Last week I encouraged you to considered adding the following financial friends to your network: 1) A Personal Banker or Branch Manager; 2) Mortgage Broker, 3) A Fee-Based Financial Planner; and 4) An Insurance Agent. These are the financial friends you should have on speed dial if you desire to build wealth and leave a lasting legacy. Your aim should be to develop a team that understands your financial goals and advise with a human touch. Today, I’d like you to consider adding a fifth financial friend:
A Certified Public Accountant (CPA)
“What’s a CPA”
It has been said that “the only thing certain in life are death and taxes.” As your wealth increases, you will require the services of CPA. There are many rules and regulations regarding individual taxes and if you don’t have a skilled CPA, you will find yourself in a lot of trouble. A good CPA will inform you of the best tax position and legal protection you’ll need to protect you from potential liabilities. The tax codes are complex and change yearly. Therefore, it’s practically impossible for the average person to keep pace with the most recent updates.
“I Do My Own Taxes”
While preparing your own tax returns my save you money, but, is it wise? While most computer tax software programs ask questions in order to identify your best tax strategy, they are not helpful when you’re presented questions you don’t understand. A CPA who knows your income history can help you understand what taxes you’re paying and why.
How are you doing assembling your team?
