What Should My CPA Be Doing?
- March 26, 2019
- by Barsz Gowie Amon & Fultz
Tax Day is quickly approaching, and many of you 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, and utilizing one year-round can significantly benefit your business in the long run. If you’re not well-versed in the world of accountancy, here are 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. It can be helpful to review this financial information incrementally so 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. He or she will work with you to explain the various nuances of financial planning and decisions, and make sure that your money is being managed responsibly. His or her expertise will help you save money by avoiding fines for tax or accounting mistakes. Plus, staying in contact with your CPA throughout the year will keep you up-to-date on changes in tax laws and evolving financial practices.
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 that will maximize your savings, and help you avoid 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. 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.