CPA Firm Dubuque

When most people think of a CPA firm in Dubuque, Iowa, they likely think of a large business where the employees are dedicated to making sure big businesses and industries stay profitable. They likely picture large boardrooms with men and women dressed in power suits and other strong business attire arguing about the best and safe business practices to keep their clients on top of the heap. They likely do not consider that the accountants in the firm also work with the general public in helping them to understand tax laws and codes and their financial future. Your road to retirement could easily be paved with a few visits to a firm near you.

How Can a Firm Help Me?

Whether you are looking for advice on how to complete your tax return or how you can make sure your family is prepared for your retirement, a CPA firm has you covered. There is at least one certified public accountant on staff that closely follows the laws, codes, and regulations upheld by your state. These laws, codes, and regulations will be extremely important if you own your own business. However, even if you are not a business owner, it is good to know that a CPA is on staff.

You may start with a CPA firm answering any questions you may have about completing and filing your tax return. This can be extremely helpful if you have questions about some legal proceedings you had started. Your parents may be getting on in age and deciding it is important to make the financial decisions they need to make to keep their estate in order, just in case something happens to one of them. For many, this can mean shifting around assets and properties to be sure long-term care facilities do not take possession of everything your parents own to keep them living in their care.

Yes, a lawyer does begin the proceedings and tell you exactly what you need to do to get this process started. Many decisions need to be made, such as signing healthcare proxies and power of attorney. However, once the lawyer squares away the paperwork and gets the ball in motion, you need to know where to go from there. A CPA firm can sit down with you and paint a better picture of where your financial future is headed. You may be able to answer the questions you have forming in your head about how complicated your taxes will become once assets and properties are shifted around.

Ownership of your properties may have shifted to other family members, but you are still paying the bills and mortgages involved. You need to know exactly how your taxes will be affected, as well as your benefiting family members. They will need to know if their tax brackets will be changing and if they will be receiving a return. Chances are high that if they have jumped tax brackets, they could end up owing the government. Naturally, each individual case would have to be examined if more than one beneficiary is named.

I’m In Debt. Can They Help Me?

Carrying a large debt can be very troubling. You can have countless sleepless nights wondering if you will ever dig yourself out of the deep hole you have dug. You will remember the advice your parents gave you that you will always be in debt. No, they were not talking about credit card debt. They were talking about car loans and mortgages. To lead a fulfilling life, most people have the goal of owning their own home. Usually, a 30 year mortgage comes along with the home purchase. Every five to ten years, considering how much you drive, you may want to purchase a new vehicle, and with it comes anywhere from five to seven years of payments depending on the type of deal you can hammer home with the salesperson.

Considering all the monthly bills you have to pay, plus the groceries you have to buy, your debt and any medical concerns you may have can all be overwhelming. A CPA firm can sit down with you to go over your monthly finances. They can pinpoint ways for you to cut your spending. You can help your causes by cutting out the morning iced coffee on the way to work or brown bagging your lunch more than you go out. It is a good idea to cut these expenses before you sit down with the CPA, as this will prove to them that you are willing to make the changes necessary.

While a CPA firm does not always provide its clients with debt counseling, it can point out ways to lower the interest on certain bills you are paying. You can be guided through home or loan refinancing. However, you need to be careful with refinancing, as sometimes your payment can come out higher than what it currently is. Yes, you will be paying the loan or mortgage back faster, but you really need to figure out what you can afford to pay each month. The CPA may tell you it is better to focus on the high interest bills first, so paying down or off the credit cards may be the correct place to start.

While you are paying down the high interest credit cards, it is also good practice to keep in mind that if you do not have the cash to buy the item right away, you likely do not need to make the purchase. This is especially true if you find yourself reaching for a credit card to make impulsive purchases, like fast food or picking up dinner on the way home. Any CPA firm will tell you it is not worth making the impulse purchase only to have to pay the interest later. That cheeseburger, fries, and Coke only stays with you for so long. It will likely be gone by the next day, while the interest you are paying on your credit card could be with you for months or even years to follow.

Retirement Planning

No person in their right mind want to work right up until the day they die. This is something you can take to the bank. However, the cost of living has risen so much and wages have remained stagnant for so long, can anyone really afford to retire? This is something you want to take a look at as soon as possible. You do not want to wait until you are ten years away from retirement to sit down with a CPA. Examine this now.

If you are invested in your company’s 401k plan, you are already slightly ahead of the ballgame. You will want to open the lines of communication with the investment company. Are you getting the most out of the money you are putting in? Are you putting in the most you can afford out of your paycheck? Have you worked long enough within the company that you are 100 percent vested? These are some important questions you will want to ask.

You will want to sit down with the CPA and find the areas of your spending you can afford to do without. You will want to see if there are any financial investments you can start making to put towards building that nest egg. You need to keep in mind that with medical advances, people are living longer than they ever did before. Will you have enough money put away to live well into your 80s or even your 90s?

Trust the professionals at Buchheit Tax. We are a dependable CPA firm in the Dubuque, Iowa area and will help you in any way we can.