When Is the Best Time to Hire a Tax Pro?

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January 02, 2023

The best tax preparation firm in Weston can help save time, money, and potential legal complications for people with more complex incomes. These incomes may include business revenue, interest and dividend income, and capital gains from selling a home or foreign assets. Having a professional CPA taking care of your taxes ensures you won’t overlook deductions and credits.

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When to Hire a Tax Pro

Before Launching a Business

Spending money on a CPA may seem extravagant when your business is just starting out. However, this startup cost is an investment and a deductible expense. A professional can help you avoid costly mistakes as you get it up and running.

For example, they can recommend the best legal structure you can use to set up your business. Whether it’s a sole proprietorship, partnership, corporation, co-op, or LLC, your business structure significantly affects your taxes, liability, and reporting requirements.

Moreover, as soon as you set up your accounting software, it asks you what type of accounting you use. A CPA can help you decide whether cash or accrual accounting is best for your company. While most new businesses choose cash accounting because it’s easier, the IRS may require accrual accounting if your business sells goods to consumers and maintains an inventory.

Tax Time

Besides preparing your tax documents, a CPA can handle your tax file returns and look for ways to reduce your tax liability for the following year. If the IRS has questions about your tax return or your business is audited, a CPA can act as your representative.

If tax changes occur, a CPA can help you understand how these changes can impact your business and comply with new tax laws. It’s also important to note that questionable deductions may trigger an audit. A CPA can help you determine which deductions you should or shouldn’t take.

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Looking for the Best Tax Preparation Firm in Weston?

At Tax CPA1, we understand that taxes and bookkeeping can be stressful for business owners. When you come to us, you won’t have to worry about doing it alone. With our expert knowledge and decades of experience, you can expect a completely satisfactory experience from start to finish. Contact us today to request your free consultation.

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