An accountant in your corner can help save you money. This is particularly true when it comes to taxes for small businesses. Running a small business takes a lot of hard work and dedication. Often times, in the first few years, small businesses struggle. Not many make it through this difficult time. The added expense of paying too much in taxes can really drag your business down. However, hiring an accountant can make a big difference when it comes to taxes.
While many small business owners are capable of using software tools to file their tax returns on their own, hiring an accountant is still the best option. Paying an accountant for their services will likely save you more money on your taxes and in the long run. The professionals at Pairett CPA, PLLC are experts at helping small businesses save money on their taxes.
Accountant Benefits for Small Businesses
One of the biggest benefits of hiring an accountant is that they are familiar with the ins and outs of tax law. Tax law changes often and it can be difficult to stay on top of all of the changes. This is especially true if most of your focus is going into running and growing your small business. An accountant will help you stay within the law while paying the least possible tax. They can offer guidance in areas that you may not have thought of. They help guide you through deductions from business trips to more complex issues. For example, they can guide you through hiring your spouse and deducting contributions to an insured medical reimbursement plan as a business expense. A good, qualified accountant can guide you through many legal ways to save you money.
It’s important when you have a small business that you save all of your paperwork and receipts. By providing your accountant with an organized, complete set of all financial records they will be able to find the deductibles that you may have missed. Their guidance can actually help you become a better businessperson. You’ll start to learn what information you need to track more closely in order to maximize savings. As you learn about tax laws and ways to stay within the law you will get to take home more of your hard earned income.
Your accountant will also offer advice in regard to property and assets. They’ll guide you through deducting depreciated value on your taxes and saving even more money legally.
Additional Benefits Accountants Provide
Your accountant can help you figure out exactly how much you’ll need to pay in taxes. This is beneficial because if you pay too little then you’ll owe more to the IRS. If you pay too much then you’ll get a refund. A refund may seem like a benefit, however it’s important to realize that the money that is refunded to you could have been put to good use in your business or earning interest.
Good accountants will also help you with your financial practices. Following these practices allows you to make the most income and pay the least amount of tax legally. They can also help you find ways to boost your non-taxable income. Another perk to having an accountant is that they can advise of tax-free ways to plan for future expenses. They’ll help you invest your money for the education of your children, your dream home, and your nest egg.
Accountants also ensure that you don’t have to worry about missing tax compliance deadlines. They remind you when they need to start preparing your return so you can prepare. They’ll also ensure that the paperwork is done in a timely manner. Filing on time is one of the best ways to avoid an audit. However, if you are audited, having an accountant in your corner can save a lot of stress. You can breathe easier knowing that your finances are in good standing and that you’ve complied with the law.
Why You Should Hire an Accountant
Many business owners may balk at the cost of hiring an accountant. However, more likely than not, it will actually save you money. Knowing that the accounting is taken care of for your small business also grants you peace of mind. As a small business owner things can quickly become overwhelming. When you’re overwhelmed, deadlines can be missed, or you could end up paying more in taxes than you need to. An accountant will take all of that off your shoulders. You’ll can rest easy knowing that your tax obligations are being met. You’ll also maximize the return you get from your small business.
There are many other benefits to hiring an accountant as well. Statistics show that those small businesses that go the extra mile to hire one tend to do better in the long run.
If you have any questions about hiring an accountant, please contact Pairett CPA, PLLC at (940) 498-7422.