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Your CPA Provides Benefits Beyond Tax Preparation Services

If you only see your CPA in the spring, it’s time to rethink your approach to managing your taxes. Providing tax preparation services is just one of the ways CPAs serve their clients. Your CPA’s guidance is a powerful resource to tap into as you navigate financial challenges and work to maximize your wealth. After this year’s taxes are handled, turn to your CPA for help preparing for whatever comes at you next. And if you’re a busines owner, your CPA can help in even more ways.

Beyond Tax Preparation Services: How CPAs Help

Working with your CPA all year long keeps you on track with your personal financial goals and your business goals. What kind of help can your CPA provide? It really depends on your specific goals, and the scope of services that your CPA offers. These are just a few of the common benefits that CPAs provide beyond tax preparation services. 

CPA Benefits for Individuals

Tax planning. Using your CPA’s tax preparation services may help you comply with your tax filing requirements, but your tax preparer can only do so much with last year’s numbers. Planning for next year’s taxes—and beyond—is one of the valuable ways that CPAs can benefit their clients. Tax planning may include discussions around maximizing deductions, timing contributions to IRAs and other accounts, strategic charitable giving, planning for asset transfers, and more. 

For anyone who doesn’t closely follow changing tax codes, a CPA can also be a vital source of insight into what may be coming up over the next few years. Because CPAs stay current with evolving tax laws, they can help clients start thinking early about how to proactively respond to any coming legislation. 

Education planning. If there’s a young child in your life, it’s never too early to start saving for their future. Put money aside now so it can start growing into a nest egg that lets the child start their adult life without the burden of student loans. Of course, education planning isn’t just about saving for college; depending on what kind of education accounts are set up, the money may be used in other ways that benefit the child. A CPA can help clients compare their options around education savings accounts and identify the most tax-advantaged way to grow money so it’s there whenever the child needs it.

General financial guidance. A CPA may be able to offer guidance around navigating any unexpected financial problem, like an intimidating letter from the IRS or the sudden loss of a job. CPAs can assist throughout the estate planning process, helping clients minimize future estate taxes for their heirs and maximize any assets they inherit from loved ones. A CPA can also act as a sounding board whenever clients need to make complex financial decisions. If you’re comparing the benefits packages between two different job offers, or need guidance about how and when to exercise your employee stock options, your CPA may be able to provide the clarity you need.

CPA Benefits for Businesses

Tax planning. Your CPA’s tax planning services may benefit your business in many ways. CPAs can help their clients devise more advantageous tax strategies, identify potential tax credits and deductions, prepare for payroll taxes and anticipate any tax obligations related to new legislation. Working with a CPA on a tax planning strategy now may help a business avoid surprise tax bills later. 

Business guidance. A great CPA can provide wisdom about a range of subjects affecting a business’s finances and future. When the same CPA prepares a client’s business and individual tax returns, they can give guidance that considers the taxpayer’s overall financial reality. A CPA may be able to identify financial weaknesses that threaten the business’s future, allowing them to craft strategies that strengthen its position and provide insights that support the business’s growth. CPAs can also provide business guidance that makes life easier and more profitable for small business owners going forward, like helping them implement more efficient accounting systems, quarterly reporting, and cash flow projections. 

Navigating changing financial conditions. There’s nothing like a global pandemic to remind you that some things are outside your control! Planning is critical, , but you also need to have someone to turn to when life throws a curveball at those plans. During the pandemic, clients have turned to their CPAs to help them with things like loan applications, managing PPP funds and applying for PPP forgiveness. Being able to jump on Zoom and talk through all the evolving requirements and regulations with a trusted advisor was invaluable during the height of the crisis, and will continue to be as things keep changing. 

Sachetta Callahan’s team of CPAs and wealth management professionals work together to provide clients with a full range of financial services. We offer tax preparation services as part of our holistic model with both individuals and businesses.  From retirement planning to business consulting and estate planning, your CPA can use their experience to help you protect your assets both at work and at home. 

I’m happy to answer any questions you may have about the benefits your CPA offers beyond tax preparation services. Contact me today!


Georgios Liakakis, CPA, MSA is a Certified Public Accountant and holds a Master’s Degree in Accounting from the University of Massachusetts Lowell. George has been working in public accounting for 7+ years with two different firms ranging in sizes from local to national. He joined our team in 2016 and focuses on both business and individual taxation.

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