When it comes to small business tax preparation or individual tax returns, many different tax regulations and forms need to be understood to file a correct return. Your CPA will know the ins and outs of your business and the tax law, which will make it easier to identify deductions or credits you may not have known about. This will save you tax dollars.
Should I use a tax preparer who is not a CPA?
The CPA license is one of the most highly respected professional credentials. Continuous professional education is required of CPAs every year. A CPA is qualified to not only save time and money on your tax return, but also to manage the ongoing bookkeeping and accounting of your business. A tax preparer who is not a CPA may not have these skills.
What kinds of bookkeeping and accounting services do CPAs provide?
CPAs do it all, from basic bookkeeping to accounting for complex business transactions. They are trained to keep businesses financially organized while minimizing taxes at the same time. This is particularly important for business tax returns, like those of S corporations and partnerships, where balance sheets are required for the tax returns.
When do I need to hire a professional for my tax preparations?
CPAs help businesses all year long, not just during tax season. Tax planning and ongoing accounting by a CPA is valuable every month of the year. And it results in an efficient and money-saving experience when tax season rolls around.
