Business

Is Hiring a CPA Worth it? 

No matter your situation, filing your taxes is always a hassle – but it is an avoidable reality that we all have to face. In most cases, you can easily handle this yourself. But there are some cases where you may be better off hiring a professional. A tax professional can save you time, energy, and money. 

If you need help filing your taxes, do not hesitate to contact a CPA in Phoenix today. 

What can a CPA help me with? 

To understand whether hiring a CPA is worth it, we must first understand what a CPA can do. Here’s what a good CPA would be able to do: 

  • They can help you prepare for and file tax documents as well as offer advice along the way 
  • They keep you updated on your tax liability and your deduction options 
  • They can consult with your IRS personnel 
  • They can navigate audits on your behalf 
  • They can help provide you with a breakdown of your personal versus your business taxes 

When should I hire a CPA? 

Whether you should hire a CPA or not is something that depends from situation to situation. However, it may be best for you to hire a professional if: 

  • You are self-employed 
  • You have just been through a significant life event 
  • You own rental property 
  • You are an active stock trader 
  • You own foreign accounts or investments 
  • You have previously made mistakes in filing your return 
  • You want to save money potentially 
  • You own a small business 
  • The IRS has reached out to you 
  • You are planning to send your kids to college 
  • You are self-directing your retirement 

How can I make it more affordable? 

Working with a CPA can potentially help you save money in the long run, but you may still want to try and make the process of hiring a CPA more affordable. Some steps you can take to do this are: 

  • Build a relationship 

If you are confident and comfortable in your CPA, you can choose to work with them again. If you work with the same CPA every year, they will also start to understand your situation better and can help you accordingly. 

  • Be organized 

CPAs usually charge by the hour, so it may help to have all your documents organized. 

  • Consult your CPA when making decisions 

When making any financial decisions, consulting your CPA can help you tremendously. 

Want help filing your taxes? 

If you want professional help filing your taxes, do not wait any longer. Hire a professional CPA today.