When it comes to your business, hiring an accountant to stay on top of your taxes, spending and other financial aspects is a very worthwhile investment to consider. But since your local Utah accountant will also end up being your business partner, in a way, it’s always important to be comfortable with him or her for the duration of your partnership.
Being Honest and Trusting their Suggestions
Whether you are an individual or a business owner, young or nearing retirement, an investor or not, your connection to a Utah accountant can help you out come tax time. It’s also beneficial to have a CPA on hand in case of an audit from the IRS, or a notice on owing back taxes. In addition, a CPA can help you with future planning and financial gifts or trust funds.
• Getting to know a CPA in advance can be a great way to ease any worries you may have. By going to a CPA for minimal issues in advance, you can build a working relationship and feel comfortable turning to them in case of a larger issue.
• Many CPA’s charge for their services by the hour, so being organized can go a long way in saving you money and helping them out. Keeping folders, spreadsheets or other documents on a computer is helpful, as is well organized collections of statements.
• Having trust in a CPA is important. They have spent countless hours studying and getting hands-on experience in the confusing web of finances. If they make a suggestion for your business or personal account, it might be wise to take it.
• Honesty is important when working with a CPA. They may ask you some embarrassing questions about potential income and its source, such as gambling winnings or donations, but being honest with your CPA is the best way they can determine how to report those earnings.
Don’t Assume Anything
For your own best interests, when working with a certified accountant at Cook Martin Poulson in Utah, for example, it’s never good to assume anything. If you might think an opportunity can provide you with a tax credit, be sure to ask your advisor first. There is nothing worse than thinking a new expensive purchase could qualify you for a credit only to find out, after the fact, that you were mistaken. CPA’s can let you know well ahead of time whether or not this would be a wise move.
