The first thing to know is that a certified public accountant or a CPA is not simply a numbers cruncher or someone who just prepares your tax returns and organizes your tax records. These unique breed of professionals provide services that range from sorting out your entire finances, whether you are a corporation or a working individual, giving you financial advice and helping you to make wise financial decisions given your lifestyle and tax implications.




On the other hand, tax lawyers are simply advise you on your tax returns and charge a lot more money than a certified public accountant. So why do you need a CPA? Here are the top three situations when you are definitely going to need to go to a CPA for help.




You are the owner of a business

Running a business involves many intricacies regarding finances and accounts that take up a lot of time - something hard to come by when you are trying to get a foothold in the market. Further, being self-employed also means that you are eligible for deductions, credit and other such financial perks that you are often unaware of or are too busy to look into. Hiring a professional accountant to manage your financial records will allow you to be aware of the deductions possible (making sure you pay as little to the IRS as possible), and receive sound economical advice. A certified public accountant will structure your business properly and, based on proper financial information, put together a potential roadmap for the future - replete with tax breaks, fringe benefits, etc.




You need real estate planning or investment advice

In the situation that you own a property and are looking to rent or lease it out, it would definitely do you good to go to a certified public accountant. In such a case, you are liable for special tax situations that you are most likely ignorant of. The professional will guide you through the drafting of the lease and also structuring the rent so that you get maximum benefits. Even if you are looking to buy or sell a property, a professional accountant can make certain that you do it properly.


The same goes for the case when you are trading in shares, stocks, bonds, and other investment options. All your buying and selling conducted through a taxable account makes it necessary that you consider long terms versus short term gains, differential taxation of dividends, etc. so that you make the most out of the tax rules that are applicable to you. Hiring an accountant will save time and money in this entire process.




You are about to retire

Even when you are about to retire and settle down to a quiet life, a professional accountant can give you good advice so that you plan ahead of your retirement and retain self-sufficiency. Numerous retirement benefits and taxation rules are for the taking.




Other situations that might require a certified public accountant include marriage, starting up a new business, moving from one state or country to another, and even winning large sums of money via a lottery or settlement. Make sure to utilize a qualified CPA so that you maximize your current and future financial situation.