Business taxes can be incredibly complex. Trying to complete them yourself can be a huge undertaking and may result in mistakes and a possible audit. There are too many reasons why you should let a CPA handle them instead.
1. Tax Laws Change Annually
You may not be able to name all the tax laws that changed this past year, but your CPA probably can. Continuing education requirements ensure they stay on top of all changes that might affect their clients.
2. Fines and Penalties Can Eat Away at Profits
One small mistake or missed deadline can lead to fines and penalties against your business. Those can add up quickly if you aren’t careful. A professional accountant will make sure you meet all deadlines, and they can even file an extension for you if necessary.
3. It Allows You To Focus on Running Your Business
While the CPA is reviewing your financial information and completing your tax calculations, you can focus on running your business and rest easy knowing that a qualified professional is handling your business taxes. If you haven’t already found an accountant, the United CPA Association can help you find a local member near you.
4. They Can Support You Throughout the Year
Unlike a tax professional, a CPA will be available to help with issues or answer questions throughout the year. If your business comes under scrutiny, they can offer support and guidance to help you navigate any audits or inspections. There are lots of ways you can help trim expenses in a small business. Handling your own taxes isn’t one of them. Let a professional handle taxes so you can run your business.