What if the worst part of running your business was filing your taxes?
If that sounds familiar, you’re not alone. In fact, 40% of business owners report that taxes and bookkeeping are the worst parts of running their business. Furthermore, 40% of business owners report that they spend 80 or more hours a year working on their taxes.
What if you could save all that time and save plenty of stress, too? That’s exactly what will happen if you hire a professional tax preparation service for your business.
Still not convinced? Keep reading to discover the best reasons to use tax preparation services for your business!
1. Make Filing Issues a Thing of the Past
Why do you think so many businesses struggle with tax preparation? In most cases, it is because they are worried about reporting incorrect information to the IRS. In other cases, it is because these businesses experience unexpected filing issues when their taxes are due.
With a professional tax preparation service, you can make these issues a thing of the past. Not only will you have professional help assembling and providing accurate information, but you will have a professional handle the filing on your behalf.
This can provide serious peace of mind. At the same time, it can also save you plenty of time each year.
2. Free Up Your Time to Concentrate on Your Business
As we noted before, a whopping 40% of business owners reported spending 80 or more hours each year on their taxes. Believe it or not, all of that time spent can actually hurt the business!
That’s because as a business owner, it’s your responsibility to steer your business to success. At the end of the day, you are the main person generating new sales and marketing ideas and coming up with dynamic new strategies for your company.
When you have to spend so long working on (and stressing over) your taxes, it takes away valuable time you could be growing your business. But with professional tax prep by your side, you can focus on what you do best: helping your business grow and prosper.
3. Maximize Your Deductions
Business taxes often feel like a double-edged sword. On one hand, there are plenty of great deductions that can help take the sting out of how much you owe. On the other hand, the average business owner doesn’t know what those deductions are, much less how to make the most of them.
With the help of a professional tax preparation company, you can maximize your deductions. They can help you discover eligible business expenses you didn’t know you had as well as deductions you had no idea existed.
Of course, you could spend even more time figuring out all of these deductions on your own. But do you really want to spend even more time on your taxes each year when you could let the best tax prep company handle it for you?
4. Minimize Your Risk of Being Audited
There are many major differences between filing personal taxes and filing business taxes. However, everyone who files each year shares the same fear: getting audited by the IRS!
As with personal taxes, some businesses are chosen purely at random for an audit. More often, though, businesses get audited due to potential errors on their return or even the sheer volume of sales their business experiences each year.
With the right tax preparation services, you get two kinds of audit protection. First, as we said before, the professionals will make sure all of your information is accurate and that you file everything correctly. This reduces your chance of getting audited in the first place.
Second, if you do get audited, you don’t have to panic. That is because you now have access to professional audit assistance that helps you every step of the way.
5. Having a Professional Tax Consultant on Call
When you hire professional tax preparation services, chances are you are mostly focused on completing and filing your taxes. However, the right tax prep company can serve as your personal tax consultant. This can help you grow your business in a number of ways.
For example, part of their tax preparation may include compiling cash flow reports. This will help you learn more about where you have been spending your money and, importantly, discover opportunities to grow your business.
Even after you file your taxes, you may rely on a tax prep company to help your business in other ways. This includes helping you get more organized, improve your business experience, and navigate major business changes.
If your business is doing well, for example, you may want to expand to another location. If you’re preparing for this or other big changes, a tax preparation company can help you out any time of the year (not just during tax season).
6. Navigating Changing Tax Rules
One of the most annoying things about filing your business taxes is that the tax rules change more often than you might think. This means that even if you had a good handle on how taxes worked before, you may be caught unaware by the unexpected changes.
For example, the Tax Cuts and Jobs Act made major changes that went into effect in 2019. And the Infrastructure Investment and Jobs Act recently prevented you from taking advantage of the employee retention tax credit for the fourth quarter of 2021.
Even to a tax professional, keeping up with all these changes can be exhausting. And to the average business owner, it may be downright impossible. Fortunately, you can protect your business by hiring the right tax preparation service today!
Get the Best Tax Preparation Services Today
Now you know why your business needs a good tax preparation service. But do you know where you can find the best tax preparation company to help your business succeed?
Here at International Tax Consultants, we specialize in taking care of all your different tax needs. To discover what we can do for you and your business, all you have to do is contact us today!