Their goal is to make sure you don’t ever have the need for tax relief services. However, we know that sometimes a scuffle with the IRS isn’t avoidable. In that case, we’re here for you with our tax resolution services too. However, here you’ll learn how our CPA and accounting services can help you with taxes.
Is a CPA the Same as an Accountant?
First, a CPA is not the same as an accountant. An accountant can provide accounting services with only a bachelor’s degree in accounting. In contrast, a CPA, or Certified Public Accountant, will have completed specific education works. Additionally, to practice, CPAs must pass the CPA exam. Additionally, there are separate CPA exams for each state. In other words, a CPA is often more knowledgeable in the field of accounting. Additionally, CPAs can often perform certain tasks that accountants cannot.
What does a CPA do?
A CPA can help you or your business organize and analyze financial data. Here’s a breakdown of the typical tasks that come along with a CPA’s job.
- First, they create or maintain your company’s accounting policies. For instance, these policies and procedures can include bookkeeping, monitoring, and reporting.
- Second, a CPA will oversee or participate in the development of budgets.
- Third, the CPA will oversee internal audits to ensure your company is reporting financials correctly.
- Fourth, a CPA will prepare and create reports in the event of government audits or for tax purposes.
- CPA’s will also help prepare financial reports for your company’s leader, including the Board of Directors.
- Furthermore, a CPA can also consult on compensation, benefits, assets, and how your company spends money.
- Lastly, a CPA can manage accounts payable and receivable. Likewise, a CPA can ensure your policies and procedures conform to government regulations.
Can a CPA Help with Taxes?
One of the many specialties of a CPA is tax preparation. In other words, our CPAs offer assistance to taxpayers who are filing their taxes. Furthermore, our CPA’s have knowledge of tax code that enables them to identify potential credits and deductions. In other words, our CPA’s can help you reduce taxes due and increase refunds. For example, our CPA’s will review your mortgage tax deductions. Additionally, we will review your charitable deductions and child expenses. In other words, we will make sure you are maximizing your tax savings. Furthermore, our CPA’s can also give you expert advice on:
- Rental property
- Investment income
- Business expenses
- Industry-specific deductions you may otherwise miss.
CPAs and the IRS
Our CPAs are also authorized to represent you before the IRS. In other words, if you’re dealing with the IRS, a CPA can help. Our CPAs can help you with tax situations, including tax return audits and collections.
Should I have a CPA or an Accountant do my taxes?
It can be very helpful to have a CPA do your taxes. Like we mentioned above, a CPA can save you a lot of money in taxes. In other words, a CPA may find certain deductions or credits that you didn’t know you could claim. Likewise, a CPA can also help you lower the total amount you owe in taxes. This is also because a CPA knows certain deductions and credits to look out for. In contrast, doing taxes on your own, you may not know of these deductions or credits.