need help finding a CPA

Discussion in 'Bookkeeping & Taxes' started by Amy, Jul 2, 2016.

  1. Amy

    Amy New Member

    I am actually asking for a friend, who is also a small business owner in Austin. She is searching for a CPA who is familiar with a salon/spa type business.
    Her inquiry leads me to wonder what I might need to look/ask for when it comes time to find one for my own business. Any insights are appreciated.
     
  2. admin

    admin Administrator Staff Member

    (From Facebook share):
    Tony Alagna: difficult question... your accountants and lawyers need to be a sophisticated as your whole life (i.e. if you only own one shop, should be straightforward,.... but if you own a whole bunch of business that have various tax standings and complications... maybe you need a virtual CFO and a real deal law firm) everybody situation is so different there is really not a one size fits all
     
  3. admin

    admin Administrator Staff Member

  4. admin

    admin Administrator Staff Member

    (From Facebook share):
    Bryant Hill Carpenter and Langford, CPA. They're a long time client of mine and have been in business in Austin for 25 years. Smart, smart group of accountants. I'd probably recommend reaching out to Crystal Smith there. She's the youngest partner at the firm. http://carplang.com 512.795.0300
     
  5. admin

    admin Administrator Staff Member

    (From Facebook share):
    Jackson Giles Hey Leo, Grant McMichael is a personal friend an a CPA that is helping me with some complex tax stuff right now. Might be a good fit for her - http://www.mcmichaelcpa.com/
     
  6. leo

    leo Member

    The easy, but less significant way to lower taxes: If you think your current CPA is simply missing pretty basic opportunities to lower your tax liability, then hire a more experienced CPA from a reputable firm. Any experienced CPA should be able to handle this.

    The harder way, but much more significant: Lowering tax liability in a meaningful way is not simply a matter of using a CPA that is better at finding deductions for your income. Developing a strategy to lower tax payments in a meaningful way will typically require you to structure your business entities in a very specific way, set up trusts and alter some of the ways your business functions. This process typically requires a tax attorney as well as an experienced CPA to make sure you are not putting yourself at high risk should you be audited.

    Also- unless you've found some loophole in the tax code, most tax planning strategies simply defer taxes rather than eliminate them.

    If you're currently making $400k or more of taxable income per year, the costs of investing in a more aggressive tax planning solution are often worth the rewards. If this is your situation, I would recommend researching attorneys specializing in taxes and possibly estate planning rather than CPAs.
     
  7. Lorie

    Lorie New Member

    Hi everyone, I am the original "friend" mentioned by Amy. I appreciate all of your information and suggestions. It's all very helpful in determining my next step.
     
    leo likes this.
  8. leo

    leo Member

    Happy to help Lorie! Please post any follow up questions!
     

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