When Do You Actually Need an Accountant?

In this episode of the Sunlight Tax Podcast, I share when it makes sense to hire a professional accountant versus handling your taxes on your own, and why understanding your taxes is so important, especially during life changes like getting married, relocating, or experiencing major income shifts.

 

I dive into essential tax planning strategies for creative entrepreneurs, freelancers, and small business owners. I also break down complex tax situations that often require expert guidance, and explore the pros and cons of using tax software versus working with a tax professional.

 

Also mentioned in this episode:

00:00 Understanding the Importance of Tax Planning

00:49 When to Hire an Accountant vs. DIY Taxes

05:20 Life Changes and Financial Shifts

11:13 The Value of Tax Planning

15:39 Complex Situations Requiring Professional Help

21:40 Strategic Decisions and Consulting an Accountant

26:28 Empowerment Through Tax Education

 

Takeaways

• Even a couple hours of an accountant's time can save you money.

• There is no tax education in this country, which complicates things.

• Basic education in taxes can empower you to handle them yourself.

• Big life changes are a good time to consult with an accountant.

• Tax planning can save you a lot of money and headache.

• Consult a professional before significant financial decisions.

• Tax returns typically do not include tax planning services.

• Year-end tax planning is crucial for maximizing savings.

• Understanding your taxes is important for financial literacy.

• Using software like TurboTax can be effective if you know the rules.

 

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Links:

Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.

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Check out my program, Money Bootcamp