The Tax Benefits of Choosing a Good Manhattan CPA

By: Jonathan Medows, CPA | Posted: 01st December 2009

Most business owners in New York City do not understand the significant differences between CPA's and other accounting professionals or bookkeepers. Stringent education and licensing requirements are the key differences where credentials and qualifications are concerned. However, the tax benefits of choosing a good Manhattan CPA far outweigh those of the standard accountant or bookkeeper.

Manhattan CPA's are skilled business advisors and can properly guide you with financial planning strategies, especially where filing your taxes and tax planning is concerned. In addition to assisting you with your business accounting and tax needs, they can also handle your personal needs such as financial, retirement, and tax planning. Therefore, it is imperative that you understand the importance of choosing a CPA for tax purposes as well as your business and personal accounting needs.

Understanding why you should hire a CPA for all your tax needs

Where business and personal taxes are concerned, hiring a Manhattan CPA can benefit you a great deal when you consider that they have far more knowledge about these issues than what most business owners and individuals do. First and foremost, you need to focus on what you need your CPA to handle for you where your business and individual tax needs are concerned. Here are 5 key benefits to consider:

o Hiring a Manhattan CPA for your tax needs can save you time and money in the long run

o You can be assured that your tax information will be more accurate when hiring a CPA

o A good CPA can assist you and your situation by offering more specialized advice and tax tips

o If you are in a position of having to fight an IRS or state audit, file back taxes, or paying off tax debts, a Manhattan CPA is skilled at these aspects and can save you a lot of grief in the long run

o Detailed advice and planning that a CPA provides you with can enable you to pay the smallest amount of taxes possible

Suggestions for hiring the right Manhattan CPA

Finding the right CPA in Manhattan (or a New York City CPA for that matter) can be a daunting task considering how many of them are listed in the phone book and online. It is imperative that you not only find a experienced CPA skilled at tax accounting and preparation, but one that meets your business and personal needs as well. Here are some suggestions for accomplishing that:

o Ask for referrals from other business owners or your local area Chamber of Commerce

o Interview several CPA's - don't just settle on the first one you talk to

o Be leary of any CPA who promises you large tax refunds or tells you that everything is deductible - remember that you are responsible for all the information listed on your tax returns - not the accountant

o Ask to see their credentials and get critical information such as their experience in tax matters, how long they have been operating as a CPA, fee schedule, and especially the reasons that you should hire them versus another CPA.

Jonathan Medows, CPA, MBA is the Managing Member of MEDOWS CPA, PLLC, a boutique New York CPA firm

serving the needs of individuals, freelancers, self employed individuals & small businesses. To see how he can help you reduce your tax liability and keep you in tax compliance please visit his website: Medowscpa.com


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Tags: business owners, time and money, tax information, irs, grief, accountant, bookkeeper, licensing requirements, tax purposes, personal needs, cpa, business accounting, tax planning, planning strategies, back taxes, tax debts