The perpetually looming tax season is upon us once again and though there is still almost 5 months until tax day, the majority of filers will wait until the last minute, like clockwork on a year by year basis. The rise of online/computer based tax preparation programs have taken the accounting industry by storm in the past decade as programs like Turbotax, Taxslayer, and TaxAct have made huge waves. Although the ease of these online tax filing programs is enticing and oftentimes can adequately suit the needs of tax filers, in some cases it can be a wise decision to meet and work with a Certified Public Accountant (CPA).
CPA’s specialize in accounting and tax law and as such have a wide breadth of knowledge in regards to the subject of filing taxes, a CPA can help with the organization of your personal or business needs including helping people with unpaid taxes to work with the Internal Revenue Service (IRS) in scheduling payment plans as a liaison of sorts. If you are a business owner having a CPA on staff is a good idea as they can expertly help guide decisions on investments, financial planning, and restructuring among others, the same can be done on an individual level as well. Looking into more specific situations where a CPA’s guidance can be extremely helpful shows that those who own rental properties may want to consult with a CPA in order to help you as an owner determine which deductions you may be eligible for. A CPA can also assist with your student’s college financial aid applications, if you and your child are planning to apply for Free Application for Federal Student Aid (FAFSA) a CPA can analyze and determine if there are any unwanted income or assets in your child’s name that could hurt them in the process or receiving financial aid.
As Lavi CPA website notes (Lavi CPA is an accounting firm based in Los Angeles) “the constant revision of tax laws and business practices can be overwhelming for most people” the website goes on to mention that the firms goal and one could surmise the goal of any Certified Public Accountant is to “assuage any concerns that you may have of it (accounting process in general) and provide effective up – to- date solutions and consultations for our clients”. If you should have any questions or concerns regarding your personal or business tax filings, don’t hesitate to contact a CPA to see where you stand.