The Comprehensive Guide to CPA In Las Vegas: All You Need to Know
Every business needs a trustworthy financial advisor to help guide its finances and make sure you are choosing the best tax relief to optimize your revenue. Many small business owners are confused about whether to DIY their finances or hire a Las Vegas CPA or accountant. So we decided to make a small guide to help you choose the best CPA in Las Vegas, NV for your business.
Hiring a CPA in Las Vegas vs DIYing Your Finance
Many businesses choose to DIY their finances in hopes of saving the money they would pay to a CPA firm in Las Vegas. However, you would still need to pay from $60 to $120 for tax software plus $50 per state return. And depending on your financial and law knowledge, you might even not be able to save as much as you could with the right CPA firm by your side. Here are some signs you should consider hiring a CPA instead of handling your finances on your own.
You’re Self Employed
If you are self-employed, you will need someone tracking your finances and making sure you are using all tax deductions available to you. That way you will maximize your tax return, optimize your profit, and actually save more money than if you handled your own taxes.
You’ve Got Foreign Income or Bank Accounts
If you have any money coming in from another country or tied to a foreign account, you’ll be subject to special reporting requirements. Many people are unaware of these, but being unaware won’t exempt you from penalties so it’s best to hire a CPA to guide you through the process.
You Had a Major Life Event
Getting married, divorced, having a child, death of a parent, starting a business, buying or selling a home, or moving out of state will all impact your taxes. Hire a professional CPA to make sure you are using all the tax deductions and credits you are entitled to.
You Own Rental Property
If you own a property you rent out, you will want to make sure you’re getting the most profit out of it. That entails knowing all the rules and regulations about claiming losses, deducting expenses, and depreciating property. If you don’t know these rules, get yourself a professional CPA who does.
You’ve Been Called for an Audit
If the IRS has called you for an audit, it’s best to hire a CPA. The CPA will help you collect the right documentation and can even represent you and negotiate with the IRS on your behalf. That way, you’ll be sure you are the best equipped and protected against the IRS.
How to Choose the Right CPA Firm in Las Vegas
No matter why you are choosing to use professional accounting services, there are certain things to consider before you decide on a specific CPA or CPA firm. There are many accounting companies in Las Vegas that do a great job and could help you or your business, so how do you choose the right one? Here are some things to consider.
Make a List of Prospective Candidates
Ask your friends or acquaintances for referrals. That’s the best way to get a professional CPA with proven good results. If you can’t come up with referrals, turn to Google and your local state CPA society. Even then, don’t just pick one name. Make a list of prospective candidates and look through their reviews and offers.
Consider Their Industry Expertise
Of course, just because a CPA firm hasn’t worked in your industry, doesn’t mean they’re not the right fit for you. Still, industry expertise is a huge plus when choosing a CPA. If the CPA firm you are recommended and really like doesn’t have industry experience, check how well they’ve performed in differing industries. If they are able to adapt, they just might be the right fit!
Check Your Needs, Budget, and Their Cost
Figure out your needs first. Are you a growing business that requires year-round assistance? Will you be calling in for advice frequently or do you just need some to handle your tax return when it’s due? Ask a CPA if they will charge a flat fee or an hourly rate. Both are legit, but you need to know and calculate your prospective costs.
Make Sure They’re Available
Another important thing to consider is their availability. This especially goes if you are considering choosing a larger CPA firm. Make sure that your CPA or someone from your CPA firm will be available when you need them or have some questions for them.
Give Them the Beer Test
Depending on your needs and situation, you may be working with this person or company closely and for years to come. So, besides their expertise, you’ll need to choose someone you like! Take whichever people or companies from the initial list pass these aforementioned requirements for a beer and see how you like them as people.
Good Luck Choosing Your CPA in Las Vegas
That’s the best advice we could give you for choosing the right financial aid for you or your business. Now it’s up to you to choose the one that suits you best and we wish you the best of luck!