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Business Tax - Complete Controller

Owning a business is no easy task and needs to be handled with caution. When it comes to tax strategies, there are many things you need to look out for. The corporate tax draws up to one-third of the profits of a company.

There are legal methods whose magic formula holds in two words: tax optimization to limit the mowing of its cash.

From the reduction of the taxable profit to the total exemption of the IS, you are given ten tips to preserve the wealth created by your company from the pockets of the authorities.

Here are some tips: Check out America's Best Bookkeepers

  1. Play on your depreciation

Investment = Immobilization?

Revise your classics. The legislation allows, in some cases, to spend your investments in deductible expenses, such as research and development expenses. But even when investments are to be classified as fixed assets, it is possible to play on the duration of depreciation to reduce the IS. Based on the tax administration scales, opt for the shortest duration to accelerate the depreciation and quickly reduce the taxable profit. The idea is to depreciate the entirety of the decreasing amount.

  1. Report your deficits

A deficit is not a catastrophe for your company!

It can help you reduce taxable income in a year and even in the previous year. A deficit result can thus exempt you from corporation tax during several beneficiary years while respecting a ceiling of one million euros (for a carryback, with a possible increase for a carry forward). For example, a significant deficit over a financial year, as a result of large investments, may give rise to a tax claim via a carry-back or an exemption for several subsequent years via a carry-forward. Check out America's Best Bookkeepers

  1. Increase your provisions

Be careful; you will be a double winner!

Provisions help to deal a blow to your company, but they are also a way to reduce your taxable profit, and therefore your corporate tax. But beware: the amounts provisioned must meet certain conditions so as not to attract the tax authorities’ wrath. They must relate to deductible expenses and be the subject of an accurate estimate of the risk provisioned. It relates to a probable loss resulting from events taking place before the closure of the accounts.

Think about provisions for expenses, easy to anticipate. You cannot, however, provide a dismissal … But for this specific case, you can reduce your IS by subscribing to specific insurance; the premium is chargeable on the taxable result.

  1. Boost your income

More in your pocket, less in that of the state!

By increasing your business income, you also mechanically lower the taxable profit. For the operation to be interesting, make sure the sample levels do not turn this trick into a white operation.

  1. Finance the complementary retirement of your employees

Kill two birds with one stone with supplementary pensions!

Their contributions are deductible from the IS, which makes it possible to increase your employees’ income without it costing you.

The advantage for you? Offer a more attractive remuneration to your employees, likely to attract and retain them.

  1. Get tax credits

Finance your investments with tax credits!

Innovation, research, family, apprenticeship, commercial prospection, business training, CICE … There is a multitude of tax credits applying to the IS. As many opportunities to seize to develop his company at a lower cost, rather than pay a corporate tax without “return on investment” … Check out America's Best Bookkeepers

  1. Create your company in an assisted area

Be rewarded for your entrepreneurial audacity!

By setting up your company in a neighborhood in difficulty or a rural area, you can benefit from a tax exemption on companies. Starting a business in a regional aid area (ZAFR) entitles you to a full exemption from tax credits for the first two years, then decreases over the next three years.

  1. Get involved in charity or philanthropy

Make a donation; the state will give you back!

Finally, it will refund you in the form of a reduction in corporation tax of 40 to 90% of the value of the gift if it complies with the conditions set by the tax authorities.

Buy a cultural property considered a national treasure? 40% tax deduction.

Donate to a work of general interest? 60 %.

Contribute to the public purchase of a national treasure? 90 %!

What interest for your company? Benefits regarding the image are more if you build communication around your charitable operation or sponsorship. The donation can also take the form of an employee’s provision, ideal for employing an employee during periods of depression.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Tax Accountant - Complete Controller

No matter if an owner is running a small business or a large business, it is important to hire an expert to perform tax services. Tax accountants are accountable for preparing and filing your business’s taxes. Moreover, the tax accountant’s job is to do a detailed evaluation to ensure that its economic activities are running smoothly. The tax accountant also plays a major role in keeping the business operations in a prosperous and healthy state. A business person who is thinking of introducing a startup needs to make a proper plan. This strategy includes including various approaches on how to connect experts, tax compliance, and cash flow.

Instead of preparing taxes yourself using accounting software or by hand, or using handwritten books, hiring a tax accountant for the business is common sense. Here are six things hiring a tax accountant can do for your business. Check out America's Best Bookkeepers

Helps Save Time

As a business owner, there are several important responsibilities to conduct properly to run business activities more smoothly. Obligations of an entrepreneur include marketing, selling of products and services, and budget planning. A tax accountant is accountable for ensuring that the business’s economic side gets taken care of accurately. Hiring a tax accountant will allow the business owner to run operations to accomplish business goals quickly.

Helps Avoid Costly Errors

Due to the number of obligations that a business owner has, it becomes challenging to ensure that every business operation is accurate. There is a high risk that entrepreneurs will make some serious errors when dealing with the tax filing process in such cases. These errors can either cost the business a lot of money or, worse, cause the business to be shut down. Check out America's Best Bookkeepers

To remedy these issues, there is a need for a tax accountant to help the business navigate the business processes in the easiest way possible. This approach will help the business to save the business amounts to prevent errors.

Helps with Complex Tax Filing Processes

The process of paying taxes is considered difficult because, to file taxes, it is essential to fill out the appropriate form accurately by providing facts, including details of accounts, income, expenses, and payroll. All of these factors are necessary to keep the businesses on the right track. Hiring a tax accountant will help a business owner take care of all these issues effectively.   

Helps Identify Deductions

Hiring a tax accountant will help the business owner recognize the possible deductions and provide the best possible advice. This advice will help an entrepreneur to take strategic determinations concerning year-end tax deduction. It has been noted that business owners often forget to keep track of the items like home office space, out-of-pocket expenses, and depreciation. Check out America's Best Bookkeepers

Helps Reduce Liability

The job of a tax accountant is to know tax laws and policies. They also understand the current deductions available to the business. Understanding the laws, regulations, and deductions and finding other ways to cut taxes by reviewing the books will ensure that the business owes as few taxes as possible.

The tax accountant can also look at ways to save on your taxes throughout the year instead of just during tax season.

Helps Grow the Business

Hiring a tax accountant can help a business expand by keeping all the economic aspects of the business well recorded. These records can produce economical statements that will help the business owner understand what kind of capital the business has for expansion. With a tax accountant taking care of the business’s economic side, the business owner can focus on other business areas, such as operations, and focus on development.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Taxes and Deductions - Complete Controller

Every working American citizen is bound to pay some percentage of the income in the name of taxes, while some taxes are payable with every purchase. Benjamin Franklin said only tax and death are permanent. It is impossible to avoid taxes when buying something, be it a property or a small beverage. The government at both the federal and state-level benefits from our tax dollars. Taxes are supposed to be used to fund the government and their projects. Here are types of taxes and deductions every taxpayer should know about.

Tax Types Check out America's Best Bookkeepers

Property Tax

According to what every other country imposes a tax on property, property tax is the specific tax that is charged annually for homes and real estate. In the USA specifically, the property tax rates are lower than in most other countries.  Taxes in the USA also differ from state to state. There are two kinds of taxes, one at the state level and the other at the federal level.

Sales Tax

Sales tax is the tax charges at the point of sale of goods and services. Sales taxes are by each state and vary depending on the items purchased. General sales tax may be different than what is charged for alcohol and tobacco products.

Income Tax

Every working American citizen has to pay income tax. Income tax is calculated based on an individual’s annual or sometimes quarterly income, depending on the profession. Check out America's Best Bookkeepers

Capital Gain Tax

The capital gain tax is the tax charges after the sale of non-inventory goods. It is almost 15% in the US, but this tax can vary to some degree from person-to-person. If someone pays income tax up to 40%, then the payable capital gain tax will be 20%.

Value Added Tax (VAT)

The value-added tax varies from country to country. It is the tax that is added at different stages of the production of goods. It is only done if the value is added to the product at the stage.

State Tax

The state tax varies from state to state. Some states, such as Texas, don’t have state taxes. In many states that do not have a state tax, the state uses other means to fund the government. For example, Texas, again, the money people pay to purchase lottery and other legal gambling sources.

When paying taxes, it is important to keep it to a minimum to least impact your income. Here are some ways you can save on your taxes.

Tax Deductions Check out America's Best Bookkeepers

Income Tax deduction 

A tax deduction refers to the deduction of expenses or purchases that are tax exempt. There are certain commodities on which taxes are not applicable and therefore exempted. Some of the purchases and expenditures that are tax-deductible are listed below.

Charitable Contributions

Charity is in the category of tax-deductible spending. It can be a small amount or a substantial sum and is used by many as a tax shield. Mostly all the welfare states declare charity as a non-tax applicable expenditure. For example, if you are finding clothes for an orphanage or are sending some toys as a charity, you can mention it in your tax file. It will be declared tax-deductible; make sure to save the receipts and other such evidence of your expenditure.

Volunteering

If you are volunteering for a government event or a state-recognized charity, then the amount you pay for any such purpose is tax-deductible. For example, if you hire a babysitter while working as a volunteer and it comes under a charity event, the amount you pay to the babysitter is tax-deductible.

Teaching Materials

Teachers spend a lot of effort and time imparting their knowledge and skills for their students’ bright future. Teachers also spend some amount of the money on teaching materials, such as color recognition tools, crayons, and other stationery. All K-12 teachers are allowed a $250 tax deduction for such expenses.

Military Moving Expenses

Whatever you spend on getting a new job is not tax-deductible. However, if military personnel is moving due to military orders, the expenses are tax-deductible and must be mentioned during tax filing.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Do My Taxes - Complete Controller

When owning a small or medium business, it may be difficult at times to ensure that its operations are running efficiently. To cater to such purposes, it is important to hire a professional in order to succeed in your accounting or, more specifically, tax services. Accountants are mainly responsible for appropriately conducting a business’ tax filings. It is the tax accountant’s job to take a detailed assessment to ensure the financial activities of your business are running smoothly. In addition, the accountant plays a major role in maintaining the prosperous state of a business’ operations. When initiating a startup, it is important to consider having a proper plan, including different strategies on how to engage professionals concerning tax compliance and tax flows. Hiring an accountant is often a wise and time-saving effort.

In order to better understand the importance of a tax accountant, some useful points are mentioned below that illustrate some of the benefits. Check out America's Best Bookkeepers

Reduces tax liability

A responsible accountant is well-versed in saving money by providing adequate counseling related to business taxation processes. There are several issues that arise when a business owner requests to file taxes. Such issues are defined in terms of tax liability. An accountant will help a business owner to cope with tax issues in a better, more efficient way.

Helps a business to grow more

A tax accountant knows exactly what is required in order to conduct business operations efficiently. For such purposes, it can be a game-charger to hire a tax accountant to appropriately deal with business activities in order to accomplish business goals within a short period of time. Check out America's Best Bookkeepers

Supports businesses deal with complex processes of filing and tax preparations

The process of paying taxes is considered a ‘cumbersome affair’ by many. In order to conduct an efficient taxation method, it is important to fill out the forms accurately by providing current information, including details of accounts, income, expenses, and payroll. All of these factors are necessary to keep the businesses on the right track. Hiring an accountant will help a business owner cater to all of these issues efficiently.  

It helps businesses to avoid costly mistakes

Due to the incredible number of responsibilities that a business owner undertakes, it may be challenging to ensure that every business operation is conducted with accuracy. Due to this, there is a high risk that an entrepreneur will make some errors during the taxation process.  These mistakes can be displayed as errors involving the amounts accounted for in taxes.

To cater to such types of issues, there is a need for a tax accountant who will help the business seamlessly navigate the processes. This approach will help keep the business owner from making these costly errors. Check out America's Best Bookkeepers

It helps businesses to deal with deductions

Hiring an accountant will help business owners identify potential deductions, as well as provide the best possible advice. This advice will help the owner to make strategic decisions with respect to year-end deductions. It has been observed that business owners often forget to keep track of the items like home office space, out-of-pocket expenses, and depreciation. A trained accountant can easily spot these potential deductions and get the business owner the most bang for their buck.

Saves time

Owning a business comes with a never-ending list of responsibilities to ensure that the business runs smoothly. Some of these include marketing, selling of products and services, and budget planning. An accountant is equipped to assist with the financial aspect of these areas efficiently. Hiring a tax accountant frees the business owner to focus on daily operations and long-term goals, thus saving valuable time and effort.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Accountant to do Your Taxes - Complete Controller

Here are some of the reasons you may want to hire an accountant to do your taxes rather than filling them yourself:

1- You own a rental property

If you own assets, real estate investments can be quite complex, and a professional tax accountant can assist you in figuring out what deductions your property warrants.

2- Complicated tax code

Tax law may complex or troublesome and it also changes frequently. Running a business full time, as well as any other responsibilities you may have outside of work, makes it nearly impossible to stay up to date on tax law. You are busy enough without adding taxes to your schedule. Hire an accountant to keep your taxes in order. Check out America's Best Bookkeepers

3- Multiple sources of income

It is difficult to keep track of your earnings and savings if you have more than one job or business. Freelancing or having a “side hustle” is quite common these days, which makes the already complicated tax code even more difficult to understand. Filing taxes on each of your income sources also requires a significant amount of time. Hire a tax accountant to reduce some of your burdens.

4- Do not take risk with taxes

Even though having technology is making it easier for people to take care of their own taxes, there are still risks, especially if you are not well educated on tax codes. A small mistake can bring about a whole world of trouble. You do not want to give the wrong information to the IRS (Internal Revenue Service). These errors could cost you more than it would to hire an accountant. Check out America's Best Bookkeepers

5- Self-employment

There are many concerns when you are the owner of a small business. Office area, internet, equipment and inventory are only some of the matters that can affect your taxes. Also, there are many tax benefits that you may be eligible for while running a small business or corporation and tax accountants can assist you in finding them.

6- Save time

One of the major reasons you would want to hire an accountant is because it will save you time. What may take you hours to do may only take a skilled accountant a matter of minutes. Additionally, you can also expect knowledgeable financial advice from your accountant.

7- Tracking your profits

Whether you are purchasing or selling stock, deciding between limited stock units or employee stock schemes, or purchasing a house or car, tracking your taxes is a complex endeavor. If you calculate incorrectly, you may either end up paying a greater amount or maybe not enough. This could create problems in the future. Having an expert opinion on your expenditures will help you in the long run. Check out America's Best Bookkeepers

8- Yearly reports

The tax and financial reports at the end of a year can be helpful for you to assess the health of your business. The accountant can assist you in keeping an eye on your finances as a whole.

9- Managing cash flow

It is common knowledge that cash flow is one of the most important parts of a business. A strong business is one in which the cash flow is closely monitored. One misstep can be devasting for your business. An accountant will be responsible for routinely analyzing this and ensuring that any complications are spotted and dealt with promptly. This will reduce losses and help you achieve more profits.  

10- Tracking deductions

Small businesses are constantly searching for ways to keep taxes to a minimum. It can be difficult to keep track of all the deductions that happened merely a week ago, much less those that occurred throughout the whole year.  Hiring a tax accountant can help you better understand what counts as a deduction and what are the losses.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Tax Preparer - Complete Controller

It is no secret that many people often prefer to hire tax advisors to file their taxes. However, many people are unaware that this option even exists. If they do, they often refrain from asking the important questions in the beginning to legitimize their potential advisor. A total of 80% of people who acquire tax advisors never bother to ask about documentation or credentials. Through a recent survey, around 75% of people never bother to ask whether their advisor will be representing them if a tax audit happens or not. Check out America's Best Bookkeepers

To some, hiring a tax advisor may sound like a crazy idea. Sharing all their personal details with that person regarding their income, their accounts, personal life, kids, along with their social security number, maybe extremely anxiety-provoking. The question becomes, how can you find a reliable tax advisor with proper credentials and who fits your specific needs? Here are few tips that will help you:

  1. Ask for an advisors Tax Identification Number

According to the Internal Revenue Service, anyone who is assisting or preparing to assist in federal tax returns must acquire a PTIN. However, these rules don’t apply to volunteer advisors. Always be sure that the tax advisor you have hired has a legitimate PTIN number and that they put it on your tax returns, as this is also a requirement of the IRS.

  1. Require a CPA, law license, or Enrolled Agent description

It is not hard to obtain a PTIN, so why settle there? Advance a step and get an advisor who is a certified/ licensed enrolled agent. This is someone who has completed the IRS Annual Filing Season Program (AFS). Such identification requires vast amounts of study along with education and an exam.  

How do you find a reliable tax advisor with proper credentials who fits your requirements? A great way is to check out the Internal Revenue Service directory. This contains a list of authentic and recognized professionals that you can choose from. These professionals are reliable and vetted, ensuring that they deliver exceptional service. Check out America's Best Bookkeepers

  1. Look for friends in high places

Being a member of proficient organizations like the “National Association of Tax Professionals,” “National Association of Enrolled Agents,” or the “American Institute of Certified Public Accountants” is an extremely beneficial credential to have, as most of these organizations have proper moral codes along with a set of certified conduct expectations.  

 

  1. Reconsider those who don’t e-file

The Internal Revenue Service requires a paid tax advisor, who can complete more than ten tax returns for a customer, to be able to file automatically through the Internal Revenue Service e-filing method. If a tax advisor fails to offer an e-file, it is a clear sign that this advisor is lacking in experience and is not doing as much tax prep as they portray. Check out America's Best Bookkeepers

 

  1. Confirm they would sign on the dotted line

According to the law, these paid tax advisors are required to sign their customers’ takings and mention their PTINs to ensure legitimacy. Avoid signing a vacant tax return because it will allow advisors to put anything they choose on the return, like their own bank account details, in order to steal your refunds.

 

  1. Check if they’d have your back

Like enrolled agents, such as attorneys with CPAs, PTINs can represent a client in front of the Internal Revenue Service throughout audits, expenses, compilation problems, etc. Advisors who fulfill the “Annual Filing Season Program” have the authority to represent customers but only under limited circumstances.

Being available and accommodating is also crucial when hiring an advisor. Even after the tax returns are done and the filing season is over, a professional tax advisor will take your case, reply to an email, and allow you to come for a visit.

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Professional Help Filing Your Taxes - Complete Controller

Most people do not like the tax season, except when they are expecting a large refund. The process of getting your documents in order all on your own can become rather troublesome. If you are unsure whether you need professional help with your taxes, the following are some signs to watch out for. Check out America's Best Bookkeepers

No time

For many individuals with multiple ways of earning, complying with the requirements that come with doing their taxes may be a daunting affair. Even those who have only one job may still find the process to be tedious and difficult. It can be very time consuming to prepare the appropriate documents for the tax return. Most individuals employ tax professionals to do their taxes so that there are minimal chances of thoughtless and costly mistakes. Individuals tend to continue their routine work and let the tax advisors do their job. It is important to ensure that the accountant you hire has the proper qualifications, along with appropriate credentials. Check out America's Best Bookkeepers

Major life change event

Many significant life events may occur over time. Some of these include getting married, divorced, having a child, or obtaining another employment. These events could mean an addition or reduction in the yearly income. If you are getting married, it means that an addition is going to be made to the annual income if the spouse also works. Moreover, if someone gets a divorce, it means that the divorce settlement has to be met. When your tax situation changes, there are steps that need to be taken, along with various forms that need filling. If someone does not understand the tax law, it is important to hire a professional who will advise what to do. If someone forgets to make certain changes when they file, it could result in IRS charging them with added fees.

 

Business taxes

When a person starts a business, it is a given that taxes will become more complex. Business taxes vary greatly from personal taxes, regardless of whether you are an exclusive owner. In the event of starting up a business, it is prudent to hire a tax accountant or a bookkeeper to assist in taking proper care of the taxes. A professional tax advisor will guarantee that you get the most deductions you warrant while steering away from the expenses you cannot claim. Check out America's Best Bookkeepers

From the birth of the business, you must make sure that you have separate accounts for the business and any other income that you earn. For some people, distinguishing between the two can be troublesome, so it is typically a good idea to hire a professional bookkeeper or a tax accountant to help with filing the tax forms. Regardless of whether any business achieves success or not, there will always be additional charges for taxes, which can be tiresome and tedious to fill out. An accountant will also provide advice on how to diminish taxes throughout the year.

 

Paying back taxes

One of the most common errors individuals make is paying taxes on past filings. This may be because they must account for personal costs, including the amount given to the Internal Revenue Service (IRS). A professional tax accountant can assist with managing finances with regards to recounting what has just been paid versus what more you will have to pay. There may be a case where you are awaiting a refund, yet the taxes are still being paid. This process can become a bit complex when the time arrives to disclose this to the IRS. Therefore, it may be beneficial to have a professional look at your taxes.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Tax Professional - Complete Controller

Every year when it’s time to do your taxes, you have to ask yourself whether you should do it yourself or hire a professional. Generally, it is always a good idea to hire a tax professional to prepare your taxes properly. However, with advanced tax prep software on the market, you can be a tax professional too. That being said, you still may want to weigh out the pros and cons before you decide whether to hire a tax professional or use tax preparation software. Here are some pros and cons of hiring a tax professional. Check out America's Best Bookkeepers

Pros:

Saves Time

Anyone who has sat down to do their taxes understands that it takes a lot of time. Unless yours are so simple that you can use an EZ form, reading through the tax laws, filling in the form, and calculating, your taxes can take hours. Tax professionals can prepare your taxes more quickly while remaining accurate. It is something you do not have; you should hire a tax professional.

Deductible Fees

Tax professionals will know what deductions you can get and apply them to your taxes, but there can be deducted as well. Therefore, if the cost of hiring a tax professional is holding you back from using one, knowing that their fees are tax-deductible may sway you to hire a pro. Check out America's Best Bookkeepers

Audit Help

Not only can a tax professional help you during an audit, but they can help prevent you from being audited. Tax professionals are far less likely to make any mistakes that would lead to an audit. However, even if you use a tax professional, the IRS will sometimes randomly audit taxpayers. If you are audited, whether triggered by an error or a random audit hiring a tax professional will be in your best interest. While you’re at it, you should also look into hiring a lawyer that specializes in taxes.

Fewer Mistakes

Even if you hire a professional tax preparer, mistakes can be made. However, a professional is less likely to make such mistakes. Though tax preparation software may have high-performance capabilities, it is still up to you as the user to put in the correct information. One typo can cause you thousands of dollars in penalties with the IRS. One mistake can snowball into thousands to tens of thousands of dollars because of interest. Therefore, if your taxes are even slightly complicated, you should hire a tax professional. Not only are they less likely to make a mistake, but even if they do because of your contract with them, they will have to rectify any issues that stem from their mistake.

Cons: Check out America's Best Bookkeepers

Cost

If you ask most people why they will not hire a tax professional, it is due to the cost. However, most people don’t realize that the cost is not as high as they would think, and as mentioned before, you can write off their fees. If a person does not have the money to pay the fee upfront, it would be more economical to use free online software.

Tax Prep Software

As mentioned before, tax preparation software can be just as effective and reliable to use as a tax professional if your taxes are fairly uncomplicated. Unless you upgrade, the software’s purchase will be a one-time cost instead of a recurring cost each year. If you input the information correctly, most tax prep software is extremely accurate and reliable.

Hiring Ahead

Hiring a tax professional is much like getting a great table at a popular restaurant; you have to do it in advance. In the spring, most tax professionals are buried in work. Therefore, if you use a tax professional to prepare your taxes, you should make an appointment well in advance. If you’re expecting a refund, it would be suggested that you make your appointment for January. If you wait till the last minute to hire a tax professional, you may not get your taxes done in time and could pay penalties.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Tax Accountant - Complete Controller

No matter if a person is running a small or medium business or SME, it is important to hire a professional to perform tax services. Tax accountants are responsible for preparing and filing your business’s taxes. Furthermore, the tax accountant’s job is to do a detailed assessment to ensure that the business’s financial activities are running smoothly. The tax accountant also plays a major role in keeping the business operations in a prosperous and healthy state. A business person who is thinking of initiating a startup needs to make a proper plan. This plan includes including different strategies on how to engage professionals, tax compliance, and cash flow. Check out America's Best Bookkeepers

Instead of using accounting software or doing the business taxes yourself by hand or using handwritten books, hiring a tax accountant for the business makes good sense. Here are six reasons you should hire a tax accountant for your SME.

Helps the Business Save Time

As a business owner, there are several important responsibilities to conduct properly to run business activities more smoothly. Responsibilities of an entrepreneur include marketing, selling of products and services, and budget planning. A tax accountant is responsible for ensuring that the business’s financial side gets taken care of accurately. Hiring a tax accountant will allow the business owner to run operations to accomplish business goals within a short period. Check out America's Best Bookkeepers

Helps the Business Avoid Costly Mistakes

Due to the number of responsibilities that a business owner has, it becomes challenging to ensure that every business operation is accurate. There is a high risk that entrepreneurs will make some serious mistakes when dealing with the tax filing process in such cases. These mistakes can either cost the business a lot of money or worse; they can cause the business to be shut down.

To remedy these issues, there is a need for a tax accountant to help the organization navigate the business processes in the easiest way possible. This approach will help the organization to save the business amounts to prevent errors.

Helps Businesses Deal with Complicated Tax Filing Processes

The process of paying taxes is considered a ‘cumbersome affair’ because, to file taxes, it is important to fill out the appropriate form accurately by providing facts, including details of accounts, income, expenses, and payroll. All of these factors are necessary to keep the businesses on the right track. Hiring a tax accountant will help a business owner take care of all these issues efficiently.   

Helps the Business Identify Deductions

Hiring a tax accountant will help the business owner identify the potential deductions and provide the best possible advice. This advice will help an entrepreneur to make strategic decisions concerning year-end deductions. It has been observed that business owners often forget to keep track of the items like home office space, out-of-pocket expenses, and depreciation. Check out America's Best Bookkeepers

Helps Reduce Tax Liability

The job of a tax accountant is to know and understand tax laws and regulations. They also understand the current deductions available to the business. Understanding the laws, regulations, and deductions and finding other ways to cut taxes by reviewing the books will ensure that the business owes as few taxes as possible.

The tax accountant can also look at ways to save on your taxes throughout the year instead of just during tax season.

Helps the Business Grow

Hiring a tax accountant can help a business grow by keeping all the financial aspects of the business well recorded. These records can produce financial statements that will help the business owner understand what kind of capital the business has for growth. With a tax accountant taking care of the business’s financial side, the business owner can concentrate on other business areas, such as operations, and focus on growth.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Hiring a Tax Professional - Complete Controller

Whether business or individual taxes, every working person has to prepare and pay taxes. Doing your taxes is not impossible and, in some cases, is not even challenging. However, as a business grows or a person grows in their career and diversifies their income and investments, tax preparation can become complicated. Once you reach this point as a business owner or individual, you will need to consider hiring a tax professional heavily. Before you throw in the towel and hire a tax professional, consider the following advantages and disadvantages.

Advantages: Check out America's Best Bookkeepers

Doing taxes can be incredibly time-consuming

According to the IRS, an average person spends around 11+ hours dealing with tax preparation, including obtaining the correct forms, figuring deductions, and checking for mistakes. This amount of time could easily triple for individuals who have extra forms to include and business owners. If you were to calculate the time spent, you are not earning income or are away from your family, which could be costly. Having a tax professional prepare them may not only save time but money.

Tax preparation fees are deductible

Tax professionals are up on all the ever-changing Federal Tax Codes. They are also aware of deductions and the confusing business of itemizing. If you have very few write-offs and plan to take the standard deduction, you don’t need a tax professional. However, you may not know of deductions that you can take that add up to greater than the standard deduction. Therefore hiring a tax professional is almost always in your best interest, and your tax preparation fee is deductible, so that’s a bonus! Check out America's Best Bookkeepers

Audit assistance

In the case of an audit, only a tax professional, a CPA, Tax Attorney, or an enrolled agent can help a person with the paperwork and organization, along with handling the IRS to ensure that their client gets a fair shot by making sure they are fairly represented. A tax professional will ensure you are well represented when facing the IRS, proving to be extremely beneficial during an audit. Though facing an audit is rare, having a professional tax handling your case can make a difference in a positive outcome.

Avoiding mistakes

It doesn’t matter how self-assured a person is on their abilities regarding tax preparation; they are likely to make mistakes. That’s why most tax professionals use professional tools such as tax preparation software to make sure the numbers are 100% accurate. This accuracy attempt doesn’t mean a tax professional won’t make a mistake, but it is far less likely. Mistakes when it comes to taxes can be extremely costly and follow a person for years to come.

Disadvantages:

Cost

One of the biggest reasons most individuals don’t hire a tax professional is their fee. Depending on the complexity of your situation, these tax professionals can cost a lot. An average tax professional can cost around $100 for a routine tax return. They charge more if your tax return has a lot of itemizing or require extra forms attached to the 1040, such as the schedules A and D, which are the forms for loss and gain calculations. Some tax professionals charge an additional hourly fee on top of the fixed fees for various services. Other tax professionals opt to charge a percentage of the refund expected, which is an incentive for them to get you the most money back possible. Check out America's Best Bookkeepers

Tax preparation software

Though tax preparation software is not a disadvantage to using a tax professional, the fact that you can use tax preparation software to effectively and accurately do your taxes, therefore, it is a disadvantage to hiring a tax professional as the cost of the software is far less than hiring a professional only one time. Your software can be used for years to come.

Planning Ahead

Spring is the time of the year when the majority of tax professionals are extremely busy. Keeping that in mind, finding a tax professional who is willing to work with a new client takes a lot if not done in advance. It is almost impossible to find a reliable tax professional in the late tax season that has time to add a client. Because of this, if not prepared by planning ahead, you could be left in need of a tax professional. It is better to prepare for the upcoming tax season in advance and keep in touch with a reliable tax professional ahead of it.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers