Finding the right Certified Public Accountant (CPA) can make a significant difference in your financial health, but knowing when to seek out a CPA can be just as important as knowing why you need one. We’ve gathered several key times in life and business when looking for a CPA is particularly beneficial:
Tax Season
One of the most common times to seek out a CPA is during tax season. If your financial situation is complex, or if you simply want to ensure that you’re maximizing deductions and credits, a CPA can be invaluable. They can help you navigate the intricacies of tax laws and ensure that your tax return is accurate and filed on time.
Starting a Business
When starting a new business, a CPA can assist with the foundational financial setup. From coordinating with your attorney to choosing the right business structure (LLC, S-Corp, etc.) to helping you manage taxes, a CPA can provide the structure your business needs to start on stronger financial footing. They can also provide guidance on tax planning and compliance, helping you save in taxes over the long run and avoid costly mistakes.
Experiencing Major Life Changes
Life events such as marriage, divorce, having children, or experiencing the death of a spouse can significantly impact your financial situation. A CPA can help you navigate these changes, providing advice on how to adjust your financial planning and tax strategies accordingly.
Buying or Selling a Home
Real estate transactions involve substantial financial considerations and potential tax implications. Whether you are buying or selling a home, a CPA can offer advice on mortgage deductions, capital gains taxes, and other financial aspects of real estate transactions.
Receiving a Windfall
Inheriting money or receiving a large settlement can be overwhelming. A CPA can help you manage this new wealth by providing strategies for tax planning and long term financial management.
Planning for Retirement
Retirement planning is a critical time to engage a CPA. They can help you maximize your retirement savings, plan for distributions, and navigate the tax implications of retirement accounts. A CPA can also provide strategies to help your retirement income last as long as you need it.
Facing IRS Issues
If you are facing an audit, owe back taxes, or have other issues with the IRS, a CPA can represent you and work on your behalf to resolve these issues. Their expertise in tax and negotiation can be crucial in reaching a favorable outcome.
Year-Round Financial Planning
While specific events often trigger the need for a CPA, proactive year-round financial planning can be just as important. Regularly consulting with a CPA can help you stay on top of your financial goals, make informed decisions, and adjust your strategies as needed.
Estate Planning
Estate planning is another critical area where a CPA’s expertise can be invaluable. A CPA can help structure your estate using sophisticated planning techniques and trusts to ensure your wishes. They can also assist in reducing estate taxes and navigating the complexities of gift and inheritance laws. When a loved one passes away, a CPA can play a critical role in settling the estate and coordinating with the estate attorney. This includes filing estate tax returns and managing the distribution of the estate to beneficiaries.
The best time to look for a CPA is before you find yourself overwhelmed by financial complexity. Whether it’s during tax season, a major life event, the start of a new business venture, or planning for your estate, a CPA’s expertise can provide valuable guidance and peace of mind. By establishing a relationship with a CPA early, you can proactively manage your finances and be prepared for whatever life throws your way.
At Brickley Wealth, we provide the integrated services of CPAs and financial advisers to address your financial needs holistically. Reach out to us and discover the advantages of a streamlined approach to managing your wealth.
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