What do you do when you plan to purchase a new car? Don’t you take a close look at the selling price of different dealers, compare the prices and then choose the one that best suits your affordability? While you may not need vital knowledge when you go out car shopping but as long as finding a great CPA is concerned, you will definitely require a totally different set of skills. In fact, finding a CPA can get even more difficult than finding a doctor. If you’re residing in Israel and you wish to get a tax return, you can seek help of Philip Stein and Associates as they’re the best resource in providing you help. Scroll down to know more on hiring a CPA for your business.
Who actually requires seeking help of a CPA?
Whenever your business concerns move beyond just the tax deductions, you should hire a CPA or a Certified Public Accountant. There is no doubt about the fact that tax law is complicated and flexible at the same time and it is only a CPA who can give you the right advice on estate planning, tax planning or even on business planning. Here are the few situations when you should hire a CPA.
1. In case you’re a self-employed contractor, you will need help of a CPA. He will invest his time to help you in uncovering all the planning opportunities which come up whenever you are a business owner.
2. When you are either the owner or the investor in a Partnership or an S-corporation. There are few basic problems which make such filings too complicated and hence a CPA can help you in such situations.
3. If you’re a high income earner, you are 4 times more likely to be audited by Uncle Sam. Do you earn more than $200K? In case the return that you earn in categorized as ‘self-prepared’, the chances of being audited is even higher. NIIT and AMT are also other chances for planning your taxes.
4. Are you a real estate investor? If answered yes, you can’t deny that sales, rental income and few rules of capitalization and depreciation are much more complex than what you thought. Not being able to report properly will have an impact on your tax liability for the future years. Hence, it is a wise approach to hire a CPA.
Therefore, now that you know how a CPA can help you with your business finances, take help of the best sources so that you can stay on top of your business finances.
