When Should You Hire a CPA/CTP?

Williams Kunkel
 / 
October 10, 2024
 / 
Featured image for When Should You Hire a CPA/CTP?

When Should You Hire a CPA/CTP?

If your business is already profitable, hiring a CPA/CTP is one of the best investments you can make. Tax laws are constantly changing, and staying up-to-date on new deductions, strategies, and filings can be overwhelming. Focusing too much on taxes can take you away from the day-to-day operations of running your business. A CPA/CTP offers the specialized knowledge to navigate the complexities of tax planning, so you don’t have to.

Here are some specific situations in which hiring a Certified Tax Planner is strongly advisable:

1. You Don’t Have a CPA Who Specializes in Tax Planning

Having a CPA that is also a Certified Tax Planner ensures that your tax strategies are not just about compliance, but also about minimizing your tax liability in a legal and strategic way.

2. You Feel You Are Overpaying on Taxes

If you suspect you’re paying more taxes than necessary, a tax planning CPA can identify opportunities for deductions and credits that you might otherwise overlook.

3. Your Current CPA Simply Fills Out Forms

Tax preparation is only one aspect of managing your business finances. A CPA/CTP can take a proactive role in creating tax savings strategies tailored specifically to your business needs.

4. You Are Concerned About an IRS Audit

Working with a tax professional doesn’t just help you avoid audits—it also ensures that your financial records are in excellent shape, should an audit ever occur.

5. You Are Seeking Funding

Investors and lenders often require accurate and detailed financial statements. A CPA/CTP can help you produce clean financials that attract potential funding.

DIY vs. Professional Tax Planning: Is It Worth It?

If you’re running a relatively simple realtor business, it might seem easier to handle everything on your own with software like QuickBooks or TurboTax. However, unless you have the specialized knowledge to prepare accurate financial statements and tax returns, you could be leaving money on the table—or worse, making costly mistakes.

For many real estate professionals, having a tax strategy that aligns with their business growth is essential. A CPA/CTP doesn’t just help you file forms—they bring a forward-thinking approach that ensures you’re not missing out on critical tax savings opportunities.

Conclusion

Hiring a Certified Tax Planner is an investment that offers immense value to your business. From minimizing your tax liability to providing peace of mind during audits or funding rounds, the support of a CPA/CTP can free up your time to focus on what truly matters: growing your business.

Have questions about how much you’re overpaying on your taxes? Give us a call today at (972)-446-1040 or Click Here To Schedule Your Free Second Opinion!