Are you thinking of hiring a public accountant? Or you are wondering when to do it? Maybe you are not sure whether to hire or not? If yes, you are in the right place. While it’s possible to handle daily accounting on your own, there are instances you need a professional Lavi CPA. These experts can help you decide crucial business decisions and save time. Certified public accountants specialize both in accounting and tax laws. They can represent you on any issue before the IRS.
That said, below are times to hire a public accountant
1. When starting a business.
This may seem a bad idea especially when you have a tight budget. However, hiring a CPA is part of an investment and you must incur some costs. A public accountant can help you choose the right business entity and avoid costly mistakes. He or she will guide you to build the right business structure. This may include a co-operation, partnership, limited company and more.
The choice of business structure is likely to affect reporting requirements and taxes. Knowing the right structure for your business is crucial at the start.
Lavi CPA will also help determine the right type of accounting for your business. Should you consider a cash or accrual accounting? Only a certified public accountant can answer this. While starting a business use cash, there are times IRS demands the use of accrual accounting.
2. Tax returns
You must prepare and file your tax returns at the end of every year. By hiring a certified public accountant, you are minimizing your tax liability for the ensuing business year. If you being audited by the IRS, Lavi CPA Can represent you and answer all questions regarding your taxes.
It’s important to remember that business taxes are a bit more complex than personal ones. Only a public accountant will help prepare and file all the required tax returns at the right time. Also, CPAs will help you understand the deduction you qualify for as well as conforming to tax changes.
3. When serious accounting issues occur
If you are facing serious tax evasion charges, you might want to hire a professional public accountant. The IRS may have no option but to pursue criminal charges on you. CPAs will help supply the right information to resolve the problem before it gets worse. For instance, these experts will help prove your company is bankrupt or has fewer assets.
Let the experts at Lavi CPA help cut costs and grow your business. Contact us for tax preparation and save money!