Tax Accountant, Patrick Toohey Explains What To Look For When Hiring A CPA

Just because it is after April 15, doesn’t mean you shouldn’t think about taxes until April 2015. Tax Accountant, Patrick Toohey of Toohey & Wray, LLP explains how hiring a Certified Public Accountant (CPA) can help you plan for next year so there are no negative surprises in the form of big tax bills. A CPA is not only able to help you deal with filing your taxes each year, but should be a valuable part of your financial management team who you consult several times a year and not just in April. Simply put, a CPA is not just a score keeper but a trusted advisor, Toohey explains.

A CPA can help you understand your overall tax situation with regard to planning for starting a new business, changes to annual income or personal situations (such as getting married) as well as help you map out a sound plan for saving using the correct type of accounts while you are working now so that you will pay less tax when you need that money for retirement. Toohey & Wray, LLP is tax preparation partnership. Toohey & Wray is ideal for clients that are small business owners or high income earners that need the expertise of a CPA, but are not quite ready to engage with a full time accounting firm.

Toohey explains, “We view our relationships with our clients as ongoing partnerships, and we pledge to provide quality, up-to-date tax return preparation and advice, whatever the tax planning and preparation needs—whether the client is an established business owner or a traditional W-2 employee that has in the process of developing their own start-up company.” He adds, “The primary benefit we offer is that our dedication to our clients doesn’t stop after April 15. All through the year, we keep up-to-date on current tax laws to minimize your tax liabilities and to maximize your future opportunities.”

According to Toohey, it is important for those starting their own business, undergoing significant income changes or dealing with complicated tax issues not to try to “go it alone.” He does not recommend trying to file complicated taxes using online programs or one of those tax services that only pop up for a month or two in stores and malls around tax time. Toohey explains, planning is key to maximizing tax savings and minimizing tax bills, those types of services are not able to look at your unique situation in detail and create a custom plan addressing all of your needs.

Toohey began his professional career working in the accounting field for 10 plus years. He has experience working in both public and private accounting organizations. While working for the accounting firm PricewaterhouseCoopers, Toohey focused on auditing companies in the Financial Services sector. It was during this time that he first began to develop in interest in the Financial Services industry. He enjoys accounting, but felt something was missing in the services that he could offer to his clients so he began working in the Financial Services sector as well.

In 2013, he joined S.D. Smith Financial due to its philosophy of putting clients’ needs above the firm’s needs. However, Toohey has kept his roots in the accounting world, preparing tax returns during the tax season while also working for his clients as a Financial Advisor. This allows him to plan for his client’s financial future with an emphasis on both growth and future tax savings. Toohey is a Certified Public Accountant licensed with the Missouri State Board of Accountancy.

To learn more about Patrick Toohey visit S.D. Smith Financial at: Or check out his LinkedIn profile at: Offices are located at 230 S. Bemiston Avenue, Suite 1450 Clayton, MO 63105. Toohey can be reached by phone at (314) 590-2120.