Being a business owner is hard enough. You should not make things harder on yourself by trying to be an accountant as well. Letting experts handle financial reporting related matters will help you to focus on your business.
Hiring an accountant will benefit you in more ways than one. An accountant will not just look at your bookkeeping and audit needs, but also perform tax services in Hunters Creek, FL. Here you will learn about all the ways in which you can benefit from hiring a professional accountant to handle tax-related matters for your business.
1. Help You Save Money
A professional CPA accountant will help you save money through specialized tax services in Hunters Creek, FL. You will learn about different tax strategies that can help you save money. You will know about possible deductions that you will be eligible for that could save you hundreds of dollars each tax season. A professional accountant that offers tax services in Hunters Creek, FL will tell you about all the expenses that you can deduct from your taxable income. This will reduce the amount that you have to pay to the IRS every year.
2. Simplify Filing Taxes
For most businesses, filing taxes is a stressful and complex task. There is a lot of things that need to be looked at when filing taxes. By hiring tax services in Hunters Creek, FL, you can ease the burden of preparing tax return file.
A professional accountant that offers tax services in Hunters Creek, FL will make all the calculations required to file taxes. The accountant can itemize all deductions and file the required forms. The professional expert will make sure that the right information is added to the forms. In short, an accountant will help you navigate through the complex tax-related matters greatly reducing the chances of any errors.
3. Minimize Mistakes
Another benefit of professional tax services in Hunters Creek, FL is that it will help reduce the chances of mistakes in the return file. Considering that the IRS imposes a hefty fine for errors in the file, it’s important to ensure that the tax file contains accurate information. Some of the common errors in the tax return file arise due to the following reasons.
- Payments entered on the wrong line
- Computation errors
- Errors in determining taxable income
- Not using the correct method in determining deductible expenses
Any of the above errors can result in a penalty. While no tax professionals can guarantee error-free tax files, a professional can avoid common mistakes thereby reducing the chances of a penalty. By hiring the tax services in Hunters Creek, FL, the chances of a mistake in the return file will be greatly reduced.
4. Save Time in Preparing Tax Returns
Many business owners will nod their head in approval that preparing taxes is a time-intensive task. An estimated 20 to 24 hours on average is taken in preparing tax return file. The time to file the taxes will be higher for certain concerns.
Most of the time is spent on organizing files, calculating taxable income, determining allowable dedications, and submitting the form. A lot of time can be saved if you hire professional tax services in Hunters Creek, FL to file taxes for you. In this way, you can dedicate more time to looking after strategic aspects of the business like making more profits.
5. Auditing an Account
A certified tax professional will audit your account to ensure that it complies with IRS requirements. Generally, only an enrolled agent, CPA and tax attorney can help you deal with the tax authority on your behalf. The tax professional can help save time and streamline matters through an audit. This will ensure that your interests are protected at all times. Hiring tax services in Hunters Creek, FL will ensure that you don’t have to face the dreaded IRS audit alone.
In case the IRS audits your account, you may have to face adverse consequences. When you sign the tax returns, you declare that the information is accurate and true. However, if errors are found during an audit that you cannot defend, you might face legal consequences. Having a tax expert by the side helps safeguard your interest in the event of an audit.
6. Determining Credits and Deductions
Another benefit of hiring tax services in Hunters Creek, FL is that you can know the credit and deductions that might have otherwise been missed. A tax professional will pinpoint expenses that you can deduct from your taxable income. The professional will help you determine every credit and deductions that are applicable to your situation. Hiring tax services in Hunters Creek, FL is particularly recommended if you are involved in trust, estate, or other complex cases.
7. Deductible Expenses
Remember that fees paid for tax services in Hunters Creek, FL may be deductible. If you meet certain requirements, you can deduct the fees from your taxable income. Fees for tax services in Hunters Creek, FL are considered ‘miscellaneous’ deductions. You can add this amount under the itemized deductions on IRS Tax Form 1040 Schedule A.
Apart from expenses related to tax services in Hunters Creek, FL, you can also deduct following expenses from the taxable income.
- Mileage drove to meet tax preparer
- Postage paid to mail documents to the tax accountant
- Postage paid to mail the tax return
- Books purchased to know about new tax regulations
- Fee paid to e-filing of tax returns
Deducting the above expenses from your taxable income can result in greatly reduced taxable income. Your tax accountant will tell you about all the miscellaneous deductions that can help save on taxes. The tax professional will inform you about all the rules such as the taxable deductions should exceed 2 percent of the adjusted gross income. You can know this and much more when you hire professional tax services in Hunters Creek, FL.
8. Help You Get Organized
A tax professional will help you get organized and take care of all the important matters when it comes to filing taxes. This will ensure that all the important requirements of the IRS are met with no errors and oversight.
With the help of a tax professional, you can create a schedule for filing taxes. The tax professional can also advise you on how to automate the process of calculating taxes. The professional will recommend you accounting solution that will save time and ensure accurate filing of taxes. You will know about the best accounting solution that will fit your financial report needs.
Using an accounting solution will prove invaluable when it comes to filing taxes. You will be able to file taxes with accuracy and efficiency using an accounting software. Today accounting solution is available that let you avoid the upfront costs. Online or cloud accounting software is a cost-effective option to ensure accuracy and timeliness when filing taxes. Your tax accountant can help you select the best accounting solution that will help you get organized and save time in filing taxes.
9. Help you Prepare a Checklist
A tax preparation expert will help you prepare a checklist for filing taxes faster. With the help of this checklist, you can avoid making common errors and meeting requirements of the IRS. The accountant can prepare the checklist keeping into account the specific tax requirements.
The main aim of the checklist is to ensure that everything is accounted for when preparing a tax return. This will help you get everything together that is required to ensure accurate information entered in the tax return file.
With the checklist, you can avoid missing opportunities that could potentially result in thousands of dollars in savings for you. As you tick all the items entered in the checklist prepared with the help of an accountant, you will notice a lot of items that were unaccounted for before. Here are some of the items that are typically entered in a tax preparing checklist. Keep in mind that some of the information mentioned here will not be applicable to your situation.
- Your Social Security Number (SSN)
- SSN of spouse or other dependents
- W-2 Forms of all employers you had worked with in the tax year
- W-2 Forms of the employers of your spouse, if filing a joint return
- 1099 Form if you worked as a contractor earning above $600
- 1099 Form if your spouse worked as a contractor earning above $600, if filing a joint return
- Investment income
- Dividend income
- Profit on sale of financial assets such as stocks or bonds
- Income from foreign assets
- Business income mentioned in the accounting records
- Income from rental property
- Unemployment income
- Social security benefits
- Miscellaneous income
- Jury duty
- Prizes and awards (Form 1099-Misc)
- Distributions form medical savings accounts (Form 1099-MSA)
10. Offer Advice on Tax Saving Strategies
Finally, a tax accountant can offer you important business advice that could help you save on taxes. Working with a tax accountant you can devise strategies that will result in savings amounting to thousands of dollars. When you hire tax services in Hunters Creek, FL, you will not just get advice on tax related matters, but also on overall running of the business.
A tax professional will inform you about how to structure a business that can result in maximum tax savings. For instance, using direct share ownership or trust, family members over the 18 years can receive tax savings. This can result in lowest tax bracket to be used for determining the tax liability.
Hiring tax services in Hunters Creek, FL will let you know about the business expenses such as employee reimbursements that can be deducted from the taxable income. Also known as an accountable plan, the plan allows you to deduct expenses from the reportable income to employees. This can save a lot of money on employment taxes and reduce the overall taxable amount.
In addition, the tax professional can offer you advise you on structuring the company in a way that it results in maximum tax savings upon sale. The tax professional will help you devise strategies right at the inception of the company that can maximize tax savings in the long run.
The above are the benefits of hiring tax services in Hunters Creek, FL. Make sure that you hire the right accountant to file your taxes. Hiring a professional to handle your taxes is the best decision that can save you time, cost, and hassles involved in filing taxes. Whether you are a self-employed individual or a small business owner, you can benefit by hiring professional tax services in Hunters Creek, FL. You should particularly hire a tax professional if you find that you are spending more time on filing taxes than looking after your business. A professional tax preparer will take care of the entire task and will give you the peace of mind in knowing that all tax-related matters will be handled expertly.
Make sure that you ask for credentials before hiring an accountant for tax services in Hunters Creek, FL. Consider going for a certified expert such as a CPA as they have the experience and expertise to look after complex tax related matters. The fees paid to a certified expert will be well worth it in the end as you can avoid hefty penalties and save on taxes.