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Is Hiring a Certified Public Accountant Really Necessary?

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Is Hiring a Certified Public Accountant Really Necessary?

Whether or not a person or a business needs a certified public accountant can depend on many factors. In fact, it’s one of the most common questions a person may ask themselves when tax time rolls around. Even a minor mistake while filing your own taxes can end up costing you thousands of dollars, so in that regard having a CPA on your side is a valuable investment. Accountants can also help with spending expenses, retirement funds, monetary gifts and other aspects related to your income and taxes. When you find yourself searching through a variety of CPA firms in Salt Lake City, there are some important things to keep in mind.

Staying Ahead of the Changes

Tax laws can change often, and keeping track of them can be difficult at best. CPA firms in Salt Lake City like Cook Martin Poulson, however, stay on top of the changes and can give you more time to spend with family or focusing on your business. In addition to keeping track of tax law adjustments, an accountant can also help you with:

•  Improving your credit rating. It’s not just determined by how good you are at making bill payments. An accountant can also let you know about other tactics to improve your score.
•  Reducing debt. Working with CPA firms in Salt Lake City can help you establish a spending limit, get creditors off your back, and help you manage the entire situation more effectively.
•  Inheritances or financial gifting. Inheriting large amounts of money can come with costly taxes, or you may be planning on gifting or leaving an inheritance for others. Accountants can help you or your loved one navigate the confusing legal web.
•  Back-tax claims by the IRS. Finding the right accountant to help you understand how to get your back taxes paid quickly and efficiently, as well as avoid issues in the future.

Some Final Considerations

While some people feel hiring an accountant is not necessary for their situation, it can be extremely helpful. The bottom line is: working with a CPA can save you time and money, as well as frustration and confusion. If numbers are not your strong suit, contact an accounting firm. If you have a unique situation, multiple incomes, are self-employed or you want to consider setting up a trust for your children’s college funds, an accountant can save you thousands of dollars in potential errors.

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