In order to achieve wealth in any way, even if all the wealth you seek is the money to live comfortably and to have something planned away for your retirement and to leave your children after you pass on, then there is one key to success: financial planning. Good finances, and careful saving, can help to ensure a lifetime of fiscal solvency, while failure to plan for the various expenditures and windfalls you will experience will lead you to debt. People who end up in debt can spend entire decades, even entire lives trying to get out from under it. There are people who get into debt so deep that the only way to continue to subsist is to pay off one debt with another debt, doing so over and over again, until such time as you have no credit left and end up having to declare bankruptcy and hope that your debt can be discharged with the helps of the courts. Of course, even more terrifying is the idea of getting into debt to the government, whether it be the federal government, state or city or other local governments, or to the Internal Revenue Services, becoming a victim of the complexities of the tax code.
A real issue that comes up when dealing with the issues of finance and taxation is that there is so little information given to young people on how to deal with any of these issues. Most parents do not share with their children how to properly fill out taxes and correctly claim the right amount of deductibles and tax write-offs; it just isn’t something that people normally share with their kids. The home also doesn’t seem to be the best place for teaching financial planning techniques or the balancing of a budget or checkbook (and let’s be honest here, nobody balances their checkbook anymore. We all trust to the bank’s account balance that we can view on the internet with great ease, and don’t tend to notice that the balance can be off unless we note a lot of unauthorized withdrawals or something similar). We also don’t teach anything about balancing a budget in schools, even though we used to, at least, teach a little bit about it. Of late, many schools are cutting home economics classes, where one used to learn what was to be known about things like balancing the budget, making good purchasing decisions, and paying your taxes.
Taxes, of course, are always getting more and more expensive and more and more complex, and with that they become harder and harder to understand for the lay person who doesn’t spend the entirety of their time studying the tax code. Where, when first taxation was introduced at the state level in the United States, it was only a few pages long and was easily read by anyone who was literate, today, it consists of hundreds upon hundreds of pages that are updated and changed annually.
So, with the issues in the lack of overall education on budgeting and tax paying and other fiscal issues, and the overwhelming complexity of the tax code as it currently exists, what can one do? Where can one turn in order to find someone, or group of people, who can assist you in better managing your money in all facets of your life?
These people are CPAs, working in CPA firms that are of various stripes, some specializing in tax accounting, some in personal finance, the list is really exhaustive when it comes to the services that they offer. The acronym ‘CPA’ stands for ‘Certified Public Accountant’, and is a title that denotes that an individual has gone through intense education and training and certification in various financial aspects, and are now certified in their expertise by the government or an agency that acts much like the guilds of old.
CPA firms are experts in financial planning, helping their clients and customers to create budgets that will set them on the path to better fiscal solvency, helping them to clear away their debt and grow their money, their bank account, and their retirement funds. They do this by helping to cut away the fat in a budget, trimming away that which isn’t needed while maintaining that which is necessary.
CPA firms are also experts in tax law, allowing for the decoding of the tax code and helping to impart, to their customers, a better understanding of how best to work within the tax code in order to pay the least amount in taxes and get the largest return. This helps keep more money in your pocket, and allows you to ensure that you’ve got more money in your budget to work with.
So, if you’re finding yourself in dire financial straits, or if you think you’re paying the IRS too much money, contact your local CPA firm today.Comments Off