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Nov 5, 2024
2:17:41pm
Texan Contributor
depends on size and complexity of your business
For smaller companies, there is only so much a CPA can do. Many CPAs are simply filing for you with the traditional (easy/simple) deductions everyone knows about.

The advantage of meeting with your CPA now is they have more time to understand your business. You may also have time to make some strategic purchases, defer expense, etc... They can help with a long term strategy to save on a tax bill... The more runway you give them, the more they can help with strategy. Taxes are often times a huge expense to a business... so it may be worthwhile.

For example, I saw one company decide to purchase some heavy equipment in one year and accelerate the depreciation on the purchase saving big $$ on taxes that year. Of course, they would not have future depreciation expense and pay "more" in future years but it lined up much better with their cash flow as they were paying cash for the equipment. So there is a lot a CPA can do as an advisor to assist you in you tax bill and situation ...

Good luck.
Texan
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Texan
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Nov 5, 2024
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