When it comes to tax preparation, many people put off the task and often end up navigating the process on their own. But taking this approach could cost you considerably by making mistakes that result in penalties or overlooking opportunities to reduce your overall tax liability. Fortunately, CPAs—or certified public accountants—are skilled professionals that can handle all of your tax matters to ensure you don’t run into these problems. If you’re looking to take the stress out of your financial responsibilities this year, here are a few reasons you should hire a CPA to help.

5 Benefits of Hiring a Certified Public Accountant for Tax Preparation

1. Compliance

CPAs maintain a working knowledge of current tax laws, which means they’ll know how to avoid common tax preparation mistakes. They’ll also make sure you have all the right documentation necessary to support your return and that your materials are ready to submit before deadlines arise. 

2. Maximized Deductions

Both business and individual taxpayers can claim deductions that may reduce their overall tax liability. However, these deductions aren’t automatic. Instead, you have to calculate them accurately and provide specific evidence to support the expense. CPAs will navigate this process to ensure all deductions are made correctly, as well as help you uncover those you may have overlooked.

3. Ethical Responsibility

While a standard accountant or bookkeeper may have the minimum skills necessary to properly calculate taxes, these professionals may not always provide the thorough or honest service you deserve. By contrast, CPAs must adhere to an industry-standard Code of Professional Conduct or otherwise risk losing their license. In general, this code is designed to ensure that all certified public accountants deliver solutions that serve the needs of the client and not for any other party.  

4. Insight on Next Year

As your CPA reviews your taxes, they will help you identify solutions—such as possible deductions—that can help you in the upcoming year. This foresight is particularly beneficial for business owners who need year-round tax support.

5. IRS Representation

Due to their accurate services, CPA-prepared tax returns rarely get audited. But if you do receive an audit request from the IRS, these professionals are qualified to provide representation on your behalf. With their expertise, certified public accountants may help you avoid penalties or correct errors that could put you in jeopardy with the IRS.

Whether you’re preparing a business or personal income tax return, Arehart Associates, Ltd. offers the expertise you need to avoid mistakes and maximize savings. Serving the Waynesboro, VA, community for more than 40 years, these certified public accountants are well-versed in current tax codes, deadline requirements, and deduction opportunities that may impact your return. To learn more about their financial services, visit them online or call (540) 949-0124.