Outsourcing your tax preparation services to a CPA is one of the best ways to ensure that your business is in compliance with tax laws and that your business’s accounting needs are being met. Using a CPA for taxes helps you not just during tax season, but all year-round, as you can rely on their expertise to plan appropriately and help grow your business. Here are some of the key reasons why business owners should use CPAs for taxes.
#1. CPAs Can Save You More Money Than The Cost Of Hiring Them
Some business owners may drag their feet at the idea of hiring a CPA for taxes. However, using a CPA is like investing. You know that saying, “you have to spend money to make money”? The return you get by hiring a CPA for taxes is greater than the cost of hiring them. CPAs help you take advantage of deductions you otherwise may not know about, ensure that your finances are up-to-date, and keep you in good standing with the IRS.
Additionally, you can use a CPA’s service all year round, not just during tax season. They can provide you with valuable advice on everything tax-related, from investments, to mergers and acquisitions, and much more. Implementing tax planning strategies year-round is an excellent way to reduce your tax liability.
#2. CPAs Have Years Of Experience
The sheer amount of detail required for business taxes and ever shifting tax laws make the expense of hiring a pro well worth it. CPAs have to not only get their bachelors degree, but also must pass multiple exams in order to be certified and have prior accounting work experience. It’s their job to do this type of work. For optimal results, work with a CPA who has experience working with other businesses in your industry, as they will be familiar with unique tax circumstances you may face.
#3. Mitigate Misinformation Or Filing Issues
Tax laws are ever changing, there are so many different deductions and credits out there, and minimizing your tax liability while maximizing your return can be difficult without the assistance of a certified public accountant. If you can afford to hire a CPA for your business taxes, it’s likely your best option. Not only can CPAs save you money, but they ensure that your taxes are filed correctly. It’s their job to stay on top of everything tax-related. As such, using a CPA for taxes mitigates the likelihood of misinformation on your tax return or other such filing issues.
#4. Using A CPA For Taxes Saves Time And Energy
Business owners should focus on just that – running their business. Successful business owners hire others to fill in the gaps in order to maximize profits and efficiency. Doing your business taxes can take a lot of time and resources. Time is money, and yours is better spent on your business.
Hiring a CPA, whose whole job it is to help others with their finances, saves you both time and energy. Something that could take hours of research on your end can be done very quickly on theirs. Outsourcing your taxes to a certified professional enables you to focus on doing what you do best – growing your business and, ergo, generating more revenue.
#5. Enjoy Peace Of Mind
Utilizing CPAs for taxes grants you the peace of mind that everything was done correctly, which you wouldn’t otherwise be certain of. As CPAs are bound by codes of ethics and professional standards that require them to provide accurate, high-quality services with integrity, this means that you can rest assured that your business taxes will be done correctly, that every tax credit and deduction you are eligible for has been found, and should you be audited, your CPA can represent you.
#6. They Can Represent You During An Audit
As mentioned in the above point, CPAs can not only help you with planning for and filing your taxes, they are also qualified to represent you in the event of an audit. Should you need to have your financial statements audited in order to apply for a loan or grant or in the event that the IRS revisits your previous tax returns, you need a representative. Having a CPA in your corner makes the process smoother and increases your chances of success.
Business Tax Preparation, Planning, And Consulting In And Around Glendale, CA
Golub, Senitt, Rosenberg & Co is here to provide you with the services you need to take the stress out of tax season. Our CPAs set themselves apart with their up-front pricing, clear communication, on-time projects, and accurate, high-quality work. Our services extend beyond tax returns and can take a deep dive into your business in order to identify strategies to accomplish your financial goals.
Contact us today to schedule a consultation, and experience the difference of working with licensed professionals for your business’s accounting needs.