Starting your own business is one of the most frightening yet rewarding things you will ever do. Ask any business owner and they will tell you that the worst part of being self-employed is having to deal with the IRS and dealing with your taxes. It doesn’t matter if you’re a photographer, baker or plumber, think about hiring a CPA to take some of the burden off your shoulders.
Here are some of the services a small business tax accountant can do for you.
This is what comes to mind when most people think of a CPA, but no matter your business you’re going to have a ton of paperwork. The IRS also wants their paperwork done in a timely fashion. Not only can a CPA make sure that your taxes are done on time they can also make sure that you take advantage of deductions you’re entitled to. An accountant can also help you avoid problems with the IRS.
As the economy changes so do the tax laws and you need to be able to make sense of these laws. A CPA understands tax law and can help with planning your quarterly tax payments that are due at both the state and federal levels. Here is a video of how tax planning works.
Regular Accounting Services
There are plenty of entrepreneurs out there who have very little experience at bookkeeping. Hiring a CPA to set up your accounting systems for you and to make sure they stay balanced. Your accountant can take care of managing the accounts payable and making sure that you get the monies that are owed to you as well. You can always have a clear picture of your financial situation and an understanding of how much of the money coming in is actually profits.
While this doesn’t fall under tax services, your accountant holds plenty of valuable information that can help you grow and expand your business. Your CPA can give you some advice on whether it is the right time for expansion, whether you should make purchases and things like whether to lease or buy new equipment.
IRS Resolution Services
If you have ever been audited before then you know it is hell. That’s why you need an accountant, this is what they do. They can work quickly to help you resolve any problems you have with the IRS. If you have problems with overdue balances or discrepancies and you definitely want an accountant if you ever get audited.
When it comes to the success of your business you need to find yourself a CPA that you trust and that help you with your taxes and financial planning services. They can give tips to keep your financial peace of mind while you grow your business.