“Do I Need a CPA to Prepare Taxes” | Pocatello | Idaho | 83201 | Chubbuck | ID | 83202

https://www.youtube.com/watch?v=7GSw5SO6yDY

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CPA Educational Moment
How do I know if I can do my own taxes or if I need to consult a Certified Public Accountant?
That is a good question, but let’s take a step back and ask a more basic question:
How valuable is your time?
Just pause this video for a moment and imagine what you could be doing to build your business with more time.
Could you earn more than what a CPA would cost to do your taxes?
The answer to these questions will change as your business grows.
Second, you need to ask yourself: Do I have the skills and the desire to prepare my own taxes?
Will you have time to learn the necessary skills to prepare your own taxes?
Will you also be able to keep yourself updated on the state and federal tax laws?
Do you really want to do all that number crunching?
And lastly, and very important to your long term goals, do you want more than just a filled out tax form and report when you are done?
Let’s look at some information to help you decide…
* The IRS estimates that it can take 28 ½ hours to research tax law, organize your records, and complete a standard 1040 return with just three common schedules.
* Tax law is constantly changing, so it is important that you are educated about these changes, so you correctly fill out your forms.
Here’s some excerpts of what people are saying about working with a CPA on their taxes:
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“He does an excellent job with our personal tax returns as well as several for-profit business entities and a non-profit organization.”
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“His advice has saved my business a lot of money and each year, my family’s tax refunds are way more than I expect.”
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“Everything has always been easy and smooth with him preparing my taxes.”
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Being technologically savvy is also important as tax preparation software can help eliminate errors, both mathematical and technical.
If you’re not comfortable with using this type of software, you may want to contact your CPA.
If you’re a salaried employee who takes the standard deduction, your return is likely to be simple.
But then life isn’t always that simple, is it?
If you’ve encountered a major life change, such as marriage or divorce, or own a vacation home or rental property, your tax situation may be more complicated.
Self-employed individuals and small business owners are more likely to be audited by the IRS, and working with a CPA will help lessen that risk.
In addition, if you have a high income, live in a state with high income taxes, or have a lot of miscellaneous itemized deductions, you could be subjected to the Alternative Minimum Tax (AMT).
The AMT, which eliminates many itemized deductions, was created to ensure that the wealthy pay their share of taxes, but is now affecting more middle-class taxpayers.
By now, you can probably begin to see benefits of using a Certified Public Accountant.
You can find out more by asking for a free consultation with your CPA.
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