If you are a small business owner, you have many responsibilities to juggle to ensure your business runs smoothly. You have to tackle inventory, employee payroll, clients and customers, and the general industry. You already have a full plate, but the most overwhelming task is handling taxes for your business. Hiring a professional tax preparation service can reduce the burden and stress related to managing your business’s taxes. There are many advantages of tax preparation services that you can receive when you hire tax experts. Here are some of the benefits of hiring a professional tax service.
Saves You Money
One of the biggest myths about tax preparation services is that it is expensive. A professional accountant’s knowledge and expertise can save you money. Your tax professional can possibly find one deduction you missed, significantly increasing the size of your tax refund. The mistakes a professional tax service can prevent you from making can be beneficial, too. Professional accountants are well-versed in the intricacies of tax law, so they generally avoid common mistakes. Ultimately, working with a professional accountant could help you avoid an IRS audit.
As a business owner, your time is valuable. By hiring a professional tax service, you take some of the burden off your shoulders and allow yourself the extra time to run your business as needed. It is estimated that filing your tax return each year takes an average of 16-22 hours. This includes bookkeeping, organizing, filling out forms, and submitting the final return. If you hire a professional to handle your taxes, you can significantly decrease the amount of time spent on filing and likely save yourself some stress and worry as well.
Tax Preparation Fees May Be Deductible
Suppose you itemize your deductions and use a tax professional to assist in filing. In that case, you may be able to deduct some of your expenses such as mileage, postage, software, and other resources like books that give you information on filing taxes. A professional tax consultant can source deductions and credits for small business owners to save money on income tax returns. Thus, a professional tax service can save time as well as a few extra dollars.
Assistance in the Event of an Audit
While audits are actually rare, if the IRS audits you, you can rest easy knowing that your professional tax service will support you. If the IRS has concerns about your return, you already have a professional on your side with knowledge of your financial information that can help you respond. This peace of mind alone is one of the main reasons to hire professional assistance with your tax returns.
Contact Bowman & Company Today
Bowman & Company CPA, PC provides all of our individual and small business customers with experienced, accurate, and affordable financial services. Our financial services aim to decrease your taxes and increase your net worth through responsible, timely, and accurate record keeping. We offer our services to clients throughout the Washington, D.C., metropolitan area, including Maryland and Baltimore County, Columbia, and Howard County. For more information on our offerings, contact us online or call us at (410) 381-8121. You can also find us on Twitter, Linkedin, Facebook, and Youtube.