For some people, completing a tax return means coping with the stress that comes with filing your own taxes. Fortunately, current technology has made it easier for people to file their own taxes…or has it?
Tax software such as UFile and TurboTax have taken some of the complications out of tax filing, but for many people with more complicated profiles, such as small businesses, these programs often fall short.
This is why more and more people are hiring chartered professional accountants (CPAs). CPAs will not only prepare and file your tax return, but also advise you throughout the year to save you time, money, and headaches come tax season.
The Benefits of a CPA
There are several benefits to investing in a CPA over tax filing software. Firstly, a CPA can give you a human touch that no software could ever provide. CPAs are there to answer your questions year-round, explain deductions you may qualify for, and form a relationship with you so that they can personalize their approach, saving you the most money possible.
With tax-filing software, people are often overwhelmed by the descriptions of deductions and credits and, as a result, they miss out on opportunities to save money, simply because it’s not clear if they qualify.
Furthermore, if you do not know about certain tax programs, you may purchase the incorrect product, meaning you won’t be asked the questions necessary to optimize your return. When you hire a professional accountant, you can be sure you aren’t missing out on deductions that you qualify for.
CPAs have access to professional software that is often worth thousands of dollars. This software is far more sophisticated than tax software available for consumers. This means you can be confident knowing that your accountant is being thorough and has access to the best tools to get the job done right and on time.
If you are someone with a complex or odd tax profile, using a CPA will be your best bet to protect yourself against audits, and tax changes year-to-year. Tax software can fall short in these types of filings, not providing the flexibility or options for taxes that aren’t basic or straightforward, such as joint accounts, multiple provinces, out-of-country operations, small business, and contract or freelance workers etc.
Even if you have a basic tax file, you may be eligible for credits and deductions you have not heard of, or you may lack the time to complete the necessary documentation. Perhaps you have a busy family life, or you’re particularly busy at work. Hiring a CPA makes the entire process smooth and gives you the peace of mind to carry on with your daily life.
Preparing for Your First Meeting
Once you have decided to use a CPA and you’ve scheduled your first appointment, there are a few things you may want to do in preparation for the meeting.
Before going to the appointment, make a list of questions you want to ask. These questions can be about the firm itself, the income tax filing process, different tax programs, managing your documents properly or anything else that you are curious about. CPAs are there to educate you and make income tax less stressful.
Next, be prepared to share your interests and objectives as they relate to you, your family and your business. CPAs don’t only prepare your taxes, they help you plan for the future and assist you in meeting your long term and short-term objectives. This benefits both the accountant and client, by building a relationship aimed at creating success for both parties.
Most importantly, you want to gather all the necessary documents needed to complete your tax return. Although your accountant may require additional receipts and documents, it is important to come as prepared as possible. If you are unsure of what to bring, reach out to your accountant. They will be happy to provide you with a list of paperwork that you should bring.
At Koroll & Company, we provide more than accounting: we look to educate our clients. We help them explore their short and long-term goals, as well as their values, strengths, skills, and interests. This ensures a strong working relationship that is beneficial to us both. We view every client relationship like a partnership, and we truly believe that our success is a result of your success.
To find out more information, or to have us help you with your business filing, contact us today!