Get help if you’re struggling with taxes.

If you’ve been struggling to understand taxes, consider meeting with a CPA. That’s because a Certified Professional Accountant is specifically trained to understand the complexities of taxes, knows all the rules about filing and can apply it to your situation.

Given how impactful their services are, we’ve outlined everything there is to know about meeting with one for the first time.

1. They will Review

CPA’s are able to help people with a bunch of different tax-related tasks. Things like organizing books, preparing paperwork, spotting potential deductions, and more can all be done by them. But, in order for them to get these done on your behalf, they will need to know about your current financial situation.

To do this, a CPA typically begins by reviewing all your accounts, making note of all of your income sources, expenses and filing status. To make this process easier, try to go to the consultation with things like W-2’s, 1099s, and receipts of deductibles. 

Once a CPA has this information, they will be able to let you know how complex your taxes will be to get done and flag any potential issues.

2. Identify Deductions and Credits

While the CPA is familiarizing themselves with your accounts, they will be able to flag potential benefits and credits that qualify and could be applied to offset what you owe. Things like mortgage interest, medical expenses, educational materials, and business deductions are all expenses that could be submitted but are commonly missed.

3. Explore Retirement and Investment Implications

Although the initial consultation with a CPA won’t be enough time to get all of your filings for the year done, the CPA will be able to discuss the implications of any retirement or investment accounts for the year. For example, things like contributions to certain retirement accounts could offset liabilities, whereas income from bonds, stocks or properties could increase them.

4. Provide Updates About the Law

Tax laws change often but trying to keep on top of them can be overwhelming which is why you should visit a CPA. When you work with a CPA, you won’t ever have to worry that you are not filing according to new laws. That’s because they will inform you of recent changes and offer advice on what that means for you. 

5. Go Over Past Returns

It might be a good idea to go to the appointment with your previous years’ filings. This will give CPA a snapshot into your financial history and they will be able to review it for possible errors or missed opportunities. If things are spotted, they could help you file for a reassessment with the government to avoid missing out on money that’s owed to you.

6. Offer Future Planning Advice

A CPA is not only someone that can help with your immediate tax needs but they may be able to look ahead and offer planning advice. Things like suggestions on how to save or strategies on ways to reduce your taxes in the next year. For example, they might think that adjusting withholdings, making charitable contributions or prioritizing investments in tax-efficient accounts could be beneficial to your situation.

So, if you’re getting frustrated having to complete taxes on your own, consider getting some professional help by speaking with us at 407-328-5001.

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