As a business owner, you may be tempted to save some money by filing your own taxes. As long as there are no special circumstances and everything is straightforward for your tax year, it works out fine to file taxes for your business. However, no business year for any owner is ever straightforward, and there are many things you could miss. There are at least three good reasons why you should take your business’s tax forms to a CPA.
Maximizing Your Refund
What business owner does not want more money? There are so many deductions and credits for business owners that it is almost impossible to catch every one of them on your own. Asking a CPA to take a second look at your forms, either before you file or after you have already filed, could get you more money back. Business owners who take advantage of this service are often surprised at what they missed and even more surprised at the increase in their refunds.
Avoiding the IRS Audit
Red flags on your tax forms could mean a visit from the IRS. You may not even know that you have red flags on your business tax forms without the help of a CPA firm like Mary E Lewis-Mclaughlin PA. You could take the risk and file without a second look by a certified accountant, but you may not like the results of that decision. Avoid the whole audit possibility and just ask a CPA to check your forms over for you. It will not cost you much, and some firms even offer a second glance for free.
Getting Your Accounts in Order for Next Year
Since you will have to bring all your tax statements, account books and applicable receipts with you to the CPA’s office, the CPA will not only check over your tax forms but also assist you with getting your accounts in order for the next business year. If you are a little behind or happen to be a little chaotic in your office, the extra help the CPA gives you is a bonus. He or she may even give you a few tips on how to prepare for next year’s taxes.
Consider Hiring a CPA Part-time
If you really want to simplify the financial aspects of your business and make tax season a snap, consider hiring a CPA part-time. A couple times a week, once or twice a month, you take all of your accounts and books to the CPA and he or she records everything and calculates it out to the penny. Then you know everything is taken care of and nothing is missing, forgotten or has not been collected yet. Because the CPA and his or her firm works for you on and off throughout the year, they can start gathering information to file your taxes earlier and let you know when they have been filed. That leaves you with the ability to focus on every other aspect of your business, which many business owners really enjoy.