CPA services can be (and should be) tailored to your area of expertise. When you find a tax and accounting professional that understands your particular niche, you’ll save time and money.
Finding an accountant that understands the particular tax and accounting implications of your specific industry can:
Ensure you are implementing the right accounting plan, and resolve these questions:
- What is the best bookkeeping method for me?
- What is the best accounting software for my needs?
- What accounting methods will accommodate my needs as my business grows and as I grow as a professional?
Ensure that you are implementing a tax plan that takes advantage of each tax saving opportunity that your specific industry allows. By answer such questions as:
- What tax deductions are available to an industry professional in my line of work?
- How do I make a tax plan that ensures I gain the maximum deductions?
- What are the tax implications for me regarding business travel expenses?
Here are a few areas of expertise that have a unique set of tax and accounting concerns:
- Dental CPA – As a dentist with your own practice, you’ll need to determine which business entity to operate under, what are the tax implications of leasing vs. buying dental equipment, etc. And amongst other questions, you may want to ask, “How does depreciation work for dentists?”
- Construction CPA – As someone working in the construction industry, you’ll want to ask, “Which tax credits are available to me?” Energy credits can be a great help in stretching your tax dollar. You’ll also want to have a firm grasp on what qualifies as a business travel expense.
- Medical CPA/Physician CPA – As a doctor or someone who owns a medical practice, you may want to ask, “Am I eligible for an insurance credit?” “I’m still in residency, do I qualify for FICA exception”? “How do I make federal tax deposits”?
- Restaurant CPA – As a restaurant owner or restaurateur you’ll need to the tax implications of tip income. You might also want to ask, “How does depreciate work for restaurant owners?” “What are my state and federal filing requirements”?
- Technology CPA – As someone working in technology, you’ll want to pay close attention to the tax credits and incentives available to you. You may want to ask, “What is the clean-energy tax credit, and does it apply to me?”
- Real Estate CPA – As a real estate owner, there are a number of considerations like, “What is the difference between repairs and improvements, and what are the tax implications?” “What are some deductible rental expenses”? “How do you determine depreciation, and what is cost segregation”?
- Legal CPA – As a lawyer or someone working in the legal profession, you might work as part of a larger organization, or you might operate as a sole proprietor. As someone pursuing the law profession, you’ll need to determine which business entity will work for you. Then depending on your entity selection, there are different filing requirements. You’ll want to ask, “What should I do about unreimbursed expenses?” “What deductions are available to me”? “Would the cash method or the accrual method be best for me as a lawyer”?
- Charitable Organization CPA – If you operate as a charitable organization, you’ll want to ask, “What tax credits are available to me?” “What is the difference between a public charity and a private foundation”?
With over 20 years’ experience working with small businesses, we have the Certified Public Accountant that you’re looking for. Give us a call. And give us the chance to demonstrate our tax and accounting know-how as regards your particular industry.