A certified CPA is a highly trained professional with skills and experience in providing accounting services to individuals and/or businesses. The right CPA can help you save money and run your business. Here are 6 reasons to hire a Certified CPA.
1. File Your Tax Return:
While you don’t need to be a certified CPA to file a tax return, they tend to have better training and experience to find tax deductions that can lower your taxes. A certified CPA that focuses on taxes is best equipped to handle complex tax items and address any tax issue that arises.
2. Represent You During a Tax Audit:
If you’re selected for a tax audit by the IRS or a local tax bureau; it’s a good idea to be represented by a certified CPA. A certified CPA can help to present the better case scenario for you and help to avoid tax penalties and fines by negotiating with the authorities and reducing fines and penalties that may be incurred.
3. Assist You in a Divorce:
If you are getting a divorce you may need a certified CPA to help assess the value of your assets as well as those of your spouse. They can help create a balance sheet that summarizes your assets and liabilities and create other useful information on your finances. In addition, a certified CPA can provide copies of your tax returns and provide answers to questions that the opposing lawyer may have on them
4. Preparing Financial Services for Small Businesses:
If you have a small business you can benefit from a certified CPA who can compile, review or audit financial statements for your business, help you to create an organizational structure for your business, and help build financial controls to lower the risk of theft and asset loss through fraud.
5. Perform Estate Planning Services:
A certified CPA is also useful in estate planning. Many CPAs are experienced in creating different types of trusts that can minimize your tax bill and allow you to pass on assets to your heirs easier than you might be able to otherwise. Different devices like irrevocable trusts can aide you and a certified CPA can help.
6. Perform Tax Planning:
Tax Work is more than simply completing a tax return. A certified CPA can help you with some tax planning strategies that can provide you with some significant tax savings. Selling investments that can help you minimize your tax bill, developing tax vehicles to defer taxes, and taking advantage of tax deductions are all furthered with the professional advice of a certified CPA.
Hiring a certified CPA may be a good idea in many situations. Consider hiring one if any of these factors are important to you.