- March 4, 2017
- Posted by: admin-hstaraz
- Category: CRA Audit
Do I need a Chartered Professional Accountant (CPA) ? This is one of the most common questions we get. To answer, we came up with 10 reasons why you should seriously think about hiring a CPA.
Whether you’re looking to save some money, prepare your taxes, manage your investments, or plan your retirement, a CPA can help.
There are at least 10 good reasons why you probably need to hire a CPA.
1. To Save Money and Time
If time isn’t on your side, a CPA may be your new best friend. Not knowing what you are doing can be a real time waster.
The number one reason you need a qualified accountant is simple. A CPA can save you money, actually lots of money. A skilled accountant knows how to make sound decisions when it comes to preparing your taxes, helping you plan a business, or setting yourself up for a sweet retirement.
Don’t leave money on the table.
2. Changing Tax Laws
The risks from tax compliance errors or ineffective tax management are too high to ignore. For most people, keeping track of the changing tax laws can be difficult at best. If you aren’t constantly paying attention, you could miss something important. An accountant knows what’s new, and can help you get the latest tax benefits. Keep up with the tax changes on The IRS Website.
3. You are Self-Employed or Started New Business Venture
If you are self-employed or own your own business, a CPA can help with that too. Hiring someone with financial expertise can help you find ways to lower your taxes that you might otherwise miss. There are some big write-offs for the self-employed. Don’t miss out.
Along the same lines, if you’re about to start your own business an accountant can help you prepare. With their help, you’ll be able to ensure that all the necessary tax forms are filed correctly.
4. You Owe Taxes & under CRA’s Audit
If you owe any back taxes to the CRA, do not delay in contacting a CPA to help you out. He or she can help you understand what you owe, and how to avoid any future problems. Most accountants understand how scary it can be going up against the government. A good CPA will stand up for you, and help you get your life back to normal as quickly as possible.
5. Multiple Sources of Income
If you have multiple sources of income, an accountant can help you sort through how to report everything correctly. It is a lot more complicated if you just have one T4 to record.
6. Numbers Aren’t Your Thing
Obviously, if you are bad with numbers, getting some expert help is to your advantage. An accountant is trained to catch mistakes, and to fix them. You don’t want to make a mistake and up being audited.
7. You Own Real Estate or Rentals
If you own your own home, or own rentals, an accountant can help you manage them. There are some specific tax situations tied to rental properties, and some major benefits. You definitely don’t want to miss out on those.
8. Improve Credit Rating and Your Investments
An accountant can also help you improve your credit rating. We all know that paying all your bills on time help your credit. But there are many other tactics that can speed up the process. Odds are you don’t know all of them. Are you a stock market genius? What about a real estate guru? Most of us aren’t, but luckily, your accountant is there to advise you on the best path to financial freedom.
9. You Just Inherited
Your future could be up in the air if you just inherited a large amount of cash or property. Inheritance taxes can be costly if you don’t have help navigating the specifics. An accountant will help advise you on the present situation and help you reduce your taxes for the future, as well.
10. A Life Change
Similarly, if you are about to go through a big life change, or you recently have, an accountant can help lead you through the transition.
Anytime you get married, get divorced, retire or have children your tax situation changes as well. If you have kids, and want to contribute money to a college savings account, or even a trust. CPAs have the tools to help you maximize your money as you look toward your family’s future.
A CPA will help lead you navigate the changes when it comes to your financial being.
Hiring a Chartered Professional Accountant can be a great way to save you time, and money. Look for a CPA to ensure you are getting the very best expert advice. In the end, this one decision can end up saving you thousands of dollars.