Who takes care of your taxes?
I know many people who work in audits have a strong dislike for taxes, but since most of us are or will be CPAs, I’m curious: do you handle your own tax returns, or do you rely on a friend from the tax side to help you out?
And just to clarify: if you’re running a business, do you still manage your own taxes, or do you prefer to the experts?
One response
It’s an interesting question! Many CPAs and finance professionals choose to do their own tax returns because they have the knowledge and expertise to navigate the complexities of the tax code. However, when it comes to having a business, the situation can get a bit more complicated.
Some CPAs might prefer to handle their business taxes themselves if they feel confident in their understanding of the specific deductions, credits, and regulations that apply to their situation. Others may opt to work with a colleague or a tax professional who specializes in business tax compliance, as they might have a deeper understanding of areas like business deductions, employee benefits, and other nuances that can optimize tax filings.
Ultimately, it often comes down to personal preference, the complexity of the business’s finances, and how much time one wants to dedicate to the process. It’s always wise to weigh the cost of hiring a professional against the potential savings in terms of time and maximizing tax efficiency! What about you? Do you think you’ll do your own taxes once you’re in the profession?