The April tax deadline is looming. If you haven’t filed your taxes yet, you may be debating whether to hire a CPA or do them yourself. If you do decide to engage a professional, must they be a CPA? Knowing when the time is right to bring in a CPA can help you run your business more successfully. So… when do you need to hire a CPA for tax preparation?
Can I Do My Taxes Myself?
Some people prefer to fill out and file their own taxes, and for most, it may be a smooth enough process; they may not encounter any problems depending on their situation. Usually, this works best for adults with no dependents or deductions filing a 1040EZ or a 1040A, which only allows limited deductions and credits. If you are good with numbers and have somewhere close to eight hours to spare, you may be able to prepare your own taxes, but you do risk missing deductions, credits, and tax laws that might save money. If you own a small business, you might want to consider hiring a CPA. Many circumstances require the expertise of a CPA, with their specialized, professional knowledge of the most current tax laws, especially when it comes to what is allowed regarding personal and business deductions.
Is a Licensed Tax Preparer the Same as a CPA?
There are many places to get help with your tax return from a licensed tax preparer. These services will typically be less expensive than a CPA or possibly even provided for free as a public service. However, you should know that a licensed tax preparer is NOT the same as a CPA. Tax preparers provided to the public by various agencies may not be as well-versed as a CPA regarding all the tax regulations and laws, particularly the new laws.
However, some well-known, ubiquitous tax preparers provide experience and have the training to prepare individual taxes. If your tax forms are uncomplicated, a licensed tax preparer could be all you need.
However, it’s often best to hire a CPA to get the maximum credits and refunds to which you are entitled. For example, a CPA may well be your best choice if any of the following circumstances apply:
You own a business
You own rental properties
You have complicated income sources
You are self-employed
You have foreign investments
What Can a CPA Do For Me?
When making the decision to hire a professional CPA, you are beginning a relationship that will help guide and direct your business in a big-picture way. Of course, your CPA has the ability to do your taxes and do them right, ensuring you get every credit, deduction, and refund that is due; but there’s much more to it than that. A CPA has the education and the licensing to provide all the financial management you and your business need. A CPA takes the long view and can help you plan for your financial future by providing solid advice and sharing wealth-building strategies.
Myrick CPA provides financial management services for your small business. This means you can devote more time and energy to running your business, doing that at which you excel, all the while knowing that you can trust your finances are being managed by the best.
When you hire Myrick CPA, you can depend on getting professional advice that can help grow your business. We’re here to work with you long-term, and we provide customized service for each client. If you’re ready for a positive financial relationship, contact Myrick CPA to schedule your appointment.