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Here are some key reasons to chat with a CPA before filing your taxes each year.
Taxes are confusing and confounding. That’s why it is essential you leave the heavy-duty job to the professionals — the CPA’s. In fact, there is no better course of action than leaving next year’s taxes up to your CPA. Consulting with your CPA when it comes to properly filing your taxes is critical to doing it right and avoiding an audit. You could end up saving yourself a ton of money by doing so. Here are some key reasons you should always chat with your CPA when it comes to effectively and efficiently filing your taxes.
Comparing Incomes Annually
When consulting with your CPA, you must take the time to compare your taxes on a year-to-year basis. This will help ensure things are moving in the right direction and show you where you can improve. You’ll likely want to gauge whether this year is faring better or worse than the previous year. By comparing your taxes each year, you’ll ensure that you know what is and isn’t working — something that is especially important for businesses. Knowing this before the year is through can help you make smarter business decisions overall and move your business in the right direction.
Think About Any Potential Inheritance
Have you inherited anything in the past year? If so, this could significantly affect your taxes. Having a professional around to help you understand how an inheritance can help or hurt your tax situation will make the process a lot easier when it comes time to file them at the beginning of the year.
Consult With Your CPA Before Donating Money
If you are planning on making a significant charitable donation, it is best to contact your CPA first. Doing so can help ensure you get the right tax deductions from any charitable donations you make.
Bottom Line
At the end of the day, understanding what you need to do to prepare for tax season is incredibly important. Getting in contact with your CPA before the year ends can make all the difference to effectively and efficiently filing your taxes comes the new year.
trust the professionals at the harding group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for emails or phone calls and will strive for open communication with our clients. Whether you are interested in business advising, tax preparation, bookkeeping and accounting, payroll services, Training + support for QuickBooks, or retirement planning, we have the expertise and years of experience to help. We serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of taxes, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.