When tax season rolls around each year, do you find yourself looking forward to the refund? Or do you dread the process of getting all your finances in order?
Tax preparation can be very complicated to deal with if you aren’t an accounting expert. This is why hiring a personal accountant might be the best decision right now. Here are the benefits of hiring a tax accountant to handle your taxes this year instead of taking a DIY approach.
Save You Time and Headaches
There’s no denying that tax law is complicated and overwhelming. If you aren’t a tax accountant by profession, you will likely spend a lot of time and endure many headaches. It is especially challenging if you employ staff members in your home. Even more confusing, the IRS guidelines can change from one year to the next. If you hire a personal accountant to handle this burden, you can spend more time making money by doing what you enjoy. You will also have more time to spend with the people you love.
Get All the Deductions You’re Entitled to
People miss hundreds and thousands of dollars’ worth of tax deductions simply because they don’t know that they’re entitled to them. If you have someone on your side who’s experienced with tax preparation, you can get all the deductions you possibly can. This way, you actually save money in the long run.
Reduce Your Risk of an Audit
Many people who try to do their own taxes face audits because the IRS finds errors on submitted tax documents during its review. An audit means that the IRS will dig deeply into your financial situation. This takes up even more of your time and disrupts your business operations. Worse yet, if you fail the audit, you could be subject to costly fines and even prison time.
Reduce Stress and Have Peace of Mind
Life is too short to stress out over taxes! We all have things we enjoy doing and that we are skilled at. If doing taxes isn’t that for you, consider hiring a personal accountant to give you peace of mind. This will reduce your stress levels. Homeowners who have domestic staff working for them already have plenty to think about. So take this one big item off your plate and hand it over to someone who specializes in this kind of work.
Help Your Future Finances Run More Smoothly
Even after April 15th has come and gone, it’s beneficial to work with a tax accountant. This way, you can shape up your business operations for the future too. When your payroll, bookkeeping, and tax preparation are all handled in one place, you can be more efficient. This includes budgeting, hiring, and overall financial goals. You’ll be able to keep better track of how your employees are paid and who receives bonuses and raises. You will also know how much in taxes is taken out of staff members’ earnings. In addition, you learn how you can save more money over time.
Pavillion’s Payroll Services
In addition to assisting families and individuals with hiring household staff members, Pavillion Agency also provides payroll processing and comprehensive HR services. This helps our clients eliminate the burdens and red tape of legally employing domestic staff. As a result, you can easily comply with tax laws and ensure that your employees are well cared for.
At Pavillion, we offer tax compliance and reporting, payroll processing, benefits administration, insurance compliance support, and other financial services for special projects. To learn more about how we can handle your personal accountant needs when you have domestic employees, please contact us at 212-889-6609 or by email at info@pavhr.com.
