Most people would hire a Certified Professional Accountant, or CPA, to assist in business matters but rarely consider using one to assist them in their personal finances. It is a myth that CPA’s are only needed in the world of business. Whether you want to save money, get help preparing your taxes, manage investments, or plan for retirement or other big life changes, an accountant can provide much needed personal advice and assistance.
People who would like to understand their options when it comes to making investments usually require knowledge about the options before making any major financial commitments. While some people have the time and patience to research all the various stocks and real estate markets, most can benefit by seeking advice from a CPA. Accountants can analyze your personal financial situation and advise you on the best investment paths to take based on your desired outcome.
Making wise investment choices is critical to your financial security in the future. Many people who need to pay for children’s college, or who wish to downsize and live in a different area, can benefit from working with a CPA. Not all our paths are clearly marked, and planning ahead can save money, time, and provide peace of mind.
On the road to financial freedom is the ever-present Internal Revenue Service, with its changing laws and rules surrounding how and what amount of our money we pay in taxes. Making money is one thing but keeping more of it in the bank is key to building wealth. If a person earns more than $200,000 a year, having an accountant is beneficial as top earners are more likely to be audited. Accountants are adept in understanding current IRS laws and filing rules which ultimately saves you money. In addition, they can provide expert services if any audit should occur.
Accountants can also help you improve your credit rating. There are tactics other than just paying your bills on time that can improve your credit score at a quicker pace. They can teach you these tricks of the trade so that you can gain more ground in your overall financial health.
Along that same vein is the idea of reducing overall debt in order to become financially stable. Managing personal debt can be extremely overwhelming and challenging but having a plan of how to eliminate it all together can be very empowering. CPA’s can help negotiate a path through debt and keep you on a budget that will eventually provide financial freedom.
There are numerous reasons to consult with a Certified Professional Accountant that will benefit your current and future financial footprint. Whether it is for a small budget adjustment or for larger investment advice, consulting a CPA will bring you closer to achieving your financial goals.
For more information on how to get your finances under control please give Jack Trent and Company a call at 208-947-2400. We look forward to speaking with you!