CPA Firms Provide the Most Experienced and Qualified Tax Preparers
Selecting a capable tax preparer and tax planning adviser can be a hit-or-miss proposition unless you narrow down your search to licensed accountants, such as certified public accountants (CPAs) and enrolled agents. Having an experienced accountant prepare your tax returns can help you minimize your tax liability and stay in compliance with federal and state tax laws.
Some people like to prepare their own taxes, even if they don’t have any training or experience as an accountant. Although there is decent software on the market that can guide you through the process of preparing your own taxes, most software programs have their weaknesses as well as strengths. There’s also the element of human error to consider. Even the most interactive tax preparation software can not always prevent users from inputting incorrect data, so the risk of making a mistake or missing a deduction is always present.
Having your tax returns prepared by a CPA accounting firm dramatically reduces the chances of errors or omissions. CPA firms typically employ experienced tax accountants who have earned an accounting degree and have passed a rigorous certification process. A CPA firm is generally staffed by accountants who have gained additional experience and education, as compared to most of their unlicensed colleagues in the tax services field.
While there are a lot of competent accountants and tax preparers who are not CPAs, their capabilities to help clients can be limited. For example, many accountants are not authorized to represent tax clients before the IRS. While your chances of being singled out for an IRS audit may not be high, it’s comforting to know that your tax preparer has the credentials to be your spokesperson and tax advocate if the need arises.
Having a personal accountant from a CPA firm also increases the chances that you’ll get all the tax credits and deductions that you’re entitled to. That translates into not having to pay more taxes than necessary, which can result in substantial savings over a period of time. An experienced accounting firm or CPA will also provide tax planning guidance to help you avoid future IRS problems, such as owing IRS back taxes. If you need tax resolution services down the road, CPAs are qualified to help you with that, too.
Most CPA firms are highly qualified to provide sound financial advice and accurate tax preparation services. The higher educational, certification, and ethical standards required of CPAs often make them a superior long-term choice as a tax consultant. Federal and state tax codes are complicated and tend to change every year, so it pays to have a personal accountant who is well versed in all the latest deductions, tax credits, and potential red flags that could trigger a tax audit. Having a CPA as your tax consultant does not have to be an expensive choice, either, but it’s a good idea to compare fees to make sure your potential tax adviser is competitively priced.
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