Time and money are the most precious resources for small business owners, sole proprietors and gig economy workers. When tax time rolls around again, it can be tempting to take a DIY approach with software like TurboTax. However, that method can expose you to potential pitfalls and vulnerabilities. What are the pros and cons of using TurboTax versus hiring an experienced CPA?

Advantages and Downsides to Using TurboTax

Perceived cost savings is the primary attraction of tax preparation software. The convenience and privacy of working on your tax returns at your preferred pace can also be highly appealing. However, it’s crucial to remember that TurboTax is a one-size-fits-all tool. Every business is unique, and your specific challenges and opportunities may not fit into predefined boxes.

TurboTax also relies heavily on user input. Without in-depth tax knowledge, you might miss out on significant deductions or incur the risk of an audit. Learning the software’s ins and outs and ensuring you’ve covered all your bases can be laborious. Your time is priceless – what could you focus on instead?

Reasons to Hire a Small Business CPA Instead

Hiring a seasoned CPA can appear more expensive upfront compared to purchasing software. However, the long-term savings and benefits often outweigh this initial cost.

1. Tailored financial strategy: A CPA doesn’t only look at where your business stands today. They consider where you want to be in the future and create a strategy tailored to your goals.
2. Maximize deductions: A knowledgeable CPA keeps their fingers on the pulse of the latest tax laws, ensuring you get every deduction and credit you qualify for.
3. Time-saving: By hiring a CPA to handle your tax planning and bookkeeping, you can focus on what you do best – running your business.
4. Peace of mind: Knowing that a professional is handling your finances, you can rest assured of fewer mistakes and a clearer financial perspective.

Clear View Business Solutions: Your Friendly CPA Partner

For many entrepreneurs, choosing between TurboTax and a CPA requires weighing short-term savings against long-term gains. At Clear View Business Solutions, we understand the challenges of entrepreneurship. We’re more than an accounting service – we provide everything from reporting-only to year-round planning and advising for small business owners. We can customize a small business success package specifically for your unique needs.

Our team of experts has earned a reputation for our friendly, approachable style. We go beyond number-crunching to personalized advice, hands-on guidance and a commitment to seeing your business flourish.

While tools like TurboTax offer a DIY approach to taxes, they can’t replace the personal touch, expertise and long-term planning a CPA provides. Investing in professional accounting services from Clear View Business Solutions ensures your business’ financial health, leaving you free to pursue your passion. Connect with us today to learn more about how we can help you reach new heights of success.