It’s time for W-2s, 1099s, and wayyyy too many receipts.
Four 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 an accounting major in college? It was 100% completely the wrong major for me… I’m not a “rule-follower”, I’m not naturally organized, and I’m not a planner. Really, what was I thinking!?
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 us by taking care of all of the tax stuff.
But then we started working on growing Surviving The Stores more and had all of the tax craziness that comes from owning your own business. We decided to hire an accountant and haven’t looked back. Our amazing accountant has been worth EVERY single penny.
So when should you hire a CPA? I personally never want to be without one again!
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.
- You want to make sure you are getting the maximum amount possible.
One of my favorite financial authors, Dave Ramsey, did a survey on his Facebook page on tax refunds. The fans who used a CPA got an average of $841 MORE on their tax return than those who filed themselves.
I really don’t even want to think about how much more we could’ve gotten that year of the layoff if we would’ve just gone straight to a trusted CPA in the first place.
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 an 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!)
If you do not own a business or rental property and you just take the standard deduction each year then you possibly could save the cost of a CPA.
However, if you are a business or property owner and/or have experienced a life change and/or claim deductions for work, child care, or medical bills, you likely will want to consult a professional to ensure you are not overpaying or to secure the highest refund possible.
If you’d like to simplify your life and maximize your refund this year, Dave Ramsey’s nationwide network of tax ELPs can help. Each of their ELPs has passed an extensive approval process so you know you’ll be working with the best tax professionals in your area.
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.
Disclosure: This is a sponsored post through the Dave Ramsey team and I am thrilled to be partnering with them to bring you more ways to save and get/stay out of debt! All opinions are 100% my own.