The average taxpayer goes searching for a CPA at tax time and often realizes that there are benefits to hiring a CPA firm throughout the year. CPAs provide valuable time and money-saving services to individuals and business owners. Whether you’re looking to save on your taxes, better understand your investments, plan for retirement, create an estate plan, or otherwise work on your financial goals, a CPA firm can provide many great benefits throughout the year and across the lifetime of the relationship.
What are your options for service providers at tax time?
At tax time, many people wonder about the different types of service providers. There are advantages to each, and making the right decision comes down to your individual needs and tax situation. If you have a fairly straightforward tax return (e.g. W-2 income taking the standard deduction), an enrolled agent (EA) might be a great and cost-effective option for you.
If your taxes are more complex because you own a business, have multiple sources of income, receive significant income from investments, or a variety of other circumstances, a CPA will be better equipped to provide service than an EA. CPAs are licensed accounting professionals who have passed a rigorous four-part exam and can be authorized to represent you before the IRS.
Some CPAs practice independently, while others are part of a firm. Independent practitioners may be less expensive for tax preparation, but they are often more limited in expertise and capacity. While it can be more costly to engage a CPA firm, you gain broader expertise through access to a team of experts. Firms also offer their partners more supportive infrastructure, enabling them to take on a higher volume of work.
What are the benefits of hiring a CPA firm?
The services and benefits offered by a given CPA firm can be as diverse as the clients who hire them. You may benefit from working with a CPA firm if you:
- Own a business
- Have a trust
- Require wealth management services
- Own rental property
- Have multiple sources of income and investments
Our CPA firm strives to add value to our client interactions beyond the annual exchanges required to complete your taxes. We offer personalized tax and financial planning services, business accounting support, and much more. By doing a deep dive with you at tax time, we’re able to identify additional opportunities for saving and planning. We’re also invested in your financial goals and try to be proactive about giving you tailored financial advice.
Benefits of a working with a CPA firm include:
Team Approach
One of the biggest benefits of working with a CPA firm versus working with an independent CPA is the team approach that a firm can provide. Even though you will be working directly with one of the partners at the firm, you have access to the expertise of the whole team. Each partner brings his or her own unique experience to the firm. When an issue arises, partners and staff can tap into the expertise of their trusted colleagues to offer expert advice. Further, as tax and legislative changes unfold rapidly, a team approach enables us to stay up to date on a wide variety of issues.
Strategic Financial Planning
If you recently experienced a life-changing event, became self-employed, sold your business, invested in rental property, or experienced a tax year that was substantially different from your typical financial performance, a CPA can provide valuable strategic planning services. We can ensure you’re taking advantage of all the deductions and credits available to you while also helping you plan ahead to manage a significant tax burden. Bottom line, we understand that no one enjoys surprises during tax season. Strategic planning throughout the year can help you be prepared for what’s coming and enable you to take advantage of opportunities to minimize your tax bill.
Life Beyond Taxes
A CPA firm provides services that go well beyond tax preparation and planning. CPA firms can provide financial and tax services such as:
- Personal tax preparation
- Financial planning and budgeting
- Estate and trust planning and tax preparation
- Small business and hobby income management
- Tax compliance services
- Debt management
- Financial projections and tax planning services
- Family office services
- Financial risk management
- IRS notice resolution and tax matters consultation
Building a relationship with a trusted CPA can save you time, money, and the headache of managing your finances alone. Our Jacksonville-based CPA firm goes beyond the abilities of any one individual, taking a team approach to providing best-in-class financial services. If you feel you would benefit from the expertise of a CPA firm, contact us to schedule a consultation.