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Do you need a tax pro?

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in Small Business Tax

Even if you meet all the deadlines in our annual tax calendar, you can still land in hot water with the IRS.

Strategy: Use a tax pro when it’s warranted. If your advisor is top-flight, he or she can save you much more in tax than your out-of-pocket cost.

Typically, a tax pro can maximize the available tax benefits and avoid pitfalls for affluent taxpayers and business people. An experienced and reputable practitioner can coordinate various tax aspects with your other financial and business affairs. And, should the IRS ever come calling, you’ll likely need a professional advisor to help you navigate through the audit.

Finally, remember that tax assistance and preparation fees are deductible as miscellaneous expenses, subject to the usual adjusted gross income (AGI) floor.

Tip: You can deduct only those miscellaneous expenses in excess of 2% of AGI.

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