As I write this, it’s April the fifteenth, a day that for many people, lives in an immense amount of infamy. If you don’t know what I’m talking about, you’re either too young for this discussion (come back in a few years if this is the case, because this will still be relevant then, and probably every day until the Internal Revenue Service closes its doors permanently), or you’re lucky enough to make so much money that you already have access to the services that I’m about to mention, in which congratulations, and I hope all is going well with your finances! However, for the rest of us, the fifteenth of April is a day that we dread, every year. I’m talking, of course, about tax day.
Nobody likes tax day, and there are a myriad of reasons for this. For most of us, it’s because there is nothing as awful for a person as having to send money to a government we perceive, at most stages, as being ineffective at its best, and downright corrupt at its worst. For many of us, as well, we just don’t like it because we have to not only give away money to the aforementioned government that almost everyone has some doubts about, but also because we have no idea what we’re doing.
Tax accounting is, to be sure, extremely complex, and hard for everyone to figure out, even the people who are actually in charge of doing so. For the normal person, people like you or I, figuring out our taxes can be a nightmarish experience, one that we are glad to only have to do once a year for our personal incomes. At least, that’s the case if you’re not a small business or a sole proprietorship. However, if you are one of those, or you run a business, you’re going to be needing to spend your time counting your money and apportioning a bit of it away each quarter, in many cases, so you get to do this five times annually. Hooray!
So, what, then can you do, both as an individual and as an organization or a business owner? Well, as with many issues you face where you don’t have the expertise you need on hand, you hire in an expert. If you have a pipe burst in your sink (after all the yelling and whining and the water getting everywhere, anyway), you call a professional, an expert, to come and fix it. If your computer is on the fritz and you’re not ready to replace it with a new one, what do you do? You hire a professional IT guy to take a look at it, and, hopefully, to fix it, although sometimes the answer is ‘hey, looks like it’s about time for you to upgrade’. Why wouldn’t you do the same thing, and hire yourself a specialist in the field of tax services? It’s the intelligent thing to do.
Hiring a tax accountant just makes good business sense, when you think about it. You can spend less money than it would cost to hire a full-time tax accountant as an employee, and you get all the benefits at the point that you need them. Having a CPA tax accounting ally can be, and likely will be, a boon to you at one of the most difficult of times; tax time.
It’s true, you can spend a lot of your own time trying to navigate the maze that is tax code in the United States, and if you have a lot of time to read, a good understanding of accounting terminology, and an ability to actually stay alive when reading through the immense tome of tax codes, you’ll be able to figure a bit of it out for yourself, hopefully. Of course, the next year, a lot of what you’ve read will likely be out of date, but that’s fine, you’re going to keep having the time and money to figure it out each year, right? It’s not like it’s hard or awful reading or anything. Except it is; government legislation is, in general, some of the worst reading that you’ll ever encounter in your life, and reading through it can be absolutely daunting. It’s almost impossible to absorb any information.
Long story short, you can do an immense amount of work, every fiscal year, and hopefully figure out what you’re doing when it comes to filing your taxes. Or, you can hire someone, and save yourself the trouble, the grief, and the loss in money that being distracted with such work tends to involve.