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When to Hire a CPA

If you are preparing to open a new business, you might be wondering when you should hire a CPA (certified public accountant). Though you can definitely handle the daily accounting yourself or hire a bookkeeper, there are occasions where the knowledge of a CPA can help you save time, prevent expensive mistakes, and make wise business decisions.  

To benefit from the CPA’s knowledge of the aspects of business finance, you do not really have to hire a CPA as a part-time or full-time worker. The reason for this is that a lot of CPAs provide their services to small businesses as consultants.  

Here are a couple of occasions where you should hire CPAs Atlanta, GA. 

When You Choose to Close, Sell, Merge, or Acquire 

You have to consult a CPA whenever you are facing huge operational or structural changes to your business. A CPA can help you understand the tax implications for yourself and your business. 

A CPA can help you analyze the financial records of business if you are buying one. They can also prepare financial statements and reports if you are selling your business. 

When You Require Accounting Assistance and Advice during a Unique Occasion 

There might be certain occasions as you operate your business where you require the knowledge of a CPA. For instance, you have to hire a CPA to represent you if you obtained a letter from the IRS telling you that you are being audited or if it just asks extra details about your return. 

CPAs have experience dealing with the IRS. They can help you appropriately respond, resolve the problem as soon as possible, and provide the details it requires.  

At Tax Time 

CPAs can offer tax planning advice, file tax returns, and prepare tax documents. This will help businesses plan how you can lower your tax liability for the upcoming year. In addition to that, as mentioned earlier, if you are audited or if the IRS has questions about your return, a CPA can represent you. This is a crucial thing to think about. 

Remember that business taxes are not the same as your personal taxes. Thus, you might need to hire a CPA even if you have always done the taxes yourself. This is particularly true if your tax condition is complicated. For example, having a CPA manage your taxes can save you time if you sell products to clients in several countries or states. In addition to that, a CPA can also guarantee that there will be no mistakes in the documents. 

Before You Open a Business 

The concept of spending a lot of money for a couple of hours with a CPA might appear expensive when you are opening a business with a tight budget. But, it is an investment, just like any other expense in your startup. In addition to that, hiring a CPA is a deductible cost.  

CPA can help you properly prepare your business. This will help you prevent errors that can cost you a lot of money to fix.