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Can a CPA Be a Financial Advisor?

CPAs play a valuable role in keeping our finances in order—but what else can they do?

Certified public accountants (CPAs) play a vital role in society. They help us to achieve financial wellness, but how far do their skills really expand? Do CPAs only offer help with general accounting, or can they also act as a financial advisor? In this article, we will discuss everything that you need to know about CPAs and their services.

Understanding CPAs and What They Offer

In order to understand how CPAs can benefit your financial wellness, you will need to understand what they are, and what separates a standard CPA from a financial advisor. There are many different roles to play in the world of finance, and both of these professionals can help you to do the most with your finances. Let’s take a closer look at what they do and where they meet.

What Do CPAs Do?

A certified public account is a partner in your financial wellness. They help with general accounting, money management, and taxes. However, they can offer even more services than the ones on this list. Depending on what additional experience and certifications your CPA has, you might just find that the average CPA can offer you quite a bit of help.

What Do Financial Advisors Do?

A financial advisor is another expert and partner in your personal finance journey. They will provide advice pertaining to finances to their clients, offering guidance on how to best manage their finances. This often includes topics like taxes, managing an estate, and also plays a large role in investment strategies.

Can CPAs Be Financial Advisors?

A CPA can be a financial advisor, but that doesn’t mean that all of them are. In a lot of cases, people will work with both a CPA and a financial advisor to ensure that their needs are covered. However, it is possible to find a CPA with more expansive services that can help you to figure out what steps you need to take for your finances.

What Does This Mean for You?

At the end of the day, both CPAs and financial advisors charge for their services. When you explore your options, be sure to consider what makes the most sense for you. Think about what specializations you might need and look for professionals that meet these standards. Finding the right experts can help you to really improve your finances.

The Takeaway

A CPA is a trusted friend and advisor that can play an essential role in helping to determine your financial future. Before you make a decision on who to work with, it can help to sit back and decide what you really need from the person that you plan to work with. If you are looking for a Witchita CPA, contact us today to learn how we can prepare you for your financial journey!

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How Do I Prepare an Individual Tax Return?

Preparing your tax return is an annual process—find out how to get started. 

Individual tax returns are something that the majority of people file annually each year. These tax returns are a legal requirement in many cases. However, they are not always the most straightforward process. Filing an individual tax return can seem like a daunting tax—but it doesn’t have to be. Let’s explore how you can prepare an individual tax return for the next tax season.

Preparing Your Individual Tax Return

When we say “preparing” an individual tax return, what we really mean is filing one. This is the act of filling out the paperwork and getting it submitted to the IRS by the correct date with any necessary payments. Handling this paperwork correctly is essential to avoid any fees or violations. With the right approach, filing your taxes can be quick and painless, allowing you to just sit back and wait for your refund!

Consider Your Options

The first step when working on tax preparation is to consider your options. As an individual, you have various resources available to you to prepare your tax return. Each approach will come with benefits of its own, allowing you to choose what is the best fit for you.

File it Manually

Your first option is to simply file your tax return manually. In most cases, this is the least popular option. Though the government does provide resources to help guide you through the process to an extent, many people find this approach confusing. However, if you are well-versed in tax law and requirements, you can certainly take this approach.

Use a Dedicated Online Service

Online services are a dime a dozen in today’s world, which is why so many people consider these options—at least for a while. An online service can help to guide you through the tax process and might be able to simplify it for you. These services can be beneficial for filing a very basic tax return, but they may not help you to find the best deductions for your needs and do leave you open to risk in many cases.

Work with Tax Experts Near You

Without question, the best way to prepare an individual tax return is by partnering with a local tax expert. Tax services allow you to simply provide some information and paperwork, then they handle your taxes for you. These experts can find the best deductions, ensure that you are completely in compliance, and help you to receive more money back on your tax return.

The Takeaway

If you are looking for tax services, Wichita, Kansas is a wonderful place to start looking. You will find that local tax experts are well-versed in even the most complicated aspects of tax law. This means that you can trust that your taxes will be handled the right way—offering you a chance to receive more money back and enjoy a stress-free tax season!

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Which tax prep software is best?

Filing taxes is usually not something that you are excited about doing. However, good tax software can make things easier for anyone filing their taxes. Especially if you plan to file online, on your own, you will want easy-to-use tax software at a low cost. These are a few of the best tax prep software.

Turbo Tax Deluxe

TurboTax Deluxe is one of the most well-known options. It is easy to use and simple to navigate. It allows you to understand your tax return and easily put in all of the necessary information. You can also put your tax documents directly into the software. 

There are various tools included in TurboTax Deluxe, such as tutorial videos, questionnaires to understand tax deductions, and reasons for why you may owe taxes in different regards. This is helpful for those who feel comfortable filing their own taxes, but want a bit of aid in doing so. 

The major downside to Turbo Tax Deluxe ​is that they offer many other products and constantly attempt to sell them to you. This can push the price up from the original $59 to $119 plus $49 for each state tax return.

Tax Slayer

TaxSlayer Premium is a program offering a lot of customer service support. For those who need tax filing assistance, this can be very helpful. They offer phone, chat, email, and professional tax assistance as well. The support line has an average hold time of two minutes which is somewhat impressive for a tax software. Users who want extra support at a low price should use Tax Slayer.

Cash App Taxes

Not everyone’s tax situation is complicated. Some people only have one W-2 and basically no deductions. This is where Cash App Taxes is an easy choice. Cash App Taxes is different from other options in that all you need to do is use the software. It is completely free, even if you are self-employed. 

However, you will need to download Cash App and pay from it. It also has pretty limited support services. Basically, there is only one email to write into and you cannot call anyone. Therefore, it is good if you won’t need any help because it is free, but it won’t work for someone who has complicated returns unless they won’t need help.
For anyone who is considering doing their own taxes, sometimes it is better to get help from a professional. Try getting advice from a true Tax Preparation Wichita KS provider. This will ensure you won’t make any mistakes, and you will get things done the right way.

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How Do I Find the Best CPA?

Managing your finances can be difficult. How can you find the best CPA in your area to help?

A certified public account (CPA) can help you to take control of your finances and ensure that you are always in compliance with relevant laws. These trained experts are an invaluable support system when it comes to meeting certain expectations. Even better, they can really simplify the process of managing your own finances—so how do you find a good one?

Choosing a CPA

For most people, an accountant is a powerful ally because they help you to fully understand your finances. Unless you’re an expert in tax law or know the ins and outs of financial best practices, they can provide a lot of valuable information. Even better, they will help you to fill out important documents and can even help you to better manage your personal finances. They offer a long list of services depending on your needs.

Explore Nearby Options

Any time that you set out to find a CPA that will meet your needs, you will want to know what options you have in the market. A simple search will generally lead you to potential options. If you have a specific service that you need, looking for experts who provide valuable resources on these services is a great way to find someone with plenty of expertise.

Consider Their Public Reputation

If the accountant that you plan to work with has a substantial online presence, it can be beneficial to see what other customers have said about partnering with them. You can learn quite a bit from someone else’s experience with that accountant. Glowing reviews and a generally positive reputation can tell you that your accountant is a good option.

Connect with Your Top Options

A CPA is always going to be happy to connect with you to discuss what they offer. You can really gain a lot of understanding by talking with a CPA to ensure that they are going to be a good fit for you. A simple meeting or conversation on the phone or through email can help you to make sure that they are a proper fit.

Look for Expertise

When working with a CPA, you want someone who is highly knowledgeable about their industry. Looking for someone who has great credentials can help you to receive the best services that the industry can offer. Consider years of experience, licensing, and other distinguishing factors.

The Takeaway

Every year, business owners and individuals alike partner with accountants for their financial needs. Working with a Wichita CPA can help you to get your finances under control and can actually save you money in the long run. You go to an expert for other industry needs, so why not trust your finances with a professional? Experts know how to help you save, build your wealth, and stay in compliance with relevant laws.

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Is it Worth Paying for Tax Preparation?

Tax experts are ready to help you file your taxes every year—are they really worth your hard-earned money?

All year long, people dread tax season because of the stress and confusion it brings. Since the average person is not trained to understand tax paperwork, the mere process of filing can be overwhelming and frustrating. For this reason, people choose to invest in tax preparation services every year. Find out what you get when you make this investment.

The True Value of Tax Preparation

Filing your taxes might not be easy, but it doesn’t have to be as hard as it can be. The average person can find themselves struggling to navigate tax paperwork, even when they use an online service. There is a lot to consider with taxes, and tax professionals know exactly what to look for. When you invest in tax preparation, you’re investing in quite a few perks.

Your Taxes, Guaranteed

Unless you’re incredibly well-versed in tax paperwork, there is a very likely chance that navigating it is difficult for you. The paperwork can be very confusing, and it often has language that can leave most people wondering how to answer correctly. Mistakes do happen, but they happen less often when you have a professional handle your taxes. 

Increased Tax Returns

In addition to knowing how to accurately handle tax paperwork, tax experts know how to find the best deductions for your specific circumstances. This ultimately means that these deductions add up, meaning that you can end up owing quite a bit less than you would have. Most people miss deductions that they qualify for simply because they are not aware of them.

Fees can occur when your taxes are filed incorrectly or mishandled and paid late, and this is not a situation that you want to be in. No one wants to end up owing even more simply because they made a mistake, but it does happen. Tax experts can help you to avoid these costs.

Time Saved

Time is money, and filing your taxes can take a lot of time, especially if you have a family, a home, or run a business. The more complicated your life is by tax standards, the more time you can expect to take. When you invest in a tax preparation service, you can trust that you will be saving all of that time. Though the service might have a few questions, they will handle all the work.

The Takeaway

Since you have to do taxes every year, it can save a lot of time and stress to have a plan in place to simplify the process. Before you spend another year struggling through tax season, consider exploring the tax preparation Wichita KS offers to find out how you can simplify this time of year. It is always important to be certain that your taxes are handled correctly, and a professional can really help.