It’s something many of us put off for as long as possible—filing taxes. IRS paperwork is the last thing you want to think about most of the time, but is there any way to make the process easier?
Certainly—by hiring a CPA. CPA stands for Certified Public Accountant, a financial and accounting professional who specializes in taxes and tax regulations.
Want to learn more? If so, keep reading to find some of the most rewarding benefits of hiring a CPA for both individual and small business returns.
Maximize Your Return
One of the biggest benefits of hiring a CPA is to get a bigger tax return. While most of us don’t love the idea of doing our taxes, it’s always a great feeling to get a refund from the IRS.
However, when doing your tax preparation, it’s easy to miss common deductions, or not even be aware that you’re eligible for certain deductions.
This is why everyone should hire a CPA. They’re trained experts who know the tax law inside and out, so they’ll look over your income and situation, line by line, working out exactly where and how you can claim money back.
If you do your taxes yourself, you’re likely missing out on plenty of great ways to save. The cost of hiring a CPA is sure to cover itself since it will get you a better return than you’d have on your own.
Avoid Common Mistakes
Let’s face it—even simple tax returns can be complicated. If you’re self-employed or running a small business, it’s even worse! Making sense of constantly-changing IRS requirements means that you’re more than likely to make a mistake when filing.
Some of the most common tax errors to watch out for include entering information in the wrong blocks on the forms, neglecting to specify where your refund should be sent, or forgetting to report some of your income.
These errors can result in lost money, delays to your return, or, even worse, a fine or audit by the IRS.
If you want to be sure your tax return is error-free, work with a CPA. They’ll go over your return with a fine-tooth comb, ensuring everything is correct.
Most CPAs also offer a guarantee that if any errors are made on their behalf, they’ll fix it for you free of charge, so you can relax knowing that your tax paperwork is in order.
Help Save for the Future
One surprising CPA benefit is that they can not only help with your tax, but they can also help you plan for your future.
An expert CPA should be able to give you business advice on things like structuring your company, funding your retirement, and saving, all in a way that will cost you the least amount of money in taxes.
Making the right decisions for your business can save you plenty of money over the years, so it’s certainly worth it to get an expert opinion.
This makes it much easier to save for the future or for a big goal, like buying a house. By being strategic with your financial management, you’ll find it’s easier to reach your goals sooner than you thought.
Hiring a CPA Can Help When Starting a New Business
Are you starting a new business? If so, there is plenty to think about—but tax and company formation are likely low on your list.
However, these are essential steps when starting out, so instead of trying to figure it out yourself, work with a CPA to set up your new business.
Another confusing part about starting a small business is knowing if it qualifies as a hobby or a business. A CPA can advise on this, ensuring you’re paying tax on the right income.
Is hiring a CPA worth it? If you want to save time, absolutely! Figuring out your tax and making sense of everything can take a long time—time that could be better spent working on your business or spending time with family.
Most of us are time-poor, so don’t waste hours trying to do your taxes—leave the job to a professional instead.
For many people, taxes can be one of the most stressful times of the year. This is especially true if the last year has brought changes to your tax circumstances, such as the birth of a child or a new job.
If you want to relieve some of the stress of tax time, work with a CPA to file. That way you won’t have to second-guess everything or worry that you’ve made a mistake.
To make tax season even less stressful, try working with the same CPA each year. That way, they’ll keep all your details on file, will get to know you, and can remind you each year when it’s time for your tax appointment, so you don’t have to think about it too much.
Hire a CPA Today
Are you ready to start enjoying these benefits of hiring a CPA? If so, start researching CPAs in your local area.
You’re sure to find someone talented online, with a specialty in your industry. Or, ask colleagues or friends for recommendations.
Before your first appointment, they’ll let you know all the documents and paperwork you’ll need to bring along, making the process a breeze. Soon, you’ll be done for the year and won’t need to think about taxes for another year!
Did you find this article helpful? If so, keep reading to learn more.