Why an Accountant Is Worth the Money

Why an Accountant Is Worth the Money

By Max Wong WiseBread

 Anyone who is at all familiar with me knows that my yearly earnings put me squarely in the economic category commonly referred to as the Working Poor. So when I mention that I pay $550 a year for an accountant to help me with my finances, people typically give me that sad look that they reserve for mediocre subway violinists and ugly babies.

And then there's the thick pause in the conversation when the other person decides against asking this question out loud: Um, don't you write about personal finance?

In answer to the silent, questioning looks, and in defense of my financial decisions, there are so many reasons why my accountant is worth the money.

1. An Accountant Is Cheaper Than Therapy

Oh my God. What if I forget something?

I would rather get oral surgery than do my own taxes. My financial life is complicated. I own a rental property. I run two separate businesses out of my home. I got 1099 forms from five different companies last year. I have a grant. I go to school part time. There are so many moving pieces in my life that just organizing my paperwork in preparation for my tax meeting with my accountant stresses me out.

As a reasonably organized person who spends a lot of time thinking about personal finance, I'm in that dicey position of knowing enough to get myself into trouble, but not enough to get myself out. I would rather pay and be sure that my finances are in order than spend hours filing my own taxes and still feel dread.

Additionally, my accountant is available to answer my financial questions all year long. While some accountants bill by the hour, my accountant rolls my calls about health care costs and asset depreciation into that yearly $550 flat fee.

2. They Can Save You Time (and Time Is Money)

I do my taxes once a year. My accountant does taxes all year long and all the livelong day. Guess who's better at doing taxes?

My accountant is a virtuoso with a calculator. She can hit the keys with the speed and precision of a concert pianist. Doing your own taxes isn't rocket science. That said, my father-in-law is actually a rocket scientist and even he uses an accountant! Why? Because it's cheaper for him to outsource his tax chores to a professional, so he can use the time he saves to make money doing something he enjoys.

My accountant also enjoys reading up on the latest changes in the tax code. Reading changes to the tax code is something I am sure that I don't want to do even once, never mind making it a yearly tradition.

Because she stays on top of her game, she is able to help me make the best choices about how and when to spend and save money.

3. They Can Recommend Legal Loopholes to Save You Money

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