10 questions your CPA should be asking

By: Jay Parks

business professionals meeting and looking at a notepad.

Finance can feel complicated and overwhelming, but it doesn't have to be that way. When you have a proactive accountant who is focused on your goals and ready to help you bring your

dreams into reality, managing your business and personal finances can be fun! Whether you're currently using a CPA or not, here are ten questions you can work through to determine if you're on the right path to hit your goals.

1. Are your tax withholdings correct?

It's not about getting the lowest tax bill every single year; it's about using taxes to help you hit your intended target. Whether you're facing unexpected tax liabilities or looking to optimize

returns, your CPA should analyze and recommend adjustments based on your current financial situation.

2. How are you managing your investment portfolio?

Investment management is crucial for long-term financial success. Your CPA should inquire about your current investment strategies, including retirement accounts like IRAs, to ensure they

align with your financial goals and life stage. Not every strategy is right for every investor!

3. Do you have plans for major life changes?

Life's major events - like buying a house, changing jobs, or expanding your family - require careful financial planning. Your CPA should be interested in your future plans to provide tailored advice that ensures your financial readiness.

4. How can we maximize your employer benefits?

Employers offer various benefits, from retirement fund matching to health savings accounts, that can enhance your financial situation. Your CPA should ensure you're fully utilizing these


5. How is your business doing?

Whether you have a side gig or a Fortune 500 company, there are things you can do differently based on what you need from your business. Your CPA should be deeply involved in forecasting

and adjusting your business plans to help you navigate future financial landscapes.

6. What is your debt situation?

Debt management is a critical area where your CPA can provide significant guidance. They should ask about your current debt levels, interest rates, and repayment strategies to help you

reach a place where interest works for you, not against you.

7. What could the future hold?

Is there a college education you need to fund, a home purchase that could come, a dream vacation, or some other big goal? Your CPA can help. They should help you strategize these

significant expenses to ensure your money works for you.

8. How should you prepare for your retirement?

Retirement planning is more than just saving money. Your CPA should discuss how you're preparing for retirement and whether your current savings align with your desired retirement


9. How can you improve your financial reporting and procedures?

For business clients, a CPA should ensure compliance with accounting standards and suggest improvements to financial processes that enhance clarity and efficiency.

10. How are you doing, really?

Ultimately, you need someone who cares about you, not just your dollars and cents. It is important to have someone in your corner who cares, listens, and can advise you from a place

of wisdom and compassion.

If you're looking for a CPA firm to guide you through this process, tax time, or investing strategies, we'd love to see if we're a good fit.

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