How Hiring an Accountant Can Improve Your Financial Literacy

When many people think about accountants, the first thing they think about is uptight individuals who have been hired to manage the money of your company. Though this may be accurate in some cases, managing money isn’t the only thing an accountant can do. In fact, many people would be surprised to know that they don’t really know much about the accounting profession at all, and that accountants can actually help you improve your general financial literacy.

Financial Literacy Accountant Money Save Spend

Financial Literacy

Accountants know first-hand what the economy looks like from a financial standpoint and can forecast where it will be in the future; and because of their specialized knowledge, they are qualified to teach you whatever you’re willing to learn about financial literacy. Below are just a few lessons in financial literacy an accountant can teach you:

An Accountant Can Teach You How to Save Money

Yes, an accountant can teach you how to save money, but only if you’re honest about your spending habits. An accountant can work with you one on one to see how you could be saving more and where you spend money recklessly.

An Accountant Can Teach You How to Spend Money

Ever heard the quote in order to make money you have to spend money? That quote was probably created by an accountant who wanted to help their clients learn how to spend money. Accountants can help advise you on what purchases can help your business grow and which purchases could send you in the red quickly.

An Accountant Can Help You with Bankruptcy

Bankruptcy is often considered the end all be all of financial issues. An accountant can help you and your business determine if bankruptcy be right for you and your company. They can also help you as you determine what you can and cannot do in order to dig yourself out of a financial rut.

An Accountant Can Help You Make Better Decisions

Whether you’re trying to determine how much money to save, spend or even use on payroll, an accountant can surprisingly help you with all of it. The better financial decisions you make, the better your financial future will be.

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Three Benefits of Hiring a CPA to Do Your Taxes

Benefits Tax Season Business Hiring

Three Benefits of Hiring a CPA

Hiring a CPA to do your taxes is, hands down, one of the best decisions you can ever make as a business owner. While many business owners resort to hiring a family friend, or perhaps a relative, to do their business taxes, this is actually not always the most cost-effective move for a business.

While not everyone sees the need to hire a CPA, certainly there are numerous benefits of doing so. Here are three concrete benefits of hiring a CPA to help with your business taxes:

Hiring a CPA Means Less Stress

Tax season is by far one of the most stressful times in the lives of many business owners. Many new business owners often forget to hold on to receipts or bills, and because of this many end up making costly mistakes on their taxes. What’s even worse is that one mistake could turn into a nightmare, especially if you are later audited by the IRS. Hiring a CPA is a sure means to avoid such a predicament.

CPAs Understand Current Tax Law

Being aware of tax law could be life, and money, saving. So many people waste so much money each and every year when doing the taxes simply because they don’t realize that many things can easily be written off of their taxes. While you may not know all of these laws, a good CPA will know, and will be able to do whatever is necessary to get you tax breaks.

CPAs are Certified Professionals

While your aunt, cousin or friend may know how to do taxes because they learned on YouTube, CPAs are certified to be tax preparers in any setting. Because they are certified, they have the credentials that back up the work they say they can do.

What benefits have you found in hiring a CPA to do your taxes? Leave your comments below.

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Five Ways Your Accountant Can Help You Budget Your Tax Refund

Budget Refund Accountant Business

Budgeting Your Refund

Every business owner and individual looks forward to tax season, especially if tax season presents an opportunity for your business to get a tax refund. Because it usually falls outside of one’s ordinary budget, tax refund money is often spent on frivolous things without much premeditation. This is definitely a habit worth breaking, especially for business owners.

An accountant can definitely help you budget your refund so that you are put in the best possible financial situation. Here are four specific ways your accountant can help you do this.

An Accountant Can Show You How to Tuck Away Your Refund in Savings

While your accountant doesn’t have any official say over your money, they can offer friendly suggestions that may help you better budget your tax refund. One of the best ways your accountant can help you budget your tax refund is simply by encouraging you to tuck away your tax refund into your savings account.

An Accountant Can Effectively Help You Pay Down Credit Card Debt

Your credit card debt is a serious issue. A good accountant knows exactly what debt you have and how long you have to pay it off. When attempting to budget your tax refund, one of the greatest investments you can make is paying off any outstanding business debt you have. While many people may disagree with this advice, it’s important to remember that your tax refund is literally money you didn’t have in the bank so why not use that money to improve your debt problems.

An Accountant Can Teach You How to Build on or Start an Emergency Fund

Emergencies happen for all of us, and they happen even more frequently for business owners. Building or starting an emergency fund with your tax refund could literally save your business should it ever have to deal with a crisis. Being over-prepared is always better than being under-prepared.

An Accountant Can Help You Make Extra Business Payments

Do you have an office space? Equipment you are renting or renting to own? Get ahead of those payments while you still have a chance by making extra payments with your tax refund. Not only will it give you an additional cushion for the next couple of months to relax on, it will also give you a chance to experience freedom from paying bills.

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  • Huddleston Tax CPAs / Huddleston Tax CPAs – Burien
    Certified Public Accountants Focused on Small Business
    14900 Interurban Avenue S, Suite 271 / Tukwila, WA 98168

    Huddleston Tax CPAs & accountants provide tax preparation, tax planning, business coaching,
    QuickBooks consulting, bookkeeping, payroll, offer in compromise debt relief, and business valuation services for small business.

    We serve: Tukwila, SeaTac, Renton. We have a few meeting locations. Call to meet John C. Huddleston, J.D., LL.M., CPA, Lance Hulbert, CPA, Grace Lee-Choi, CPA, Jennifer Zhou, CPA, or Jessica Chisholm, CPA. Member WSCPA.