CPAs are in the business of serving and protecting the public’s interest. Throughout the year, we stay informed about your business and personal happenings. This also includes constantly furthering our education, monitoring new tax laws and developing new technology to provide the best proactive services to our clients.
To be compliant, CPAs should be helping business owners stay on top of their federal estimated payments. The IRS has begun to strictly enforce the rule that federal taxes must be paid in each quarter. Now more than ever, business owners need to be confident their CPA is computing their estimated taxes accurately and planning to help reduce taxes where options are available.
If part of the answer to "What is your CPA doing for you?" isn't "Reducing my taxes," it might be time to reconsider your options. The best CPAs are always up-to-date on the latest changes to the tax code, so they can help you take advantage of every deduction and credit available to you.
(Do you take a proactive approach to business tax returns? Here's why it's time to start)
To be effective, CPAs must stay informed of your business by reviewing your financials and asking questions about your plans for the future. Tax savings and deferral opportunities are everywhere. As such, your CPA should be working closely with you to help reduce or defer your taxes as is most advantageous to you.
(Speaking of tax time, here are some tips for getting through it)
Part of being so effective means keeping a close eye on your books and your business.
For example, a CPA can help you:
Identify areas of your business that may be losing money and need improvement
Understand what tax deductions you may be able to take advantage of
Make sure you’re not overpaying on your taxes
Help you plan for future growth
(Ever wonder if you really need to keep your receipts? Find out here)
To be complete, CPAs must be working with other professionals to ensure you have access to a full set of financial services. CPAs, attorneys, and financial planners each have a different role in your financial future, and it’s imperative that everyone works together for your best interest. This includes staying on top of new legislation that may affect your industry, retirement plans, and even your local business environment.
Your CPA should offer you and your business a comprehensive set of skills and expertise built with your business in mind.
This includes tax planning and preparation, bookkeeping and accounting, audits, reviews and compilations, consulting services, estate and trust planning, financial statement preparation, and more. What is your CPA doing for you? Do they offer a full range of services tailored to your specific needs? If not, it may be time to find a new CPA.
In that case, please contact the team at Two Roads today. Or, take a look at the bookkeeping, tax, and CFO advisory services we offer here.
This post was updated in 2022 just for you.