A CPA can help you file your taxes and plan your finances.

CPAs are here to help

Taxes can seem overwhelming when you’ve got a complex financial situation and need to understand the ins and outs of the tax code. Fortunately, you don’t need to navigate this problem alone: Qualified tax professionals are available to help when you need it.

Certified public accountants, better known as CPAs, can assist you with preparing your personal tax documentation, work with you for making informed financial decisions, help you complete your businesses accounting and taxes, and much more.

If you’re wondering, “Should I hire a CPA?”, we’ll further explain what a CPA does, how they can be useful, and answer common questions about these licensed professionals.

What does a CPA do?

CPAs assist with several areas of accounting, including taxes, financial accounting and reporting, tax and accounting audits, and financial planning. Here are some of the most common ways a CPA can help with your taxes and financial needs:

They assist with preparing and filing tax documents as well as offering advice. When you have a simple tax situation, you can equip yourself with a tax preparation checklist and likely handle your taxes yourself. When you face a more complex tax picture, you may find hiring a professional is worthwhile. CPAs can help you online or in person to prepare and file your necessary tax documents as well as offer advice on how to optimize your tax return. Hiring a tax professional often works to your advantage when your circumstances are complex or involve a significant amount of work.

They inform you of your tax liability and deduction options. CPAs know how to report your income sources, apply the appropriate deductions and credits, and calculate your tax liability.

They can liaise with IRS personnel, including navigating audits on your behalf. CPAs understand the questions the IRS might ask of you and know how to provide the information requested. In the event of an audit, it can be helpful to hire a tax professional to handle your correspondence. If you hire a CPA from the outset, they’ll know which red flags might trigger an IRS audit and how best to avoid them.

They break down your personal vs. business taxes. CPAs can assist you with structuring your business as an LLC or S-corp and electing to be treated as a C-Corp, or …read more

Source:: AOL.com


Should I hire a CPA?

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