⏱ 5 min reading
The Short Answer: Yes!
You may wonder why would you need an accountant? Especially with so many software solutions out there nowadays that help people file their own taxes. You might feel like paying an accountant just isn’t worth it or you can’t afford one. But here are 8 important reasons why we believe that as a bare minimum, you should at least get an accountant to review your tax returns.
But it is very important that you do NOT mix your private expenses with your business expenses. You do not want to commit tax fraud, or be caught lying on your tax return. The consequences can be severe.
But, if you do have business expenses that are eligible, then you should definitely make the effort to claim as many as possible. The expenses one can claim for their business, greatly depends on the industry and the nature of the business, but below you can find a list of some of the most common expenses that freelancers and self-employed people should consider:
We understand that using an accountant may be quite expensive, but I hope that after reading our reasons above, you understand why we feel that, you should at least have an accountant involved in your tax return preparations. Over time, as your business begins to grow, the question eventually becomes, “Can you afford not to hire an accountant?”.
The best advice that we can give you is that you should keep track of all of your receipts and invoices, and arrange them in a nice and orderly manner, along with all the other relevant business information.
Prepare your tax returns to the best of your ability, in order to save your accountant as much time as possible. Remember that many of them charge by the hour. So, if you can save them some time, you are saving yourself some money.
Accountants do not appreciate receiving a shoe box full of unsorted and messy receipts and paperwork. In the near future, we plan on releasing more features on our website, that will help people better prepare their digital shoe boxes.
In the meantime, if you have any questions or topics you would like us to write about, please get in touch. Thank you for reading.