Why Should Individuals Hire an Accounting Firm – 3 Reasons Explained

Summary:

This article helps you to know about the various areas in which an accountant can help you when it comes to managing your personal finances.

An accountant isn’t responsible or efficient in just taking care of your tax affairs but much more than that. With in-depth knowledge on accounting and finance, they can actually offer holistic support to you for managing your entire financial aspects and investments. Though many a times, we feel that accountants are required only for managing a business but in reality, it isn’t. Individuals can also hire an accounting firm in Sydney that is licensed and experienced enough in handling similar cases efficiently. Here in this article, we will discuss on the specific ways or situations when an accountant can help you as an individual.

Buying or selling of investments

Selling any investment to make profits will require you to pay a certain amount of capital gains tax. However, with proper planning you will be able to reduce the amount of tax burden. Irrespective of whether you’re interested in bonds, stocks, futures, metals and commodities, or real estate, each of them has their individual set of rules in terms of taxation, buying, and selling. Some other investment vehicles such as futures, limited partnerships, and illiquid securities can be more complex to deal with as well. To handle all your investment activities accurately, you should definitely hire an accountant as they have the right level of experience, expertise, and knowledge required to do the task efficiently.

Selling any housing property

Though a specific amount of the profits earned from selling your housing property is considered to be tax-free, but different crucial factors such as what is the age of your property, or the total selling amount affect estimation of the taxable amount. Other aspects such as rate of depreciation of the property, acquiring process of the property such as inheritance or divorce, and if it requires any improvements after sale are also being considered. As all these areas are to be taken care of while estimating the tax for your sale, it is better to have an accountant by your side and take a wiser decision accordingly.

Getting divorced

Hiring a divorce lawyer is something that always strikes everyone’s mind when he seeks for a divorce. However, hiring an accountant is equally important to manage the monetary aspects involved properly. Critical areas such as tax issues, money issues, and custodial issues are something for which, you must seek for accounting help. In case of custodial issues, things such as support payments to assist the parent getting children’s custody, division of expenditure related to them, continuance of funds for higher education or other accounts which, were being made on their names. When it comes to money issues, proper division of assets and investments as well as debts are to be settled neatly as well. And when it comes to tax issues, an accountant will be there to advise you on your tax-filing status post-divorce, dividing the retirement accounts, estimating deduction for dependants as well as other issues including attorney’s fees.

The bottom line

Apart from the above-mentioned aspects, your accountant can help you in taking the right monetary decisions when it comes to your own marriage, having a baby, or incurring the expenses on any dependant’s education. Thus, hiring an accounting firm in Sydney is hence, the best decision you should make to manage your individual finances as well and not just when it comes to managing commercial accounts.

Author bio:

The author is working as a senior accounting professional in a reputed accounting firm in Sydney. With years of experience and expertise, he also likes to write blogs and articles on a number of relevant topics as well.

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Created on Jun 28th 2022 07:15. Viewed 239 times.

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