Even if you have owned a business for many years, and may even have a relative amount of experience in aspects of accounting, hiring a professional accountant could save you time, money, and potential headaches down the road. You may have been filing your own tax returns for several years now. You may be proficient in accounting software and keep precise records of all your financial transactions. However, it could be in your best interest (no pun intended) to hire a professional accounting firm to work for you. Here are 6 ways a professional accounting firm could potentially save your business money:
Do you ever lack complete confidence in knowing whether one of your business expenses is tax-deductible? You might be wondering if you can deduct your car payment or other items as a business expense. Why not hire an accounting firm with people who think about these things every day to ensure you are getting the most deductions?
Avoiding The Dreaded Tax Audit
When it comes to being potentially audited, you will want someone in your corner that has been completely focused on the accounting part of your business, rather than all aspects at once. Also, if your business has a particularly busy period, you can focus on keeping the momentum going while your accountant handles the audit.
Paying the Exact Tax That You Owe
If you underpay your taxes, you risk owing fees in the form of penalties, and if you pay too much to the IRS you might wish you’d had that money to put into your business. The person you hire can help you aim as close as possible to pay the exact tax that you owe.
Not Missing Your Deadlines For Filing
Many businesses miss their filing deadlines, not because of irresponsibility, but because there are just too many things happening at once. The more often filing deadlines occur, the higher the chance that your business could be late to file and incur unnecessary penalties. Furthermore, if your business is always timely with its filings, it may reduce the possibility of an audit.
Use Assets And Property To Your Advantage
Many businesses have depreciating assets that may have deductions available on the amount of asset depreciation per tax period. Or, in the case of property that is utilized for business purposes, it is helpful to know all the tax implications involved.
Plan For Future Expenditures
Perhaps you want to grow your business into multiple new locations. Maybe you would like to move into new fields of service to provide to your customers or expand your business with a higher expenditure on marketing. Whatever your future goals, your accountant can help you plan for them by advising you on which tax-free vehicles might be best for you.
Running a successful business can be stressful and incredibly time-consuming. Hiring an experienced accounting professional could save you from tax audits, IRS penalties, and other unnecessary stresses! This will allow you to focus on running your business and making it more successful. Let an accounting firm handle the rest. Reach out to Third Coast Accounting, Chicago’s Top Rated Local® accounting firm, to start saving money today.