Reasons To Hire A Professional CPA When It’s Time To Pay The Tax Man
It’s often said that there are two certainties in life: everyone will die someday and everyone must pay their taxes. If you’re dreading filling out your tax forms this year, you’re not alone. Plenty of people turn to certified professional accountants every year for tax assistance. But there are other good reasons to consider getting tax help from a CPA besides just avoiding the paperwork.
Find Every Loophole
Reading through official tax code is about as exciting as watching paint dry. Thankfully, professional CPAs like those at Donnelly & Co LLP already know all of the ins and outs of these documents so you don’t have to. If you’re just used to following standard procedure when filing your taxes, you might be missing out on opportunities to save yourself some money. A professional CPA can take a look at your finances and find every legal loophole available to keep your hard-earned money out of the government’s hands.
Protection From Audits
In both Canada and the United States, the government occasionally conducts audits on random tax filings in order to ensure that people are filing correctly. If you get a CPA to do your taxes for you, you can claim that a mistake on your tax return is not directly your fault. Some CPAs even guarantee their work and will stand behind you if your tax forms are selected for audit. There may even be scenarios where the government makes a mistake while conducting an audit. If you have a CPA on your side, you’ll be able to hold the government accountable.
Protect Your Business
If you own a business, you may stand to benefit from hiring a CPA even more than a non-business owner. Business tax codes can be even more complex but can also offer additional opportunities for tax breaks if you know where to look. Sometimes a business that makes a mistake can be an even bigger target for an audit than an individual citizen. Protect your business and its assets by getting a CPA to go over your numbers on a regular basis and especially at tax time.
Hiring a professional CPA for tax help can sometimes be expensive but chances are you might come out in better financial shape than if you try to do your taxes alone. CPAs can find every available loophole in the tax code to save you money and can also assist you or your business if you get in trouble with auditors.