Certified Public Accountants act as financial advisers to businesses, individuals, non-profit organizations, families, and financial institutions. While most people would hire a CPA for businesses and institutions, they wouldn’t think to hire one for their family. However, there are many benefits to hiring a CPA to help with family finances. They can help in many avenues from preparing taxes to creating college funds. Below are five ways a CPA can help with family finances.
One of the most obvious and frequent uses of a CPA is to prepare taxes. CPAs can help families plan tax strategies and prepare taxes for the IRS. CPAs are knowledgeable in tax forms and laws and can walk you through the necessary forms much quicker and will eliminate possible re-flinings due to error.
Developing a Family Budget
CPAs are knowledgeable in GAAP (generally accepted accounting principles) and can use the same principles used in business to help a family. Through helping you see your expenditures and expenses, they can open your eyes to where a significant amount of money is being spent. They can then help you design a budget to fit the needs of your family.
Plan for Retirement
While helping plan your budget, a CPA can also help you plan for retirement. As part of the budget, your CPA will help make plans to get out of debt as well as create a retirement plan customized to your life goals and plans. They will help you know exactly how much you will need to invest now to ensure you have what you need throughout retirement.
Develop an Estate Plan
Creating a Will is essential for the security of your family. Between 60 and 70% of Americans do not currently have a Will. If you do not create an Estate Plan for yourself, the state you live in has one created for you. Hiring a CPA to help with your Will creates a plan for your family that is tailored to your wishes instead of a generic one-size-fits-none model from the government.
Create College Funds
Due to the vast knowledge CPAs have, they can help you plan for your children’s future in setting up a college fund for them. They can help you set up outside resources to aid in creating college funds, and potentially help set up ways to utilize your taxes in setting up a college fund.
Hiring a CPA from Klingler & Associates can help you balance your family’s budget and to plan for the future. Contact us at 801-676-0945 to start your journey towards a more secure financial future.