When most people think of Certified Public Accountants (CPAs) and other accountants, they think of taxes. But at Freedom Law School, our research shows that only about one percent of Americans are actually required to pay federal income and payroll taxes. This has led many to ask: “If I’m not filing federal income tax returns anymore, what should I do with my accountant?”

If you’re still filing state income taxes, you may want to keep your accountant for that. Just make sure you’re not allowing them to e-file your returns. If you’ve signed any permissions for electronic filing before, cancel them. Request paper returns and handle the mailing yourself to stay in control of what gets sent.

You can still use your accountant for other things as well. Accountants know a lot about money and business, and they can help you grow your finances in other ways. Here are some things they can do:

1. Understand Your Money: Accountants can create and explain reports that show how your money is being spent and earned.

2. Help You Get Loans: They can help prepare the paperwork you’ll need to get a loan or funding.

3. Business Advice: Accountants can guide you on how to plan for the future, budget wisely, and make your business more successful.

4. Check Your Records: They make sure your financial records are accurate and reliable.

5. Plan for the Future: Accountants can help you figure out how to pass your business or wealth to the next generation.

6. Start a Business: They’ll help you set up a new company the right way to save money and protect you legally.

7. Organize Your Records: Accountants can set up systems to track your income and spending easily.

8. Technology Help: They can recommend and set up software to make your business run smoother.

9. Follow the Rules: Accountants help you stay on top of government rules and avoid penalties.

10. Mergers & Acquisitions: They assist in buying or selling businesses by ensuring everything checks out financially.

11. Retirement Plans: Accountants can help you and your employees save for retirement.

12. Prevent Fraud: They help protect your business by spotting risks and preventing theft or fraud.

13. Work Globally: If your business operates internationally, they can help with taxes and rules in other countries.

14. Investigate Problems: Accountants can dig into financial records to find missing money or other issues.

15. Legal Help: In disputes, they can provide reports or even testify to support your case.

Working With Accountants

Many accountants focus only on taxes, and some might not want to hear your views about income tax laws. As Upton Sinclair once said, “It is difficult to get a man to understand something when his salary depends on his not understanding it.”

When talking to your accountant, focus on the services above instead of debating tax laws. If your accountant doesn’t offer these services or isn’t interested in helping beyond taxes, it might be time to find one who is. Look for an accountant who cares about financial planning and business growth. That way, you’ll have a true partner in making your money work for you.

Sometimes, these services might be better handled by you, your staff, or another expert like a lawyer or bookkeeper. Think about what makes the most sense for your needs and budget.

Courtesy of Freedom Law School, 813-444-4800

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