Most of your day-to-day accounting can be handled by yourself especially, when you have good accounting software. If required, you can also hire a bookkeeper who will help you get through most of your financial tasks. However, there might come a situation when you may need the help of an expert and in such a scenario, a CPA is someone who can help you make good business decisions and stay away from mistakes that can cost you dearly. CPAs are people who are experts in tax laws and can help you with your business taxes and financial questions and save your money.
Times when you should hire Tennessee CPAs:
- Before starting a business: When you set out to start a new business, you might not have lots of money to give away in taxes because of your mistakes or lack of understanding. A CPA will help you set up your business, recommend the best business structure, help you determine the type of accounting you should use, etc. Initially, the fee that you pay to the CPA might seem extravagant but in the long run, it is an investment.
- When it’s time to pay your taxes: When it’s your time to pay the taxes, your CPA can help you prepare tax documents, file tax returns and also plan a strategy to maximize your refund. Moreover, your CPA can also represent you if you have been contacted by the IRS. If you have multiple sources of income, doing taxes on your own may not be a wise idea. Having a CPA will save you time and headaches.
- Certain circumstances: If you run a business, at times you might need the help of an expert. In situations where you receive a letter from the IRS regarding certain discrepancies in your company, you should surely consider hiring a CPA to represent you in such situations. These people have good experience in dealing with the IRS and are very well aware of the information it needs.
- When there is a structural change to your company: If you are planning to purchase a new business, merge it with an existing one or are planning to sell a part of your business to someone else, you should get in touch with the CPA about the tax laws that may apply in such situations. When you’re planning to buy a new business, your CPA will analyze its financial history, verify its assets, etc.