Are you looking for help with the financial side of your life or business? If the answer is yes, you will benefit from our team of expert CPA and accountant. Our finance experts will help you file your taxes every year, and much more. Their goal is to make sure you don’t ever have the need for tax relief services. However, we know that sometimes a scuffle with the IRS isn’t avoidable. In that case, we’re here for you with our tax resolution services too. However, here you’ll learn how our CPA and accounting services can help you with taxes.
Is a CPA the Same as an Accountant?
First, a CPA is not the same as an accountant. An accountant can provide accounting services with only a bachelor’s degree in accounting. In contrast, a CPA, or Certified Public Accountant, will have completed specific education works. Additionally, to practice, CPAs must pass the CPA exam. Additionally, there are separate CPA exams for each state. In other words, a CPA is often more knowledgeable in the field of accounting. Additionally, CPAs can often perform certain tasks that accountants cannot.
What does a CPA do?
A CPA can help you or your business organize and analyze financial data. Here’s a breakdown of the typical tasks that come along with a CPA’s job.
- First, they create or maintain your company’s accounting policies. For instance, these policies and procedures can include bookkeeping, monitoring, and reporting.
- Second, a CPA will oversee or participate in the development of budgets.
- Third, the CPA will oversee internal audits to ensure your company is reporting financials correctly.
- Fourth, a CPA will prepare and create reports in the event of government audits or for tax purposes.
- CPA’s will also help prepare financial reports for your company’s leader, including the Board of Directors.
- Furthermore, a CPA can also consult on compensation, benefits, assets, and how your company spends money.
- Lastly, a CPA can manage accounts payable and receivable. Likewise, a CPA can ensure your policies and procedures conform to government regulations.
Can a CPA Help with Taxes?
One of the many specialties of a CPA is tax preparation. In other words, our CPAs offer assistance to taxpayers who are filing their taxes. Furthermore, our CPA’s have knowledge of tax code that enables them to identify potential credits and deductions. In other words, our CPA’s can help you reduce taxes due and increase refunds. For example, our CPA’s will review your mortgage tax deductions. Additionally, we will review your charitable deductions and child expenses. In other words, we will make sure you are maximizing your tax savings. Furthermore, our CPA’s can also give you expert advice on:
- Rental property
- Investment income
- Business expenses
- Industry-specific deductions you may otherwise miss.
CPAs and the IRS
Our CPAs are also authorized to represent you before the IRS. In other words, if you’re dealing with the IRS, a CPA can help. Our CPAs can help you with tax situations, including tax return audits and collections.
Should I have a CPA or an Accountant do my taxes?
It can be very helpful to have a CPA do your taxes. Like we mentioned above, a CPA can save you a lot of money in taxes. In other words, a CPA may find certain deductions or credits that you didn’t know you could claim. Likewise, a CPA can also help you lower the total amount you owe in taxes. This is also because a CPA knows certain deductions and credits to look out for. In contrast, doing taxes on your own, you may not know of these deductions or credits.
When should I hire a CPA?
Whether you’re an individual taxpayer or a small business owner, CPAs can be helpful. In other words, everyone wants to save on their taxes. Having a professional do your tax returns will no doubt save you money in the end. This is especially true if you’re self-employed. In other words, there are a variety of tax cuts you can take advantage of. If you were doing taxes on your own, you may not know about these tax cuts. Here are certain situations when it may be helpful to hire a CPA.
You have a small business
If you are a small business owner, you should definitely hire a CPA. Furthermore, if you have a side gig, you should also hire a CPA. Likewise, you will have many possible tax write-offs when you’re in this position. Furthermore, a professional has the knowledge to help you navigate those write-offs.
If you hear from the IRS
Should the IRS contact you for any reason, you should definitely hire a CPA. Likewise, even if the IRS calls asking for information, hire a CPA. This is because a good CPA will understand the language the IRS speaks. In other words, you may not know exactly what kind of information the IRS is looking for.
If you have kids
Having a CPA when you have a family is a huge help. Likewise, having a CPA if you have kids you want to send to college can be helpful. In other words, a CPA can help you fill out student financial aid forms and also help you plan for college savings.
Do you own rental property? Hire a CPA or Accountant
You should also hire a CPA if you own rental property. In other words, it can be hard to file a tax return on real estate investments. However, a professional can help you determine what deductions you can claim. This is especially true for your first year owning your property.
If you are managing your own retirement
In the case that you’re managing your own retirement fund, hire a CPA. Filling out tax returns on Roth IRA or 401(k) can get tricky. However, a CPA can be very helpful when filing taxes on these types of investments.
Do you need to hire a CPA or Accountant?
If you need to hire a CPA, contact the professionals at FinishLine Tax Solutions at the nation's top tax problem solver. Our experienced CPAs have the knowledge necessary to save you money and time on taxes. No matter what your situation may be, you can certainly benefit from our CPAs. Call us today for a free consultation.
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