FREQUENTLY ASKED QUESTIONS
At Evans Nelson & Company CPAs, we believe knowledge is your best approach to saving money, time, and stress. CPAs often get asked the same set of fundamental questions, and we felt you could benefit from knowing the answers as well. We hope these can help answer any general questions that you may have. You are welcome to Contact Us to schedule an appointment for more specific and in-depth answers, depending on your particular situation.
Click on the questions below for the answer:
Knowing how often to meet with your CPA will help you maximize your CPA’s services. Many people look to CPAs as a kind of history service that goes back and reviews, and then prepares. This is somewhat true, but you need to be aware of the fact that you will benefit more by understanding how a CPA can help you with preparation and timely decision-making. By only meeting in the crunch time just before April 15th, you miss out on any potentially beneficial tax and financial decisions that can be implemented during and prior to the end of the year.
Knowing what to have prepared before meeting with a CPA or accountant is important. Being prepared will save you on preparation fees, and potentially increase your deductions. Although it may take you a little extra time to get prepared, it will only help you in the end. Gather any medical documents for medical deductions and also items like property tax documents. Bags of grocery receipts (which you don’t need) and important tax documents (which you do) all jumbled together will only be a costly and time consuming waste–separate and organize!
When is the best time to hire a CPA? The simple answer is now. Establishing a relationship with an experienced CPA can significantly help you with your personal and business tax preparation, financial and business planning, and help you plan and maximize your financial goals. It is also better to hire a CPA early on, rather than after you get a notice from the IRS (“love notes” I like to call them!).
When you are faced with an IRS business audit, you are most likely going to be stressed and overwhelmed. Hiring a CPA to help you is the best decision you can make. IRS auditors are trained at asking the right questions to get the most money from you. During this stressful situation, play it safe and smart– have a CPA on your side. They have the experience you need.
One of the first things people want to know about CPAs is how much does their service cost. Unlike other professional services, there is no set amount. It varies on how organized and prepared you are, the complexity of the return, and the overall time it is going to take to prepare your taxes. It is important to remember that you are hiring an expert who can save you a lot of time, questions, frustration and money. This should be factored into your decision to hire a accountant or CPA, because your savings will likely be larger than the initial cost.