Tax preparation by a Certified Public Accountant (CPA) involves the process of preparing and filing tax returns on behalf of individuals, businesses, or organizations. A CPA is a licensed professional who has met the educational requirements to become a certified accountant. Typically, this involves the following steps:
- Gathering information: the CPA collects information about the taxpayer’s income, expenses, deductions, and other financial information, including receipts, W2s, 1099s and so on.
- Analyzing information: the CPA reviews the financial information to determine what deductions/credits the taxpayer is eligible for and how much liability in taxes they owe.
- Preparing tax returns: the CPA prepares all appropriate forms for all parties, individuals, and corporations.
- Filing tax returns: once the tax returns are prepared, the CPA files them with the appropriate authority (i.e. the IRS).
- Providing tax planning advice: the CPA can also provide advice to their taxpayers to minimize their tax liability in future years.
There are 3 main reasons to use Huddleston Tax CPAs instead of software to do your taxes.
1. Your individual taxes are more complicated.
If you’ve been reliant on an accounting software, and found that you’ve consistently owed money, it could be the automation isn’t working in your favor. Having dedicated CPAs combing through your taxes means we’ll work diligently to ensure you get the most deductions possible.
2. You’ve started a business.
Many start a business under the sole proprietorship simply because it’s the easiest. However, there are myriad savings you’re missing out on by not converting your business to an S Corp. An accountant will walk you through it.
3. You want to save more moving forward.
If you’re seeking an accountant for the first time, it could be due to you wanting to know more; wanting to know why you owe money when you filled out your W2 with the maximum number of withholdings; or why your return was substantial and how you can continue that trend or, better yet, where to invest it.
Huddleston Tax CPAs are an esteemed tax consulting and accounting firm with many of our clients returning to us again and again because of our accuracy and speed.
One of the ways, Huddleston Tax CPAs differ from other accountants is, we continue to excel in our attention to detail. We’ve reviewed and amended many returns prepared by other accountants and tax preparation specialists, and our clients have seen the benefits of said work first-hand.
Here’s how our process generally works:
- Set up an appointment
Give us a call at 1-425-483-6600 and we’ll set up a short tax consultation to get to know you and financial situation. With COVID, we do offer remote services.
- Bring (or email) your documents
To make the most out of your appointment, make sure you bring all the necessary tax documents to your consultation.
Not sure what to bring? Here’s a list of documents that will help us understand your financial situation. This list isn’t exhaustive, but it’s a good start:
- Real estate and other income verifying documentation
- Stocks & Bonds
- Investment property (real estate, gold, etc.)
Expenses & Deductions Documents:
- Transaction lists
- Books & other records
Finally, remember to bring some questions. Consultations do not have a set agenda, so ask whatever you need to and we’ll answer you quickly and honestly.
From there, we’ll follow up with you. There is no obligation to use our services, but you can let us know where you’d like to take things from there. So don’t hesitate to get in touch with us!
Frequently Asked Questions
How much should it cost for someone to do your taxes?
This is a tricky question because it depends on your situation. Fortunately, when you meet with our CPAs, you’ll get an estimate as well as the exact hourly rate. Having been at this for well over 30 years, our CPAs are able to provide a fairly accurate estimate.
What is the standard deduction?
The standard deduction can vary every year, but for 2021, it was $12,550 for married but filing separately; $25,100 for married filing jointly; and $18,800 for head of household.
Is a CPA better than tax filing software?
Again, this will depend on your specific situation. Broadly, a tax filing software tends to be less expensive and fairly comprehensive if you have a simple tax situation. If however, you own property, investments, have multiple jobs, recently received an inheritance, started a business, etc., then an accountant would be ideal as they can uniquely analyze your financial situation, offer guidance on how to reduce costs, and how to file your taxes accurately.