3 Reasons To See Your CPA Before Year End
As the current year is ending, we are all looking forward to some down time and enjoying the holidays with our families and friends. But before you start relaxing ask yourself – how was the past year financially? Am I where I want to be? Did I meet my all my financial goals? What about my financial goals for the coming year? These questions are only a few of the questions that you should ask yourself. Once you sort out the answers, you may determine that you need help in certain areas. This is where the expertise of a CPA is invaluable. Here are 3 reasons to see your CPA before year end:
You started a side gig during the year
So, you decided to start a side gig during the year. According Forbes , nearly one in four Americans are part of the gig economy and growing. A side gig, whether driving for Uber, renting out a room in your home via Airbnb or earning money from a blog or website, is considered a business activity for tax purposes. Are you capturing ALL your expenses? Do you have a have a method of keeping track of ALL your income and expenses? What are your plans for the side gig in the future, keep it indefinitely or stop when you save some extra money? A CPA can help you determine the best steps you need to take in your situation.
You had major life changes during the year
Did you change jobs? Move across the country? Start a business, thinking of selling a business? New baby? Divorce? Start caring for an aging parent? These are only a handful of all major life changes that happen to all of us. A CPA can help with tax planning to ensure that the best possible outcome is reached for your situation. According to Kiplinger, tax planning will save you money.
You want to take your business to the next level
Your small business has been growing over the past year and now you are ready for more. If you are looking to hire more employees, expand your presence across the country or you want to make administrative changes, reach out to your CPA. The earlier you start, the smoother the process and the better the results. Perhaps you are looking to change your accounting system from Quickbooks to Xero, change payroll providers or hire a new CPA firm that would better fit your growing business. The last couple of months before the year end is the best time to act. In most cases, this is the slowest time of the year and CPAs have more time to spend with clients and guide them towards achieving their financial goals.