For most taxpayers, the mere mention of taxes can cause stress and panic. Whether you are an individual, a small business owner, or an entrepreneur, preparing and filing tax returns is something you cannot avoid. However, most small business owners prefer to dedicate most of their time, energy and efforts to running their businesses rather than allocating time and resources for tax planning and compliance.
Tax laws are highly complex, and even filing a seemingly simple tax return can turn out to be daunting and confusing. Even if you choose to utilize tax software programs, there is a possibility of overlooking deductions or credits that you are entitled to.
A tax consultant is a professional who understands tax laws and provides advice on tax planning and filing. They help clients devise strategies that can help them minimize their tax obligations. Tax consultants help small business owners make sound economic decisions that ensure the growth of their business and its long-term stability.
Typical services tax consultants provide include:
- Collecting, organizing, and preparing tax documents and returns
- Completing various tax forms and schedules
- Bookkeeping services using the most advanced accounting tools
- Evaluating a client’s financial and legal standing to determine tax liability
- Assisting clients with tax issues during transition phases such as marriage, divorce, death of spouse or partner, and more
- Representing clients in dealings with the IRS or other state tax collection agencies
- Offering insights into tax law changes that would affect clients, their businesses, and the future of both
- Assisting clients with debt financing
Additional benefits to know :
As most of your major decisions will have a financial component, talking them over with a small business accountant makes perfect sense. Advantages of hiring a professional tax consultant include:
- Extensive experience with tax returns
A tax consultant makes your financial management and tax filing more organized, accurate, and streamlined. As you are dealing with figures, there is no room for errors. A seasoned professional helps you avoid mistakes and also the legal implications that may arise out of such errors.
- Save time and money
Even if you have experience with bookkeeping and tax returns, doing your own books can be tedious, time consuming, and a distraction from the day-to-day running of your business that requires your attention. A tax consultant will look at areas where you are losing money, where you can be saving it, and other areas where you could be growing revenue. They strive to put money back in your pocket without inviting the IRS or Pennsylvania tax agencies.
- Better understand how the taxation system can benefit you
Tax consultants are adept at helping clients interpret and understand complex tax laws and procedures. This helps clients in making the right and timely decisions and avoid delays and mistakes while filing their returns. They also help reply to official tax correspondences. Such swift action can help clients avoid penalties and fines.
- Get sound business advice for the long term
Tax consultants can help you decide which legal structure you want to adopt for your business. You may wish to carry on business as a limited company, an LLP, or operate as a sole trader. A tax consultant will explain the pros and cons of each structure and help you choose the one that suits your business. An experienced professional would have encountered most of the issues and challenges faced by you and your business before and will come up with the right solutions to address these issues and challenges. Most tax consultants possess a wealth of experience and knowledge that can contribute to making your business a success.
- Grow your business with no extra effort on your part
Eventually every business requires funds to expand and grow. An accountant provides accurate cash flow forecasts and solid financial planning to improve your chances of securing funds from banks or financial institutions. Tax consultants assist you by drafting and putting together proposals to accompany your loan applications. They can also advise you on grants and tax relief options available in your area of business.
- Get income or portfolio management
Most businesses don’t rely on a single income stream; they try to earn revenues from multiple, including stock market investments, properties, rental services, and more. A tax consultant guides clients to maximize their income and limit their tax bill too. Hiring a tax consultant gives you the reassurance that your legal, financial, and tax responsibilities are in the safe hands of a skilled professional.
At A+ Tax Experts, our tax consultants are professionals with advanced knowledge and training in tax law. We are qualified to help you handle and manage your money and taxes. We help minimize tax liabilities while remaining compliant with federal and Pennsylvania state tax laws in complex business situations.
You can visit our official website or contact us to set up your initial consultation.