High Income Earners Need a CPA
While it seems obvious that a CPA can assure that you are safe from IRS trouble, there is so much more that they have to offer high income earners. From financial advice to business planning, CPAs help those high income earners who are seeking ways to organize their finances in ways that are beneficial to themselves and to their families.
High Income Earners are More Likely to be Audited
According to a Time article from 2015, the most likely people to be audited are those who earn more than $10 million per year. Sixteen percent of taxpayers in that bracket were audited, compared to 1.5% of those earning between $50,000 and $200,000. In fact, once you hit the $200,000 annual income mark, your chances of being audited increase exponentially. High income earners have little room for mistakes in their tax returns and CPAs can assure that you don’t experience them.
CPAs Know Tax Law
Tax laws change often and it can be almost impossible to keep ups with which form should be filed when. Luckily, CPAs make it their job to know exactly when and how your taxes should be done. A CPA can also keep you up to date on new initiatives, programs, and deductions that you may not be aware of, and thus, not taking advantage of.
CPAs Do So Much More Than Taxes
While it seems counterproductive to hire a CPA in order to save money, the benefits that you gain in the long-run are well worth the initial cost. From helping you plan how to pass down an inheritance to advising small- and large-businesses, CPAs are valuable as financial advisors and experts in business and investments.
If you’re looking for a CPA who knows how to help high income earners, consider Froehling Anderson. With 70 years in the business, we have the resources and know-how to help you in all facets of your financial life.