Every CPA is an expert accountant, but not every accountant is a CPA. Certified Public Accountants (CPAs) do more than just bookkeeping or return filing. They are specialized financial professionals who offer a multitude of services to both individuals and corporations. Knowing when to communicate with a CPA can help you manage your money and make wise decisions related to tax preparation in Poughkeepsie.
7 occasions when you should get in touch with a CPA
- During tax season: The obvious time to speak with a CPA is when taxes are due. They can assist you in accurately preparing and filing your taxes so you can take advantage of all allowable credits and deductions. The need for a CPA’s assistance does not, however, end with the filing deadline.
- Before starting a new business: Consulting a CPA before starting a new business is a smart move. They can advise you on tax consequences, regulatory obligations, and financial projections while assisting you in selecting the best business structure.
- When you’re planning to scale up your business: The complexity of your business’ finances increases as it expands. Managing financial statements, determining profitability, and developing growth budgets are all tasks that a CPA may help with. Moreover, they may help get funds for growth plans and offer advice on financing solutions.
- For planning retirement: Retirement preparation constitutes an important financial milestone. Your CPA may assist you in setting up retirement accounts (401(k), IRA), assessing investment possibilities, and forecasting your future income requirements to help you develop a sound retirement strategy.
- Doing estate planning: A CPA can help in organizing your assets and choosing how to divide them after you. To reduce inheritance taxes, create trusts, and make sure your financial legacy complies with your preferences, a CPA can work with your attorney.
- If you get stuck in complex financial transactions: A CPA may offer vital guidance when dealing with complicated financial transactions, including purchasing or selling real estate, making large investments, or selling a business. They can help you make wise selections by analyzing the financial implications.
- During IRS audits or tax controversies: A CPA can defend you in front of the tax authorities if you’re subject to an IRS audit or have tax-related problems. They are skilled in effectively handling audits, negotiating agreements, and resolving tax disputes.
There are substantial benefits to enlisting the services of a certified CPA for your business. Apart from choosing the right CPA, contacting them at the right time plays a pivotal role in shaping the future of your finances.
