Do I need a CPA? Yes, absolutely you need a CPA if you want to save money, prepare your taxes correctly, plan your retirement & more.
One of the biggest reasons why to hire a CPA firm is for business taxes. A CPA can represent your business before the IRS if there is ever an audit, while an accountant can only help with IRS in a limited manner.
Here are most of the reasons why you need a CPA:
- To Stay Current With Tax Law
- To Lower Your Audit Risk
- To Report Income Correctly
- For Starting A Business
- Filing Taxes
- To Reduce Taxes
- To Stay Current With Tax Benefits
- To Avoid Making Mistakes
- For Help With Filing Back Taxes
- To Save Lots Of Money
1. To Stay Current With Tax Law
CPAs or Certified Public Accountants can help you stay current with tax law.
For example: Meal and entertainment expense deductions changed this year. In 2017 you could write off 50% of meals and entertainment. Well, that law changed in 2018 and entertainment is no longer tax deductible.
Just knowing this fact at the beginning of the year could help you avoid spending thousands on entertainment only to find out at the end of the year that they are not tax deductible.
2. To Lower Your Audit Risk
Business owners earning $200,000 or more per year are far more likely to receive an audit. Having a certified public accountant on your side during an audit can be extremely valuable.
3. To Report Income Correctly
It’s not that tough to file taxes when you only have one W-2. Reporting everything to the IRS correctly if you have multiple sources of income can be confusing. Certified public accountants are trained to handle these scenarios with ease.
4. For Starting A Business
CPAs can help with starting a business, business formations, registering businesses and developing accounting systems. Furthermore, they can also help with obtaining business licenses, and finding business insurance.
5. Filing Payroll Taxes
Not only can CPAs help with starting a business but they can also help you with filing taxes for you and your employees. They can help with income taxes (W-2, W-4 forms), Employee eligibility forms (I-9), reporting of new hires to the ANHRC and more.
6. To Reduce Inheritance Tax
If you own a large sum of money or property, you should know that inheritance taxes can cost you! A CPA will advise you of current tax law and help reduce taxes for the present and the future.
7. To Stay Current With Tax Benefits
Did you know that making a large financial gift might be tax deductible? A CPA can help you understand what kinds of gifts or charitable acts are tax deductible so you can help others and save money at the same time.
8. To Avoid Making Mistakes
If you are not that good with numbers, getting a CPA is one of the smartest decisions you can make. Accountants are number gurus! They will help you catch mistakes you’ve made and fix them for you.
9. For Help With Filing Back Taxes
If you owe the IRS back taxes, contact a CPA immediately as they can help you negotiate with the IRS to lower your tax debt and come up with a payment plan to get it paid back. It’s not as scary dealing with the IRS when you have a certified public accountant on your side.
10. To Save Lots Of Money
The most important reason to hire a CPA is because they can save you lots of money. A certified public accountant is great when it comes to business planning, preparing business taxes and retirement planning. Set your business up for success by hiring a CPA today!
Partridge & Associates Are The CPA’s For You
Our CPA firm has over 35 years of tax and accounting experience and has served thousands of businesses and families throughout the Scottsdale and Phoenix areas. We are proud that our CPA firm has the highest standards of education, training, and expertise available. We are pleased to say that we are one of the most creative and dynamic CPA firms in tax planning and strategies.