At Goldstein Franklin, we provide a range of services including income tax preparation with e-file, tax help and IRS Audit Representation. We also provide business clients with: bookkeeping, write-up, financial statements, cash flow analysis, budgeting & payroll to support their tax preparations. Our firm supports Quickbooks, Peachtree, Quicken, Turbo Tax as well as most major tax and accounting software packages. Our tax education tries to assist citizens with information about tax planning, tax credits and deductions, taxes and insurances related issues, as well as a page on the most Frequently Asked Questions that we have encountered through years of experience on taxes and related matters.
• General tax planning
- o Am I having enough withheld?
- o Choosing an income tax filing status
- o Help! I can't pay my tax bill
- o Income tax planning and 529 plans
- o Surviving an audit
- o Tax benefits of home ownership
- o Tax planning for income
- o Tax planning for the self-employed
- o Taxation of investments
- o Year-end tax planning
• Tax credits and deductions
- o Education tax credits
- o Personal deduction planning
- o Qualifying for the home office deduction
- o Understanding personal tax credits
• Taxes and insurance
- o Income tax tips: business insurance
- o Tax planning for annuities
- o Tax planning tips: auto insurance
- o Tax planning tips: disability insurance
- o Tax planning tips: life insurance
- o Tax tips: health insurance
- o Tax tips: homeowners insurance
- o Tax tips: long-term care insurance
Why Use a CPA to Prepare Your Taxes
1) Licensing – PracticingCPAs are licensed through their particular state. In order for the CPA to maintain this license, he/she must generally do 2 things: complete continuing education (e.g. take a course on the latest tax deductions) and run his/her business according to specific standards.
2) These standards provide assurance to you that you’re getting a quality service. If you ever have a question about your CPAs legitimacy, contact your state’s board of public accountancy and request information about your CPA.
3) Consistency and Stability – ACPA is going to be there for you year after year. Practicing CPAs are in it for the long run.
4) Doors are Always Open – A CPA performs many types of financial services, not just taxes. Therefore, their doors are always open for tax questions, tax planning, and for any audit help you may need. Other tax preparation services are going to close their doors from May to December. Who’s going to help you when you get that audit letter? A CPA can.
5) Record Retention – ACPA is going to maintain your tax information much like a doctor holds on the patient’s medical records. A CPA will act as your own personal filing cabinet through the years. You’ll even get your own copy of the return and supporting documents in a nice little folder for you to file away yourself if you want. Digital is also becoming more prevalent.
6) Tax Planning – The best part about having a CPA is the tax planning advice he can provide throughout the year. There are certain year-end tax moves you can make each year that will save you hundreds in tax dollars. Software and tax preparation companies aren’t around to help you with those things.
7) Professionalism – like I mentioned above, a CPA is licensed with the state. They’ve gone through a ton of accounting classes, a tough exam, and must maintain continuing education credits each year. Only a person who wants to be a professional is willing to go through what it takes to be a CPA. Of course, CPAs are still just people. But I’ll take the CPA designation over any other for tax filing purposes.
8) Your Time – The last good reason for using a CPA is your time. Although you have to spend a little time preparing your tax files to bring to a CPA, However, they will save you the time it takes to enter in all the information, and file the return. And each year it gets quicker as you’ll learn what to bring to your CPA.
When Not to Use a CPA
1. Generally speaking, you don’t need to use a CPA if you’ve got a simple return. If you only file a 1040EZ, or if you file a 1040, but take the standard deduction, a CPA wouldn’t be necessary. There are plenty of free tax filing services that you can use to quickly prepare and e-file your taxes. However, when you are a business owner, homeowner, highly compensated individual, stock owner, and a professional, you will need to rely on the second eye of a practicing professional such as a CPA or a Tax Attorney.Call us today at 310-895-1839 for your free one-on-one consultation