This morning I was working with a lady who did her tax return on her own in 2017. She has a job, single, no kids, so her tax return is straightforward, but she also has rental income, and this where it got complicated.
It was her first year owning the rental property and the mistake she made is that she didn’t enter the rental expenses at the right place on her tax return. As a result, a red flag was raised with the government and she has been audited. They asked her to provide more info and all the receipts, which she did, but the government still claimed her $2,800, which she paid!
She then hired me to overview her tax return and I found all the mistakes! We refiled an amended tax return and not only she will get the $2,800 back but she will also get an extra $500! The government is now owing to her $3,300! My fees were $300 for 2hrs of work with her but as a result, she’ll be getting more money in her pocket considering the fees she paid me!
You might be extremely good at what you do in life and it’s probably what you promote for yourself that people hire you for that because you are the specialist, right? Well, do the same for yourself with things in your business that you are NOT a specialist at… like your taxes by example! Having an accountant will save you lots of time AND money!
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