Nobody likes paying taxes, but it’s a necessary evil for all of us. If you’re a business owner or homeowner, there are times when you may need to seek professional assistance with your taxes. This could be due to changes in your business or personal circumstances, or because you’re not sure how to file your taxes correctly. In any case, it’s important to know when to seek help so that you don’t end up making costly mistakes. Here are a few scenarios where it might be time to consult a tax expert:

You’ve recently started or purchased a new business

Starting a business is hard, and the tax rules can be particularly challenging. It’s important to consult with a trusted tax expert if you have recently started or purchased a new business. A knowledgeable and experienced tax advisor can provide invaluable guidance on the most efficient ways to manage taxes, saving you both time and money. They can ensure that your business remains compliant with all state and federal regulations, as well as provide insights into other areas such as bookkeeping, employee management, financial advice, investments/retirement planning, and so much more. Contacting a tax expert should be one of the first steps when launching or purchasing a new business.

You’ve sold property or made other major financial transactions

Selling property or making other major financial transactions can be a thrilling event, but when it comes to the technical and legal aspects of the transaction, the complexity of reporting such changes to the tax authorities can be daunting. If you have recently gone through such an experience, then it would be a wise decision to enlist the services of a professional tax expert. A qualified expert will have extensive knowledge about taxes and will be able to give you appropriate advice on how to properly handle your finances in accordance with government regulations. This can save you time, money, and effort from dealing with any potential misunderstandings due to improper taxation that could arise later. Consulting with a tax expert is therefore often the best way to ensure that one’s financial situation remains in good order following major transactions.

You’re self-employed or have complex finances

Navigating taxes as a self-employed individual or someone with complex finances can be tricky and tedious. A tax expert can help you understand the ins and outs of filing taxes, such as how to identify deductions that you may not know exist, learn how to plan for quarterly payments, and ensure you’re complying with all local, state, and federal regulations. They are also well-versed in understanding any credits or incentives that could reduce the amount of taxes owed while ensuring the accurate filing of documents. Seeking the assistance of an experienced professional tax expert could help save you time and reduce your stress around otherwise complicated processes.

You qualify for recent tax credits due to covid

If you have recently been affected by COVID-19 you may qualify for special tax credits. For example, the ERTC offers a refundable tax credit if you retained employees while being affected by covid. ERTC services offer assistance with filing, so it is important to take full advantage of these credits. To learn more about ERTC or find out if you qualify, contact a tax professional who is proficient with ERTC services.

Depending on your situation, you may need to take extra care when filing your taxes this year. If any of the following apply to you, it’s a good idea to seek professional tax help: You’ve recently started or purchased a new business, you’ve sold property or made other major financial transactions, you’re self-employed or have complex finances, and/or you qualify for recent tax credits due to covid. Don’t worry, there’s still time to get everything in order – but the sooner you start working with a professional, the better.