Do I need a CPA?
Certified Public Accountants are the “lawyers” of the Accounting world. They are able to accomplish things that a regular accountant cannot do. A CPA is licensed and certified with the state, which in turns gives you more assurance that your financials will be handled properly. Here are some reasons why it is a must to have a CPA.
Changing Tax Laws
Keeping track of the changing tax laws can be difficult at best. If you are not constantly paying attention, you could miss something important. A CPA knows what’s new, and can help you get the latest tax benefits.
Getting out of debt can be extremely challenging. But knowing how to manage your debt is what a CPA can help you with. Having an in depth knowledge of your financials, a CPA can guide you in the right direction.
High Earners Protection
If you earn more than $200,000 a year, according to financial experts,you are more likely to be audited. With a CPA taking care of your financials, they are able to execute your audit with precision and make sure the IRS does not have any issues with you.
Multiple Sources of Income
If you have multiple sources of income, a CPA can help you sort through how to report everything correctly. Multiple sources of income can get complicated. Having a CPA keep you organized is imperative to your financial success.
You are Self-Employed
If you are self-employed or own your own business, having a CPA is vital. A CPA will take care of your tax obligations on time, avoiding the stress of a large tax payment at the end of the year. A CPA will help budget and forecast your sales to assist you in making sound financial decisions for your business. A CPA can help you find ways to not only lower your taxes that you might otherwise over look, but also get you write offs that you may miss or not know about.
A New Business Venture
Starting a business. Let a CPA help you prepare. You’ll be able to ensure that all the necessary tax forms are filed correctly and you are filing your business as the right entity.
You Owe Back Taxes
If you owe any back taxes to the IRS, a CPA is your best bet for assistance. He or she can help you understand what you owe, and how to avoid any future problems. A CPA is licensed to correspond directly with the IRS and fight for you. They can negotiate your payments or dispute charges deemed not liable. With a CPA’s help, your back taxes can be managed so that you can get back on track.
To Save Money
Finally, the number one reason you need a CPA is simple. they will save you money. Lots of money.
A skilled CPA knows how to make sound decisions when it comes to preparing your taxes, helping you plan a business, or your setting yourself up for your retirement.
The Bottom Line
Hiring a CPA can be a great way to save yourself time, money and confusion. Look for a Certified Public Accountant (CPA) to ensure you are getting the best expert advise. In the end, this one decision can end up saving you thousands of dollars and lots of time.
If you would like to know more about what services a CPA can do for you, please contact Grace & Associates CPA.