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All You Need to Know About Hiring a Tax Specialist for Small Businesses

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Filing taxes can often be stressful – from compiling your tax returns to ensuring you don’t miss the due date along the way, there’s a lot to be done.  The smarter option is to contact a tax specialist.

smarter option- contact a tax specialist

Regardless of the type of business you own, every business owner is responsible for making federal and state tax payments to the Internal Revenue Service (IRS). If you fail to do so, you can be charged with tax evasion which is a serious crime. Failure to pay taxes on time can lead to penalties.

Tax Specialists: Who Are they are Why Are they Important?  

When it comes to small business taxes, there is no one-size-fits-all solution.  The payable tax amount differs from one small business to another, primarily depending on the type, size and location of the business.

Besides, small business owners are busy managing day-to-day company affairs and may find it difficult to take the time for tax preparation and filing. This is where a tax specialist can be beneficial to you.

If you have no clue on how to file taxes for your small organization, a tax specialist will help you prepare, submit and track your returns; understand the federal and state tax regulations; make intentional tax decisions and deal with the IRS audits.

Tax filing requires professional knowledge and skill. If you do not have a strong grasp on taxes and numbers in general, you’re bound to make mistakes.

The smallest mistakes can add up to huge financial discrepancies, serious legal consequences and potentially damage the reputation of your business.

A tax specialist is an individual/company who has the knowhow, expertise, experience and technical resources to file state and federal business taxes to the IRS before the due date.

If you want to save time and money on tax preparation and filing, you need to hire a tax specialist right away.

A Guide to Selecting the Right Tax Specialist for Your Small Business

Hiring the right tax specialist is one of the most important decisions for your small business. Here are some vital factors to remember when selecting a tax specialist:

Scalable

No two businesses are the same. Your company has its own financial needs, objectives and goals that will grow over time. You might even have laid out a 5-year growth strategy. Choose tax specialists who truly understand your business needs and also realize that they might need to expand their scope of services parallel to your organization’s growth.

Affordable

Professional tax preparation and filing comes with service cost. But, this doesn’t mean you hire the lowest priced service provider who barely delivers.

You need a qualified, experienced and reputable tax specialist who fits your budget. Research at least four tax specialists in your area and compare their estimates to figure out the best options for your budget.

Available

Maintaining open, honest and direct communication with your tax specialist is absolutely crucial. Will they be there to answer your questions or take your calls even during their busy season? How do they stay in touch with clients, via phone or email?  Find out these details as they will help you determine whether or not the team is responsive. Since a tax specialist is extremely important to your company’s bottom line, it is imperative to hire someone who can ease your stress and be there for you throughout the year.

Season

Getting effective tax assistance and support can translate into money for your business. Keeping an eye on the latest regulations and trends, a tax specialist can help you make the most of your business taxes. They can offer insightful and accurate advice on your company’s financial matters.

Therefore, do not hire a tax specialist for only the current season. You need someone you can count on in the long run.

With the right tax specialist, evaluating your company’s financial statements and planning taxes gets easier.

Technology

Finally, does the tax specialist use technology to ensure seamless, swift and hassle-free service? Is the technology they use secure?

At Intelli Bookkeeping, our tax preparation experts offer intelligent, comprehensive and cost-effective tax management solutions for startups and small businesses.

We offer clients a range of cloud technologies, such as Xero, Gusto, etc. that can help streamline their business. Our team will help you set up and configure your account, manage your tax issues and prepare and file your state and federal taxes– an optional add-on service.

Get in touch  now to learn more.

 

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