If you are only reaching out to your CPA when it’s tax time- you could be missing out on opportunities to benefit the most from their expertise and guidance!
Your CPA’s professional expertise will not only benefit you in identifying tax deductions and credits that you may be eligible for, but he or she can also help you structure your finances in a way that reduces your tax liability!
It is also very important to touch base with your CPA before any purchase or sale of an asset or property, before making any contributions or distributions from a retirement plan, and before starting or ending a business entity or employment.
Further, a CPA can be a business owner’s most valuable resource for developing and implementing business strategy. They can help you identify ways to improve profitability, reduce costs, and increase efficiency, and can provide valuable insight into financial trends and industry benchmarks. Likewise, regular communication with your CPA enables you to keep on top of your monthly, quarterly, and yearly financial statements to track your business’s financial performance and identify areas for improvement.
Lastly, your CPA is an invaluable resource to help you navigate new and ever- changing tax laws and regulations, not to mention IRS tax resolution and professional representation if you or your business are ever the focus of an IRS audit.
Moreover, developing a relationship with your CPA beyond preparing your taxes once a year will be beneficial to your financial health and will keep you on track in achieving your financial goals and dreams.
In other words, as my Mother would always say to close friends and family as they left our house – “Don’t be a stranger”!