We only have to worry about taxes once a year, right? But what happens if you have to revise your return? What if you find out in the middle of the year that you’re getting a big inheritance? How about if an investment opportunity comes your way? What if you need a financial statement? These are all areas your CPA can help with.
CPA’s can do a lot more than just file tax returns. CPA’s compile financial statements, advise on investment opportunities and can help when you receive that big inheritance or win the lottery. During the year, there are steps you can take with your CPA to plan and implement strategies to reduce your tax liability. Now that the busy tax season is over, your CPA has more availability to work with you on these and other issues.
Now is a great time to find a CPA. Make sure to talk with prospective CPA’s to confirm they have the expertise to handle your specific issues and that they communicate well with you. Like a good doctor’s bedside manner, communication is very important for you to understand your CPA’s recommendation for your best course of action. Typically, a prospective CPA will ask to review your prior year tax return as they become familiar with your tax situation.
Now is also the time, if needed, to file amended tax returns. If you received a revised 1099 or W-2 just after filing your tax return and need to amend your return, don’t panic. Contact your CPA to help with this process.
May is a great time to make an appointment with your CPA to review your financial situation. There are many opportunities to increase income or reduce costs. Discussing these with your CPA will help give you clarity and make decisions easier.
Jerald Schneider is a Certified Public Accountant providing tax, accounting and financial advice for more than 25 years. He can be reached at 661-297-1072 or by e-mail at email@example.com.
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