We love working with our clients’ CPAs: they provide valuable tax counsel, regularly saving our clients thousands of dollars and keeping them in compliance. Here are a few ways to get more from your CPA relationship.

1. Set a schedule. Know what information your CPA needs and when so you can meet all your tax return and estimated tax payment deadlines — for your business entity and personal returns. Leave at least a week in the schedule to comfortably review all documents before the deadline hits. Review time is critical for you to participate in the tax process.
2. Ask for some convenience items. It might not seem like much, but having your CPA run two copies of your tax returns ­ one bound and one unbound ­ will save you time and aggravation when you need to make additional copies to apply for a bank loan or sign a lease during the year. Ask for a trial balance, too, from the business tax return; you’ll make your bookkeeper or QuickBooks consultant very happy when s/he ties your books to the tax return.
3. Ask how much tax you’ll owe. How much to satisfy last year’s obligations and how much to satisfy this year’s obligations. Look at least 12 months out for cash flow planning purposes.
4. Ask for tips on how to reduce your income expense. Income tax is one of an entrepreneur’s largest expenses, but some CPAs don’t offer much tax advice unless asked. Ask regularly — not just once. And have a frank discussion of your risk tolerance along the continuum of conservative to aggressive tax strategy.
5. Tell your CPA you want to build personal wealth. Leverage your CPA’s experience working with other entrepreneurs and the wealth - building strategies they employ. Which strategies might be right for you? What you can do differently? Welcome — nay, solicit — your CPA’s critical eye.