If you’re working with a CPA, you know that their guidance is not just there for tax season. A CPA is qualified to handle bookkeeping, payroll, financial planning, the preparation of financial documents, tax preparation, and more. Buying a house is most likely the largest purchase you’re going to make. So should your CPA be involved in the process? What is the value of talking to a CPA before buying a house? Should you hire a CPA as a new homeowner?
Your Home is an Investment
To your family, your home is your home. To your finances, your home is an investment. Not only that, it’s probably going to impact your monthly expenses more than any other asset. Working with a CPA who can provide expert insights on your monthly budget, home-buying budget, and how to avoid some common pitfalls will go a long way in supporting a healthy financial situation.
Why Talk to a CPA?
When buying a home, you’re looking to understand the tax implications of your investment, as well as how it will affect your overall financial strategy. You want to determine what you should consider your monthly budget and overall home-buying budget. You want to understand the full benefits of owning a home and how it will impact your finances. A CPA is not going to give you multiple different answers and numerous different solutions like a Google search might. No, a good accountant is focused on the details. When it comes to buying a home and sorting out your personal finances, you’re looking for precise information.
How Will a CPA Help Me Purchase a Home?
Becoming a homeowner will have a significant effect on your tax situation. Beyond giving you clear information on how your purchase will affect your taxes, a CPA will also inform you about what home-related tax deductions you can take advantage of. Purchasing a home is overwhelming. Because of this, it’s all too easy to get distracted and miss out on the smaller deductions you might not have noticed. A CPA can assist you in understanding prepaid taxes compared to tax payments, transfer tax, realtor commission, and more. If you work from home or run your own business, they’ll help you understand if you qualify for a home office deduction and how to set that up.
Best CPA in California
Chris Haro, CPA and his team have over 20 years of experience in accounting and tax preparation services. Our financial experts work from two locations in California to offer high-quality services for businesses and individuals alike. We cover individual tax return filing, payroll, financial planning for individuals, bookkeeping, financial statements for small businesses, corporate tax return filing, and much more. Give us a call to discuss your financial situation and what we can do to help.