By Harness WealthTax Planning — November 7, 2019

4 Reasons Why You Shouldn’t Wait Until Next Year to Get a CPA

Very few among us get excited by the arrival of a tax filing deadline- not the CPAs working late to complete work for their clients around April 15th & October 15th and certainly not those individuals writing checks to the IRS or state tax authorities. However, as much as we would like to delay thinking about tax filings, the end of the calendar year is the perfect time to evaluate whether you have the right CPA and get the right one in place! 

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1. Start the relationship before tax season, when talented potential new CPAs will be too busy to meet prospective clients.

CPA busy season is from February through April and late August through October. That isn’t a great time to initiate a relationship with a new CPA as many focus exclusively on required work for existing clients. November and December are two months when CPAs have considerably more time to meet potential clients and assess whether they can add value.

2. Don’t miss out on implementing key actions before year end that will improve your 2019 tax obligations.

Optimized retirement contributions, charitable deductions, investment strategies generally require action before year end. A CPA discussion in November or December can be the final opportunity to implement any last-minute tax strategies to optimize your 2019 taxes. The 2017 tax law changes created new strategies that can benefit some filers– for instance taking the standard deduction in some years and grouping deductible expenses in other years decreasing one’s multi-year tax burden.

3. Taxes are still fresh in your mind, especially for those filing quarterly or those who filed an extension.

If you or your business just filed your returns for September and/or October 15th, your taxes are still fresh in your mind. That means it’s a perfect time to find a CPA and pass on relevant information as well as questions you may have about actions you or the CPA can take to help optimize future tax filings.

4. Filing Taxes and Tax Planning is complex and shouldn’t be rushed. 

Tax returns are complicated and complex.  Small errors can result in the difference of thousands or even millions of dollars in tax savings or interest and penalties. You don’t want the filing process to be rushed or last minute. By starting this year, you ensure you aren’t in a position to be rushed for the 2019 filing deadline.

 

Let us help find the right CPA for you before the end of the year. Get started here.