If you moved up to a higher tax bracket this year, congratulations! Whether you saw success in your personal life or at work, we commend you. It takes hard work to do what you did.
But what comes along with earning more money is paying a larger amount in taxes. If you moved up to a new tax bracket this year, some of the money you earn will be taxed at a higher rate – but not all of it! You’ll still see a bigger paycheck coming in that reflects the higher amount that you’re earning.
To understand the ins and outs of a new tax bracket, it will benefit you to hire a tax professional who knows what they’re doing.
Hiring a Tax Accountant
You don’t need to be wealthy or own a business in order to get help from a tax accountant. You just need to choose an accountant that best fits your needs. Here’s how to do that:
Ask for Referrals
To find a tax accountant that’s the right fit, you can ask a variety of people. Of course, business owners, financial advisors, and attorneys offer valuable advice, but your family and friends can be just as dependable in these types of situations.
Be Cautious
If an accountant promises a sizable refund right off the bat, before they’ve even analyzed your numbers, or if they promise they can deduct a large amount of expenses before sitting down with you, you have reason to be wary before moving forward. Remember, even if you’re halfway through the process, you can pull out if you feel something is amiss.
Know Your Options
If you’re looking for a straightforward tax return, tax franchises like H&R Block, Jackson Hewitt, and Liberty Tax Service can help. Sometimes, you’ll be able to find CPAs working in these offices that can help with more complex issues.
Hold Interviews
There’s nothing wrong with interviewing your potential tax accountant. This is where you can ask questions and get to know their background before committing to their services. Ask for references and get in touch with those people to decide whether or not to move forward.
Making Smart Decisions
After you interview, perform a background check through your state’s board of accountancy. You can also check out the accountant’s name on social media to see what’s being said about them.
Your tax return, especially as you’ve reached a new tax bracket, is important. Make sure you’re trusting the right person to handle it.
