5 Reasons Why You Should Hire a Local CPA For Tax Prep
Tax season is here, and if you’re like millions of Americans, you’re considering your options for filing your 2022’s tax return. Some taxpayers will use popular tax preparation home software packages for filing and receiving refunds. Broadly speaking, these software offerings do an okay job with simple automation and click-throughs. Software-aided tax automation is the quickest option for those that need a quick return to pay off holiday bills. However, hiring a local CPA to prepare your taxes might save you hundreds or even thousands of dollars in lost claims and deductions that basic software can’t find.
Minimize the Stress of Tax Season With Certified Help
Tax season can be stressful for even the best bookkeepers, so you should hire a local Certified Public Accountant to do your taxes. When you hire a local CPA for tax prep, you’re putting a professional accountant in charge of your tax situation. CPAs understand the complex tax laws that today’s households must contend with.
1099-k Tax Update
Although the IRS postponed rule changes regarding 1099-k reporting for a year, the extra time gives taxpayers another full year to adjust to the $600 limit. For income earned until December 31, 2023 the limit is $20,000.
Local CPA Peter B. Scala has several years of experience helping people be stress-free during tax season. And if you own a small business, Peter B. Scala can help you separate your business and personal taxes. Remember that when you hire a local CPA, you ensure your tax issues are taken care of by someone contributing to the local economy. They only thing you’ll wonder is when the refund gets to your bank!
5 Reasons to Hire a Local CPA
Tax Prep isn’t that hard, especially today with so many software choices and electronic filing. But, if you own a small business (or thinking of starting a business), you’ll benefit from tax and financial advice tailored to your needs. In addition to a personal touch, there are crucial reasons why you should hire a local CPA.
1. Certification Means Something – CPAs must pass a test to be certified as a public accountants. This distinction means that the work a CPA does can stand the scrutiny of the public’s review and criticism. CPAs operate under a strict work ethic, and they utilize guidance and regulations that are legal and current.
2. CPAs Follow the Law – Local CPAs know local laws that apply to homes and other small businesses. Introducing universally accepted accounting principles into a small local business helps bring state and federal credibility to the businesses for things like small business loans and tax breaks. In fact, CPAs are accurate record-keeping professionals with accountability that stands up in court. This is crucial for audit situations.
3. CFO Advice Minus the Price Tag – Hiring Peter B. Scala gives you the specialized services of a chief financial officer. A CFO takes financial data and makes financial strategies. Even someone with just a simple personal tax filing benefits from someone who views financial strategy as a tool.
4. Side Hustle Friendly – Millions of people have some sort of side hustle, be it a delivery driver, a freelance copywriter, or other part-time jobs. A CPA knows the complicated tax laws that independent workers must follow as 1099 contractors. When you hire Peter B. Scala as your local tax preparer, you’ll receive tax services based on your financial situation and be there if you decide to start a small business.
5. CPAs Save Busy People Time and Money – Tax laws can be complicated, especially when it’s your turn for an IRS audit. Many small business owners and independent contractors do their own taxes, taking too much time to spend doing other things that make money. And, because CPAs work outside of tax season, they’re available for advice whenever needed.
How to Know When You Need to Hire a Local CPA
For most people, the United States tax code is a foreign language. That said, plenty of software choices do okay in ordinary financial circumstances. However, given the number of people that do contract work, these aren’t ordinary times. Seeking every tax break available takes a detailed knowledge of accounting practices and how to apply them to private tax preparation.
When a tax situation seems overwhelming is the best time to hire a local tax preparer. This applies to private personal tax returns and business tax structures that seem complicated. A good rule of thumb is not to spend more time and money figuring it out than paying someone else. In the end, hiring locally saves money.
Although many people start small businesses without consulting a CPA, many of those end up going with the local CPA option because it provides better ROI. This is especially true if a small business wants financial growth and expansion. A local CPA that knows the tax situation from the start is a better financial advisor over the long term.
If you want to start a business, call your local CPA first to ensure you’ll be on good footing. Local CPA Peter B Scala has several years of corporate and private tax preparation experience and is perfectly aligned to help today’s small businesses get the most from tax laws.
Closing Thoughts
With the success of tax preparation software, the question remains – do I need a local CPA for tax prep? The short answer is probably not if you don’t mind losing potential deductions and claims that software doesn’t catch. The fact is, putting the CPA touch to tax prep puts a professional stamp on the results.