Tax Day is quickly approaching, and many of us are probably scrambling to submit your tax returns before the deadline. That’s why it’s so important to have a trusted accountant on board. CPAs are crucial for your personal and professional financial success. Utilizing one year-round can significantly benefit your business in the long run. Here are just some of the ways in which a CPA can help you throughout the year.

Regularly Review Your Financial Health

An integral part of running an efficient business is making sure the finances are in order. Hire a trusted CPA to interpret and communicate your financial results, and help you make informed business decisions. And, while reviewing your finances at year-end is crucial, we would recommend evaluating them on a bi-annual or quarterly basis. Reviewing this financial information incrementally ensures that you are not bombarded by numbers and figures come tax time.

Provide Year-End Tax Planning

Filing your taxes can often be a stressful experience, but the anxiety around tax season can be mitigated if you utilize a CPA to plan for it. Examining your tax plans periodically can help you avoid unneeded stress during tax season. Your CPA’s expertise will make sure you take advantages of potential write-offs and allowances to minimize your income tax burden for the year. While some may hesitate to reach out to a CPA for financial reasons, it should be known that hiring a CPA is 100 percent deductible for tax return purposes.

Be a Constant Resource

Your CPA will be available year-round to answer any business or tax related issues. They will work with you to explain the nuances of your financial situation, ensuring that your money is responsibly managed. His or her expertise will help you save money by avoiding fines for tax or accounting mistakes. Plus, regular contact with your CPA will keep you up-to-date on changes in the financial and tax landscape.

Assist Self-Employed Individuals and Small Businesses

Many individuals in the workforce are shifting towards self-employment. This requires a great deal of multi-tasking, which makes your time (and money) crucial to your success. If you’re self-employed, or a small business owner, it is exceedingly important to hire a CPA. An accountant can take hold of your financial reins, so that you can dedicate your time to doing what you do best – operating your business. They will help you discover deductions for your business, maximizing your savings and avoiding errors that could prompt an audit.

While people may think ‘CPA’ is synonymous with ‘taxes,’ you can be assured that maintaining open communication with your CPA year-round will return many benefits outside of tax season. In addition to tax planning assistance, many CPAs can provide start-up guidance, budget formation and support, management consulting, retirement planning and much more. If you are local to the Chadds Ford and Media areas, our CPAs at Barsz Gowie Amon & Fultz are happy to speak with you about their various areas of expertise, and what they can do to support your personal and professional financial goals.