During tax season, many people tend to rely on the internet for all their tax filing solutions. However, it’s easy to make costly mistakes when you go down the DIY route, especially if you don’t know much about taxes, tax laws, and accounting.
Therefore, the best way to ensure your taxes are in order and to receive new tax-saving opportunities is by hiring a CPA. But, once you invest in a reputable accountant, it’s vital to know what to ask and when. This gives you an insight into the tax filing process and ensures you get your money’s worth.
Here are three questions you should ask your CPA.
1. How can you help me prepare for and survive tax season?
A reliable CPA can provide you with a detailed analysis of how they can help your business prepare for tax season. For instance, they can advise you which new tax laws you can take advantage of to maximize your write-offs and which tax deductions or credits you should claim.
Additionally, CPAs help you gather all the necessary accounting documents to avoid any last-minute rushing. With this information, you can determine whether your CPA is the right fit for your business.
2. Are there any industry-specific tax regulations I should know about?
Depending on your industry, your CPA can inform you about any tax regulations that can impact your business. Whether its subsidies, grants, changes or deadlines, talking to your CPA can help you avoid taxes that you don’t have to pay.
This way, you save more money in your business, maintaining consistent cash flow. However, only an experienced CPA can advise you on industry-specific regulations. Therefore, don’t hire any CPA as it may cost you in the long run.
3. How can you make this tax season better than last year?
Since your CPA is an expert in tax laws, they will make this year’s tax season better for you through audit preparation, record keeping, and maximizing your tax credits. Hence, asking your CPA how they’ll improve this year’s tax season can grow your business.
Contact Abbo Tax CPA today to answer all your tax questions.
