As a small business owner, you take it upon yourself to handle everything, but when it comes to taxes, you're probably hit with a wave of anxiety that makes the thought of filling out all that paperwork chilling. Why not leave that part of your business to a tax preparation service like Ford Financials Tax and Accounting, so you can continue to focus on being the super, over-achieving entrepreneur that you are? Here are five important ways in which a service can work hard for your small business.
1. A Tax Preparation Service Understands Changes in the Tax Codes
Tax laws tend to change frequently, leaving many people at a loss as to how the new codes affect them. Can you still take your usual deductions? Is that energy credit still available? The forms are tedious enough even when they don't change, but since they often do, your small business needs help deciphering what's different every year.
2. They Can Get through the Complicated Paperwork
Because you own a business, your taxes are even more complicated, and the accompanying paperwork can be mind-boggling. If you dread even looking at the forms, whether you're a sole proprietorship or an LLC, whether you have multiple employees or are a one-person show, you should definitely consider reaching out to a tax service.
3. A Tax Preparation Service Can Help You File Early
If your business anticipates a tax refund, the earlier you get your hands on it, the better. Instead of cramming through the paperwork, trying to push it through early and get your company the funds, talk to a professional, who can easily and proficiently prepare and submit your taxes as early as the government allows.
4. They'll Maximize the Perks You're Entitled to
If you haven't been able to catch a break on your small business taxes, maybe you're simply not aware of what's available to you. C Corporations, for example, pay taxes directly, as opposed to through the owner in the form of income tax. Depending on the type of company you own and other factors, like overpaying payroll or sales tax, you could be entitled to a few perks that you're probably not currently aware of.
5. Tax Preparation Services Alleviate a Major Source of Overwhelming Stress
If you have a fear of being audited, as many Americans do, hiring a professional to handle your taxes removes that great source of stress. The service signs their name to your return, taking on the responsibility for accuracy and legality right along with you. That means they'll have your back, no matter how the returns proceed through the state or federal system.
Get the help you need with your small business tax forms and filings to take that load of anxiety off of your shoulders, allowing you to run your day-to-day operations the way you need to. Throughout the year, the help you get keeps your company in compliance and ready for anything, including the next tax season and any possible scrutiny from the IRS.