Who handles your taxes?
I know many people in audits typically have a strong dislike for taxes, but since most of us are already CPAs or are on our way to becoming one, do you prepare your own tax return? Or do you have a friend in the tax field who takes care of it for you?
Just to clarify: what if you own a business? Do you still file your own taxes?
One response
That’s a great question! Many accountants and CPAs approach their personal taxes differently, depending on their expertise and comfort level with the tax code. Some choose to prepare their own returns, especially if they have a solid understanding of tax regulations and keep their financial situation relatively straightforward. Others opt to work with a tax professional, particularly if they have a business or more complex financial circumstances.
When it comes to running a business, it often makes sense to consult with a tax specialist. They can provide insights specific to business deductions, credits, and other tax strategies that can save you money in the long run. Plus, having another set of eyes on your financials can help ensure you’re compliant with tax laws and maximally efficient.
Ultimately, it’s about balancing time, expertise, and the intricacies of your financial situation. If you’re confident in your tax knowledge and your situation is straightforward, doing your own taxes could be manageable. But if your finances are more complex, especially with a business involved, collaborating with a tax professional is usually a smart choice. What’s your own approach?