Hey Pensacola It is TAX TIME or IS IT?

By
Real Estate Broker/Owner with Charles Stallions Real Estate Services

WE ARE NOT ACCOUNTANTS, CPAs, AND DON'T TAKE THIS AS TAX ADVISE!!

Q:  What’s the number one mistake you think Americans make when filing their taxes?

 

A:  This one is easy...WAITING UNTIL THE LAST MINUTE!!  Besides the fact that collecting all the materials you’ll need (like W2s, 1099s, student loans and mortgage information) will likely take a little bit of time and can put you in a stressful situation scrambling to find documents – it can also potentially cost you more financially in the long run. Going to an accountant on April 14th will definitely be more expensive than if you take care of things earlier in the year, plus there’s the added possibility of the costs of having to file an extension if you can’t get everything organized and filed on time - especially for those that need to file a Schedule C.

Q: Is it always worth it for those working in real estate (or other independent contractors or small business owners)  to hire a professional to help with taxes? 

 

 

A: If you're working as a contractor or off commissions, and basically anyone filing as a Sole Proprietorship or an LLC, you should really consider the benefits of working with a tax professional over trying to file online. While you might feel like you are an expert by now at keeping track of your expenses, and many online sites are quite advanced with their “tax wizards” and do offer “audit protection,” – the costs are often still quite high and the quality won’t match the level of service and guarantees that an in-person CPA might be able to provide, especially with regards to handling potential audits if you're earning a lot of money off commissions. Lastly, when seeking information regarding tax laws, it's always best to reach out to a professional CPA or CFA versus just going with Google results and hoping for the best - there's just so much misinformation out there.

Q:  Do you have any recommendations or insights for those of us filing online these days? 

 

A:  There are a lot of sites out there promising “free returns” and tax filing, but before you go through the arduous process of entering all of your personal information – make sure to look for the fine print. Many companies hide their fees and additional costs in order to get potential customers to make the time investment first, and then asking for a credit card at the end. There was actually an online company that recently was sued for false advertising - so just be careful before committing to a particular site. 

WE ARE NOT ACCOUNTANTS, CPAs, AND DON'T TAKE THIS AS TAX ADVISE!!

Charles Stallions, CBR, CRS, CSR, is a licensed broker/ owner representing buyers and sellers in Pensacola, Pace, and Gulf Breeze Florida. Text, Call or Email, "answer" to Charles at 850-476-4494 for the answer to the two most important questions you need to ask YOUR next real estate agent or loan officer.

Comments (1)

J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

My 2¢: it’s definitely worth getting someone to do my taxes, just for the car usage alone. I still wake up in the middle of the night panicking about questions TurboTax would ask about the car mileage deductions & usage.

Apr 17, 2022 05:10 AM