When you seek guidance from a qualified financial expert, you’ll find that you’ll not only maximize tax planning and accounting, but also get put on a path to financial success. Your CPA will assess your financial situation and create a tailored financial plan to help you achieve your goals.
How? By analyzing your income and expenses and developing budgets. You’ll find that a CPA firm helps with a range of services beyond taxes, including such concierge services as:
- Bill paying
- Cash management
- Checkbook balancing
- Organizing paperwork for taxes
- Monitoring bank accounts and credit card transactions
- Tracking income and expenses
- Monitoring credit to prevent identity theft and fraud
- Budgeting and recordkeeping
- Preparing monthly financials
Not to say that tax planning and compliance are small matters — tax laws are always changing and your accountant is up to date on regulations, thereby optimizing your tax planning and deductions to minimize your tax burden. But to this add investment and retirement planning through developing a strategy that aligns with your risk tolerance so you’ll be better prepared for retirement and a secure future.
Look at the big picture
By taking a holistic approach, a cohesive plan will integrate your personal wealth accumulation and philanthropic objectives. By looking at your retirement planning, your CPA can help you project how to beef up your monthly benefits by deciding together when you should retire. Likewise, through tax harvesting and brainstorming, your CPA can help you determine if selling some investments will balance capital gains and losses that, when properly timed, can create significant tax savings.
If your debt is growing, your CPA will be there to find ways to reduce it by creating repayment plans, negotiating with creditors and offering advice on how to raise your credit score. How have you been with your financial records? Keeping them here, there and yonder? No worries, working with an accountant means keeping track of financial transactions, streamlining money management and minimizing borrowing costs to save you time and money.
Are you currently allocating income to savings and investing? It takes time you often don’t have, and you risk making mistakes that could cost you financially. With the help of your CPA, you can make informed decisions on profit-making strategies based on your financial data.
Take care of everything
Overall, by protecting your assets, you’re protecting your family, and in the process, through finding tax savings, you can allocate more funds where needed. In times of transition — marriage, graduation or a death in the family, for example — a CPA can organize documents, such as contracts, for preparation and review, developing a plan for your next phase.
By coordinating such services as investment due diligence and financial, retirement, gift tax and education planning, and implementing the work across your accounts, you’ll have a comprehensive, up-to-date plan that covers the bases, including asset inventories, budget gaps and cash flow. Think of your CPA as a time-and-problem-solver who advises on insurance and annuities, money market funds, certificates of deposit and other short-term vehicles, as well as someone who guides and supports your personal financial planning and tax strategy to fulfill your lifestyle needs.
Learn more about our outsourced accounting practice for high-net worth individuals and families, our tax practice, our audit services, our business advisory service or our strategic, smart and wonderfully human team of experts here.
Need something else? We’d love to hear from you, so contact our accounting firm in Fairfax.
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