15760 Ventura Blvd, Suite 610 Encino, CA 91436
15760 Ventura Blvd, Suite 610 Encino, CA 91436
Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

Realizing When It’s Time to Hire an Accountant

If you’ve just opened your own business or if you’re a freelance employee, you might think that you can take care of your taxes all by yourself. While that might be true, you have to be able to tell when it’s time to turn to a tax accountant in Los Angeles.

You Make More Than $200k a Year

If you make more than $200K a year, you stand a significant chance of being audited by the IRS. An accountant can keep you from being audited and help you in the event that you ever are audited by the IRS. Think of how much frustration and anxiety you can avoid with a professional accountant.

You Receive K-1s

Individuals who receive K-1s are usually business shareholders and business partners. There are also some ETFs (exchange-traded funds) that give out K-1s. There are a few K-1s that are rather easy to add to your tax return, but some DIY tax programs aren’t properly equipped to handle most of them.

You Have Material Foreign Source Income

This applies to anyone who owns foreign ETFs, stocks with foreign companies and mutual funds.

You Might Qualify for the Alternative Minimum Tax (AMT)

Factors that can lead to qualifying for the AMT include high state income tax, exercising ISOs, substantial business expense, the sale of small business stock and fees for investment advice. Simply put, having to pay AMT can complicate your taxes, which is why it’s a good idea to let a tax accountant in Los Angeles to handle them.

You Are Thinking About Selling Real Estate

Qualified tax accountants will be able to help you with a like-kind exchange in order to lower your taxes on the addition of any property that you might be thinking about selling.

You Are Saving Money for Your Children

An accountant will be able to help you decide how to use tax-free or tax-deferred saving, including a 529 plan for college or a trust fund for your dependents.

If you even suspect that you might need a tax accountant in Los Angeles, it’s best to sit down with one and explore your options.