Working With a Reliable Tax Consultant

Owning a small business comes with great, life-changing perks! You’re the boss now, working hard to achieve financial success while building equity that can later be sold or passed down to the next generation. Even so, through all the triumph and success you experience, there are a few stumbling blocks you’re bound to encounter. For sure, you won’t be able to escape the stress and confusion you’ll have when dealing with your taxes.

When tax season approaches, you must follow ever-changing tax laws and rules that control your deductions, credits, and reportable income. Most self-employed small business owners are unaware of these laws and rules, which causes them to make mistakes that often result in the underpayment or overpayment of taxes. Taxpayers who underpay their taxes usually receive an IRS audit while those who overpay lose money they will never see again.

There’s no official handbook for small business owners handling their own taxes, so hiring a tax consultant might be your next best option. Working with one will help you avoid overwhelming yourself during tax season as they will answer your questions, prepare you for future tax situations, and analyze your tax returns and documents to ensure compliance with government regulations. They also help you take advantage of adjustments, deductions, and credits that will ultimately help you save money. They truly work to make this entire process easier for you.

With surging coronavirus cases nationwide and strict social distancing rules in place, finding the right tax consultant can be challenging. While you’re at home, you can research tax consultants located in your area, reading written reviews from their clients to see who might be the best person to help you. Just to make sure you’re selecting someone who’s reliable and knows what they’re doing, freelance writer Lainie Petersen compiled a list of typical services your tax consultant should be able to provide you with:

• Collecting, organizing, and preparing tax documents and returns.

• Evaluating your financial and legal circumstances to determine tax liabilities.

• Assisting you with tax-related issues during and after a significant life transition, such as a marriage, divorce, death of a spouse, or birth of a child.

• Completing complex tax forms and schedules.

• Representing you when dealing with the IRS or other tax collection agencies.

Tax consultants usually work in office environments that are located all over. Whether it’s a home office, a suite in a professional building, or a temporary office space in a shopping mall, please remember to protect yourself and others from contracting COVID-19. If you need to visit your tax consultant in-person, wear your mask over your nose and mouth at all times, stay at least six feet apart from them, and use a hand sanitizer that contains 60% alcohol.

To the small business owners and entrepreneurs out there, if you want to make wise financial decisions about tax-related issues while saving money, you should look into hiring a tax consultant. They work closely with you, using their skills in communication, critical thinking, and problem-solving to address the issues that may arise with your small business. You don’t have to worry about doing all the math to figure out your taxes since your tax consultant works well with numbers, stays organized, and pays close attention to details. You’re in great hands when you work with a dependable tax consultant who knows what they’re doing and wants nothing but the absolute best for you and your growing business!

References:

Petersen, Lainie. “What Is a Tax Consultant?” Chron.com, 25 Aug. 2018.

“Tax Consultant Career Overview.” Accounting.com, 7 Dec. 2020.