CPAs usually bill hourly, which you must specify in advance. Regardless of cost, though, it’s in your best advantage to be prepared and productive when you meet with your CPA for the first time if it’s your money that will soon belong to someone else.
If you can immediately supply all the necessary documentation, it will take less time and back and forth in emails and phone calls to locate the information. When you meet with your CPA in Frisco, Texas for the first time, remember to carry the following checklist to expedite the process and save money:
- Finalized tax organizer
- W2s and 1099s
- Previous year’s return
- Statements of brokerage
- Mortgage and IRS Form 1098 notifications
- Forms unique to each state
- Form K-1 (if you are a business owner)
Table of Contents
Follow These Steps During Your First Meeting
Establish a Connection
It’s best to stick with a CPA over time and build a connection when you find someone you can rely on and feel comfortable with. By doing this, you’ll provide them with a greater understanding of your aims and objectives, as well as make them more qualified to help you with your personal finances. They will eventually become your go-to personal financial advisor and be able to create more techniques every year to save you more money during tax season. They can also quickly identify any inconsistencies or information gaps at that point.
For instance, a CPA knowledgeable about your taxes and financial status would be better able to spot any mistakes or omissions that can harm you. A CPA you’ve worked with for a long time might have the paperwork on file or be able to quickly identify the error if you overlook something crucial, like a mortgage statement for estate property taxes.
However, if you worked with a different tax expert every year, they might not be as familiar with some crucial information about your account.
Be Totally Sincere And Honest
It’s crucial to give your CPA all the information they need to prepare your taxes as efficiently as possible because keeping information from them will only work against you.
Your CPA works to maximize your tax savings and assist you with filing. Clients may be ashamed to provide information in specific circumstances, such as specific medical costs. But your tax advisor’s only purpose is to assist you; they never come to pass judgment. Eventually, you should be comfortable in your working relationship to discuss money issues.
Always Seek Advice from Your CPA
Make sure to run any new ideas or purchases by your CPA during the first appointment and any subsequent visits. They will be able to assess whether that choice was wise or whether there is a better way to accomplish your objectives. As previously stated, your CPA is your trusted financial counselor, so consult them before making new purchases or investing decisions. Doing this in the upcoming tax season may save time and money.
Conclusion
When dealing with a CPA, organization is beneficial in many ways. You’ll ensure your tax return is filed accurately and on schedule while saving time. You lessen your chances of paying fines or being audited by doing this. Find out from your CPA what to bring to your first meeting to make a good impression.
Being on top of your taxes and bookkeeping may be time-consuming and stressful. For this reason, CPAs prepare our monthly clientele’s business accounting tax returns, both personal and business. Make the proper CPA contact today to avoid wasting time, money, or stress.
