When Should You Hire a CPA?

Whenever you experience a life-changing event, your cash flow and the tax bracket are probably the last things on your mind. But the fact is that some of the most stressful times of your life is accompanied by an aftershock to your finances. This financial crunch can however be overwhelming. So would you go through all sorts of paperwork when you have got big life decisions to make? Now, this is where a Certified Public Accountant (CPA) comes in. A CPA helps you sail through the complicated times, so that you come out on the other side in best financial position possible.

So if you are looking for a Manhattan CPA, get apprised with the certain life events where everyone should employ the services of a CPA. They include:

1
Divorce

Divorce is one of the most stressful life events that come with major financial implications. In divorce, things get pretty ugly because of the disputes over which parents claim a child as a dependent, issues with filing status, and also the concerns about the taxability of child support. Therefore, speaking with an accountant will diminish your headache when you are navigating a divorce.

2
Beginning a new business or Renting a Property

Starting a new business involves a lot of critical decisions as well as rules to follow. It does not matter whether you have done the research or not, it will be wise of you to run your ideas past a CPA. Most of the CPAs also offer running business services for functions like payroll and tax filings.

Similarly, if you are renting your property for the very first time, you should be aware of the tax implications before you sign the agreement or lease. CPA can also help you in taking advantage of all the deductions available to you.

3
Death of your Loved One

Though it is a morbid thought and probably the farthest thing from your mind when you are in a grief, but the death of a family member or your loved one comes with financial and tax implications. In some instances, death leads to a new tax entity, referred to as an estate, which requires its own tax return every year until the estate is closed.  Hence, a CPA can provide you valuable advice in the event so that you receive an inheritance.

You can even consider hiring a Manhattan CPA when you are planning for your retirement, selecting a college savings plan, or for selling a large investment. Well, it all depends on the complexity of your situation.