How a Financial Advisor Can Help You With Personal Accounting Issues During Tax Season and Beyond

February 18, 2012 by  Filed under: Taxes 

If you currently live paycheck to paycheck but aspire to have financial security in the future, you may benefit from meeting with a financial advisor at a CPA firm. This tax season, take the opportunity to connect with a professional who can not only file your taxes, but also assist you in financial planning.

In today’s uncertain economy, plenty of people live paycheck to paycheck, carefully budgeting so that their expenses don’t exceed their income. Many others fall victim to snowballing credit card debt or tax debt. Neither of these lifestyles allows for much financial growth, as putting money into savings accounts or investments will be low priority compared to surviving the month or year. If you aspire to improve your financial situation in the future but don’t know how to get started, contact an accountant in your area to act as your financial advisor. Use tax season as an excuse to get your financial life on the right track.

Tax Preparation Services

A certified public accountant will be able to help you prepare your tax return quickly and accurately. He or she can advise you on what deductions you’re eligible to claim and how you might best handle your tax liability. For instance, if your tax burden is too much to pay all at once, an accountant can help you set up an installment payment plan with the IRS. If there’s something you can do more effectively going forward, such as keeping detailed records of expenses and organized files of receipts for itemized deductions, a financial advisor will clue you in. CPAs are trained in the nuances of tax law, and working one-on-one with an accountant will ensure that you’ve got someone on your side who understands your unique financial situation.

Tax Resolution Services

If you’re struggling with tax debt due to back taxes and the related penalties, a financial advisor can help you break free. Your accountant will be able to assess your situation, from the debt itself to your current and future ability to pay it off. Then, he or she can act as an advocate on your behalf, negotiating with the IRS for penalty abatement, an installment agreement, wage garnishment cessation, or whatever tax resolution scenario is right for you. Once you’re on your way to being debt-free, utilize your CPA as a resource to keep from falling victim to tax issues in the future. By discussing your income, expenses, and tax history with an expert, you’ll gain a greater understanding of your situation and what steps you have to take to improve it.

Financial Planning

A financial advisor will listen to your financial goals and help you figure out how to reach them. For instance, if you want to pay off your student loans and save up to purchase a house in the next 10 years, an accountant will be able to break down exactly what that means in terms of monthly payments and savings contributions. Then, the two of you can work together to decide whether this goal is feasible, based upon your current income and expenses. Bear in mind that no financial decision stands alone; paying off a debt, taking out a loan, acquiring property, changing jobs, and investing all affect your overall financial situation, including your tax liability. A certified and experienced accountant in your area will take each puzzle piece into account when considering what is best for your financial future.

It’s never too late to start thinking about becoming financially secure and attaining your goals. Tax season, when you’re already examining your financial situation in detail, can provide just the kick you need to take that first step. Make an appointment with a CPA firm to discuss your tax liability and your financial dreams.

Penny Jones is a money management guru and a senior Internet marketing strategist for Prospect Genius, a leader in SEO advertising.

Article Source:

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!

You must be logged in to post a comment.

Prev Post:
Next Post: