I like to say no two clients are alike, so starting with a firm that listens to you and offers something beyond cookie-cutter solutions is a great place to begin. The right firm will take the time to get to know your specific needs and offer ideas based on what your real goals and objectives are. Be clear about whether you’re looking for basic CPA preparation services or an ongoing advisor, and talk candidly about the complexity of your financial situation. You may also want to consider whether you want to assume some functions (like basic QuickBooks tasks) for yourself. Finally, you’ll want to gel in terms of your communication style (email/text/meetings) and the style of partnership you’re looking for. In a nutshell: talk to a firm that’s experienced and capable, cover these points, and see if it’s a good fit. I’m happy to have that conversation with you.
Of course. With very few exceptions, most states will allow a CPA from an outside state to prepare your tax returns and partner with you as your tax planning advisor. Before we begin, I’ll be sure to make sure my firm is in compliance with your state’s requirements.
That’s a great question, and it depends on your specific family and financial situation – as well as your long-term goals. Talk to me and I’ll steer you in the right direction.
This is a simple task that can have serious implications on your taxes. It depends on what your specific goals are, and how you want to approach your tax planning. We can cover all your options during a brief consultation.
If you’re undergoing an audit, look to a CPA, an attorney, or an Enrolled Agent (a kind of tax professional) to represent you. Enrolled Agents (or EA’s) are like CPA’s in that they have demonstrated competency – through passing an IRS exam – yet they don’t have the kind of extensive training you’ll find in a CPA. Non-certified accountants can only represent you if they have achieved EA status, at a minimum.
There are several steps you can take now to increase your child’s opportunities when it comes to financial aid. First, avoid putting assets in your child’s name. This can have a negative impact on eligibility. Next, you can reduce your income. Aid levels are typically based on your previous year’s income tax returns, so taking steps to reduce your income immediately before your child enters college can have a profound effect. You an also make detailed notes on your financial hardships and submit them to the decision-making bodies – be sure to include details on what happened to make the nature of the hardship absolutely clear. A further step is determining if your child is independent, which means your income won’t be a consideration when it comes to aid. Finally, consider income tax incentives like education deductions or credits.
It really depends on the complexity of your return. If your preparation requires little more than a W-2 and a few simple interest statements, then a CPA may not be worth the investment. If, on the other hand, your financial situation is more complicated than what’s covered by a simple checklist or software package, then you could benefit from the insight a CPA brings to the table. More importantly, if your life circumstances require foresight and planning in order to lessen your tax burden in the future, a CPA is a must.
Quite a bit. To be designated a CPA (that’s where the “Certified” in “Certified Public Accountant” comes in), one must complete rigorous educational requirements and pass certain examinations. Beyond that, CPA’s are required by states to maintain their expertise through ongoing education, are subject to peer review, and are held to a higher standard of ethics.
Yes, you can – it’s perfectly legal (and in some cases, it makes sense). But before you roll up your sleeves and bring out your calculator, there are a few things to consider. First of all, is it worth your time? If you own a business, is the time spent on tax work better spent focusing on building your company? Further, do you have the skills and expertise to not only complete the process, but to take advantage of what’s available to you within the laws and regulations of your state? And here’s the most important thing to consider: would you value the insight of a professional who has the insight it takes to advise you rather than just crunch the numbers? A consultation with valuable recommendations could save you significantly…much more than you’d save by foregoing the fees of a professional. So in a sense, yes you can do your taxes yourself, but can you afford missing out on the benefits a CPA provides?
There’s a whole range, from calculation errors to compliance mistakes to failures to take advantage of what the tax code offers them. One of the most common missteps occurs with newlyweds who don’t realize that if they are married at any time during the year – even if the wedding was on December 31 – then they must file as a married person (either married filing jointly or married filing separately).
For an initial meeting, your previous year’s return and any paperwork that documents a significant life or business change are a good idea. Also, bring a list of questions you’d like to ask your CPA. For a tax appointment, your previous year’s return, wage statements and W-2’s, proof of deductions, and interest statements are a good start. Of course, your complete needs will depend on your specific situation, so feel free to ask first and I’ll let you know what’s best to bring.