What Questions Should You Ask Your CPA?


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Do you know not only what questions should you ask your CPA, but also what questions your CPA should ask you?

When you’re doing the asking, ask power questions.

If you ask “Can I deduct this?” You’re probably going to get the answer of “no.” That’s because it’s the natural, easy answer to give.

If you ask “HOW can I deduct this?” That question is open-ended. You’re asking the other person to think of possibilities. It’s not an easy yes or no. It starts a conversation.

Don’t ask specific “how to” questions unless you’re in a training session.

One of the things I see clients do is make an initial, and often unstated, presumption. For example, someone decides that they want a C Corporation. It may or may not be the right entity. But once they’ve made up their mind that’s what they need, their questions are more like, “How do I set up a C Corporation?” “What do the By Laws look like?’

I can answer those questions, but I think a better one should be, “What type of business structure is best for me assuming ABC?”  (The ABC talks about your goals, hopes and dreams as well as your current circumstances.)

Now, let’s talk about what hardly anyone talks about.

What questions should your CPA ask you?

There are going to be logistical questions and specific questions related to your tax preparation. But there should also be questions about where you are now and where you want to be. What are your goals? What are your dreams? What assets do you have that maybe need more asset protection?

No, CPAs are not insurance salesmen, lawyers or (generally) financial planners. But your CPA should be an integral part of your team. And often, at least in the case of US TaxAid Services, we take the lead if no one else does.

Yes, building a business, building wealth and creating cash flow can mean learning a lot of new skills and at times, can mean an extraordinary amount of work. So does life. The question is really are you heading in the right direction?

Once or twice I’ve had potential clients not want to work with my firm because we ask too many questions. It’s too hard to have to think of answers.

Agreed, we are not the right firm for someone who doesn’t want to think about the future. If you do, give Richard a call at 888-592-4769 or drop him an email to Richard@USTaxAid.com. He can explain our programs and figure out which one would be the best fit for you.



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