Taxes and finances can be endlessly confusing. In fact, a report from CNBC found that 77% of people in a study of over 500 individuals failed to answer 4 simple questions surrounding taxes correctly.
And it really is no wonder that they cause confusion when getting on top of them can account for a full-time job. That is why many businesses and individuals are taking on services from a personal accountant.
To offset the burden of managing and analyzing their incoming and outgoings as well as finding helpful ways to save their income.
Is it time for you to do the same? Read on to find out what signs may be pointing to your need to hire an accountant.
Should I Hire a Personal Accountant?
The business of managing your money can become time-consuming quickly.
Many individuals decide to turn their attention to accounting services. Even in traditional jobs because they believe the cost is well worth it to be given back the time that would normally be spent trawling through expenses and filing your personal taxes.
But if you are an entrepreneur, property investor, or someone else who has multiple streams of income and more regular outgoings to keep track of, it may be time to consider getting professional help.
Why You Need an Accountant
If you are earning a higher income, you will owe more taxes. That’s the simple and straightforward way it works, but the more you pay, the more an accountant can potentially save you.
Accountants are the experts when it comes to potential deductions and savings. Which can in turn be applied to your earnings to ensure that you see more of what you make.
In addition to this, having a personal accountant provides more peace of mind and access to expert advice regarding big financial choices. Such as when you want to buy a home, saving for retirement, and starting a business.
Your accountant is there to guide you on the effective use and retention of your money.
Of course, accountants will be more useful to certain individuals than others but the savings and time that they give back make them more than worth it in the majority of cases.
Finding the Right Personal Accountant for Me
You may be asking yourself how to hire a personal accountant or even where to start when finding a personal accountant near me. The first thing to consider is their credentials.
CPAs or certified public accountants are qualified tried and tested individuals who you can rely on to perform your services to a high standard.
While you don’t need to have someone with a qualification conduct your accounting, if you are willing to pay to have it done, you may as well pay to have it done right.
Our recommendation for some of the best personal accountants is Weiss & Associates, Inc. located in Dedham, Massachusetts.
They specialize in taxpayer representation and the resolution of tax problems and they possess a reputation for being determined to protect their clients.
Time to Crunch the Numbers
Hiring a personal accountant can seem daunting with the wealth of options available. But finding a firm you can have confidence in and that is reputable is key.
Consider looking over some of our other articles for more financial advice to help you make the most of your money.