facebook for more conversations and share your experience with using (or not using) a CPA in the comments below.
Disclaimer. The materials available at this web site are for informational purposes only and not for the purpose of providing legal or accounting advice. Nothing on Surviving The Stores should be construed by you as a source of legal or accounting advice. You should not rely or act upon the contents of this site without seeking advice from your own attorney or accountant.