If you’re like most business owners and self-employed individuals, 2020 taught you how important it is to have well documented financial records. If applying for PPP or EIDL was a scramble, it’s time you consider finding a professional CPA.
We take great pride in knowing that our clients had the necessary documents at their fingertips or could have them with a simple call to our office when the need arose. If your application process wasn’t as organized, here’s what you need to know.
Hiring a professional CPA is less of an expense and more of an investment in your financial well being. Take tax preparation for example. A professional will have dedicated time to familiarize themselves with the latest updates in tax law and tax code to help you better maximize tax benefits for your particular financial situation. That’s right – there are far too many variables for a tax professional to estimate your tax liability without taking a thorough look at your financials. This is why you should consider a tax review to allow a potential CPA to better understand your situation.
Changes are constant. Not only do the tax codes change, but your deductions change as well. Your needs will vary from year-to-year and your taxable income likely will too. As things change you should discuss these things with your CPA to best understand the financial impact or change to your tax liability. In fact, discussing big changes before you make them can allow you and your CPA to create the best financial solution.
Certified Public Accountants are in the service industry. These professionals are in business to help you with your finances in a multitude of capacities. As questions arise, you should look to these professionals to help you navigate to the best answers for you just as you would contact a doctor with medical questions. There is no need to journey down the Google rabbit hole to try finding an answer. Instead, you can contact your CPA to get an answer that takes your financial history and future into consideration.
When it comes to your finances, having the right answers can save you so many of your hard-earned dollars. So invest the time in finding a CPA you can trust with your financial well-being. If you need to discuss your financial future, one of our associates would be delighted to talk with you! You can contact our office at 314.884.4000.