Owning and operating a successful small business is no easy task, and taking on the role of tax preparation makes your job that much harder. There’s no reason to waste time preparing business taxes on your own. Outsourcing tax preparation services can save you time, money and hassles.
All it takes is one small mistake on your tax forms and you could have a problem on your hands, as well as a really big fine. If small business taxes are not your area of expertise, hiring a certified public accountant helps remove a lot of unnecessary risk.
DGK Group provides professional tax preparation services to many Philadelphia small businesses. We see first hand all of the benefits our expertise is able to afford. Here are 8 reasons every small business should rely on professional tax preparation services instead of trying to handle it on their own.
Time Is Money
How long will it take you and your team to complete tax preparation? These hours add up quickly, especially if you are learning as you go. As a result, you will likely end up spending way more money in terms of time than if you simply hire a tax preparation service.
Avoid Costly Mistakes
Businesses are regularly audited, especially if something doesn’t seem right in regards to taxes owed or paid. You may think you’ve dotted all of your I’s and crossed off all of your T’s, but it’s super easy to make expensive mistakes. CPAs are experts at this stuff, and will help you avoid making common costly mistakes.
Be In The Know About Tax Codes That Apply To Your Business
Depending on the type of business you own and the industry you are in, there are different tax codes you must adhere. A professional CPA will know exactly which codes and laws apply to your business.
Plan Ahead For A Prosperous Future
An accountant can help your business plan ahead for the future in regards to taxes, investments and overall growth. A CPA can also consult with your business on how to simplify future tax preparations.
Don’t Worry About Changes In Tax laws
Tax laws are subject to change at any time, but that doesn’t mean the average business owner is alerted to any of these changes. Instead, if you take care of your taxes it’s up to you to seek out this information. A professional accountant, on the other hand, is keeping up with all of these changes for you. As a result, you don’t have to worry about complicated and constantly changing tax codes and laws.
Know For Sure If Your Business Financials Are On Track
Financial integrity is huge for businesses of all sizes. Knowing that you are on the right track to making money is fundamental to long-term success. Inadequate financial records or even simple math mistakes could cause the actual success of your company to be inflated or deflated—neither of which is good for long term output.
Hiring a team of financial experts to take care of your tax preparation helps you identify if your business made money, lost money or broke even without any inkling of doubt.
Help Pinpoint & Solve Issues
If you are struggling to make ends meet, an accounting firm will offer the expertise necessary to pinpoint financial mishaps holding you up. Going over your record books and auditing your internal operations will help pinpoint issues with creditors, day-to-day inefficiencies and so forth. Financial consultation services can help your business get back on track, while simultaneously preparing your taxes.
Enjoy Peace Of Mind
Filling out your own taxes can be stressful even after everything is said and done. There’s always that looming fear that you made a mistake and the IRS is going to be asking your for 2 million different things. When you hire a tax professional you get peace of mind knowing that everything is properly taken care of. Plus, if anything would arise down the road, you have someone by your side to help make it right. Having an accountant there to assist during an audit can completely change the results.
Finding The Right Accountant For The Task
Before hiring just anyone to take care of your business tax preparation, check to make sure they have the proper tax credentials and experience. Certified Public Accountant credentials are earned through education, experience, tests, and swearing to a code of ethics. Be leery of accountants that ask for a percentage of your returned taxes, or offer services that seem too good to be to true.
If you’re looking for reputable tax preparation services for small business, DGK Group remains Philadelphia’s most trusted source.