Filing your taxes can be an arduous task- especially if you don’t have a straightforward return. If you own a business, have lots of deductions (and/or you have questions about deductions you may be eligible for that you haven’t been taking advantage of), or you have questions about tax planning, it may be time to hire a CPA.
You own a business
If you own a small business (or you’re a self-employed freelancer), you should schedule a time to meet with a CPA. If you’re about to start out, a CPA can assist you with setting up the legal structure of your business- i.e., will you be a sole proprietor, LLC, or corporation. If you do want to register as a corporation, your CPA can help you understand which type of corporation will be best for your individual needs. For example, will you be structured as a nonprofit, a C corp, or an S corp? Getting this right, out of the gate, will save an enormous amount of time, stress, and aggravation in the future.
You have questions about your tax liability and possible deductions
No one wants to pay more in taxes than they’re legally required—and if you’ve spent the past several years relying on discount tax software to get your returns filed, there’s a good chance you’re leaving money on the table. For example, one woman we spoke with though she owed the IRS $18,000—but after she sat down with a CPA, and the CPA re-evaluated the return (and the ones she filed for the past two years), she learned she did not owe the IRS money, but instead, she was entitled to a $5,000 refund. For more information about the benefits of working with a CPA to file your personal and/or business taxes, call our office today to speak with an expert.
You have questions about how tax planning works
Tax planning allows you to take advantage of various strategies, such as retirement account investments, establishing a trust, and planning the timing of purchases and expenses, in ways that minimize your tax liability. If you have questions about one or more questions about tax planning strategies and whether you’re utilizing everything you can take advantage of, it may be time to speak with a CPA.
Are you ready to get started? Call Hughes, Snell & Co., PA today to schedule a time to meet with one of our certified public accountants. What are you waiting for? Call our office today to get started.
