In a recent interview, Thomas J. McAlister, founder of Thomas J. McAlister P.C. in Denver, CO, revealed the right time to find a small business CPA. —
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When asked to comment, he said, “As a small business owner, you might not think that investing in a CPA that specializes in small enterprises should be far up your priority list. However, this investment will lead to larger dividends, and you can rest assured knowing the company’s accounting needs are met.”
While there are several important junctions at which to hire a small business CPA, according to McAlister, the best time is when a company is first being set up.
When asked to elaborate, McAlister commented, “One major benefit in consulting with a CPA early on is that they can implement a robust bookkeeping system, which can help keep you out of tax problem in the long run.”
Furthermore, he says CPAs draft professional financial strategies and statements, making a company more attractive to potential investors.
Another great time to hire a CPA is before deciding on a company's financial structure.
“Having a CPA provide input is vital in deciding how to structure your company. Sole proprietorships, corporations, and LLCs all have upsides and downsides, and you’ll need to consult with an experienced professional to land on the structure that best suits your business needs,” he said.
A CPA can also help in minimizing tax liability as much as possible.
When asked to explain, McAlister commented, “A CPA – who is equipped with the knowledge of your company’s financial structure – will not only prepare and file your taxes but will also create a tax strategy that allows you to take advantage of deductions and business tax credits, which could save you thousands every year.”
Without a seasoned CPA, McAlister says, many small business owners would be unaware of these credits and deductions.
Related to this, professional input from a CPA is hugely beneficial if the IRS sends a letter requesting an audit.
“CPAs are knowledgeable of the ins and outs of audits and how to deal with tax authorities. Make sure to consult a CPA if you’re facing down the barrel of an IRS audit. Even if you’re afraid of being audited, CPAs can also provide invaluable insight as to how to avoid an audit from tax authorities in the future.”
Name: Thomas Mcalister
Email: Send Email
Organization: Thomas J Mcalister P.C.
Address: 4704 N Harlan St #675, Denver, CO 80212, USA
Source URL: http://RecommendedExperts.biz
Release ID: 428175