It is not uncommon for small business owners and private individuals to complete their taxes without any assistance from accountants. People in NJ may choose to use a national tax preparation service or even take advantage of online services.
Unfortunately, individuals and business owners may not realize the limited experience, expertise and proactive services these options provide. They are really just tax preparation services, which may result in options for saving on taxes through various deductions and credits being overlooked.
This is particularly important for small business owners and individuals with more complex personal taxes. A service offering CPA accounting will have the experienced professional required to assist in both tax planning as well as maximizing your deductions and credits while still following all applicable tax laws. This is very important as incorrectly claiming deductions and credits can result in a tax audit.
The Best Professionals
The key is selecting any CPA accounting firm over a tax preparation service, or a bookkeeper is the level of training, qualifications and licensing required. These professionals must have completed 150 approved hours of training, typically at the bachelor and master level. Some CPAs will also have an MBA or another similar type of degree.
Each accountant in a CPA accounting service will also need to have a current license as well as maintain specific professional development training. Some CPAs may have further specializations, which may be an important consideration for either a business or an individual.
At your first meeting with the CPA in NJ, explain your requirements, goals, and objectives for your business or your personal taxes. The CPA will then have a clear picture of what you require as well as areas you may not have considered.
Through this process, you can work together to determine what services are needed. You may even find ways the CPA can help your small business from financial management to planning for growth and expansion.
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