Are you wondering when the right time is to hire a Certified Public Accountant (CPA)? The answer might be sooner than you think. Whether you’re an individual with complex financial situations, a small business owner juggling multiple roles, or a corporation dealing with intricate financial transactions, a CPA in Lackawanna County can be a game-changer. CPAs are financial experts who can provide invaluable assistance in tax planning, financial decision-making, auditing, and more. Knowing when to bring one on board can save you time, stress, and potentially a significant amount of money. 

Let’s explore the key moments when hiring a CPA should be considered.

  • Before You Start Your Business

Before you kick-start your entrepreneurial journey, it’s wise to engage a CPA. They can assist in conducting market research and writing a compelling business plan. They can also guide you in choosing the most beneficial legal structure for your venture, securing the necessary funding, and selecting an ideal business location. Their expertise can help lay a solid foundation for your business, increasing your chances of success. Moreover, they can set up efficient accounting systems right from the start to keep your finances organized.

  • Tax Time

When tax season rolls around, a CPA can be a lifesaver. With their deep understanding of tax laws and regulations, they can help you navigate complex tax filings, maximize deductions and credits, and avoid potential penalties for incorrect or late submissions. Beyond just filing your taxes, they can also provide strategic advice on tax planning to optimize your financial situation for the future.

  • Special Circumstances

Life events such as retirement, marriage, divorce, or receiving an inheritance often come with complex tax implications. A CPA can provide expert guidance during these special circumstances, helping you navigate any financial complexities and make informed decisions. They can simplify the process and give you peace of mind during potentially stressful times.

  • When You Merge, Acquire, Sell, or Close

Major business transitions like mergers, acquisitions, selling, or closing a business come with intricate financial and tax considerations. A CPA can provide crucial support during these times, ensuring that all transactions are conducted smoothly, legally, and with minimal financial impact. In addition, they can help you understand the long-term consequences of these decisions, ensuring you’re well-prepared for what lies ahead.