Taxes have always been complex and time consuming, but with the economy currently in a state of disarray and so much uncertainty surrounding the business world, business owners are finding themselves having to fight for every dollar, and a tax professional could help them achieve the best results now, more than ever before.<\/p>\n
Here are a few more reasons why you might need professional help with your taxes this year, especially if you\u2019ve recently started your own small business or become self-employed:<\/p>\n
Side hustles with income that hasn\u2019t yet been taxed:<\/strong><\/p>\n The global pandemic has forced many millions of Americans to take on a side hustle to help earn extra money, but with the onus on the individual to keep track of their income, it can be a challenge to account for money earned that hasn\u2019t yet been taxed.<\/p>\n New taxes that you\u2019re not familiar with:<\/strong><\/p>\n Whether you\u2019ve recently started an enterprise with a small number of employees, or whether you\u2019ve struck out alone and are self-employed, there could be a whole new set of tax rules to get to grips with, and laws that you must adhere to. Without professional help, this can become a minefield and before you know it, you\u2019re falling behind on filing deadlines and misunderstanding your deductibles, all of which can become costly if the IRS issue you with a fine, or schedule you for an audit.<\/p>\n However, it\u2019s important to remember that many other small business owners and newly\u00a0<\/strong>self-employed individuals will also be seeking professional help with their taxes this year,\u00a0<\/strong>and with the increase in demand, they may be in short supply. If you think that you need\u00a0<\/strong>help from a tax expert, begin your search for a reputable one, today, before you lose out.<\/strong><\/p>\n Do you qualify for tax debt relief?<\/strong><\/p>\n With the help of a tax expert<\/a>, you could find out whether you\u2019re eligible for an \u2018offer in compromise\u2019 from the IRS, that enables taxpayers to pay less than the full amount they owe for tax debts.<\/p>\n Cash on the side must be accounted for:<\/strong><\/p>\n Side hustles, whether you already have a small business or are doing so as an employee, can make you susceptible to more intense scrutiny from the IRS. You\u2019ll need to keep track of all your cash income and receipts, and with more than one source of income, this can become complicated and time consuming. With a tax professional<\/a> on your side though, they can help ensure that you have accurate records ready for the tax filing deadline, and can avoid an audit at all costs.<\/p>\n Hiring a tax professional if you\u2019re a small business owner – or even if your tax\u00a0<\/strong>circumstances have recently changed – has always been a smart move, but perhaps now\u00a0<\/strong>more than ever before, it\u2019s fast becoming a necessity if you want to avoid costly penalties\u00a0<\/strong>from the IRS for filing errors or missed deadlines.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Taxes have always been complex and time consuming, but with the economy currently in a state of disarray and so much uncertainty surrounding the business world, business owners are finding themselves having to fight for every dollar, and a tax professional could help them achieve the best results now, more than ever before. Here are a few more reasons why you might need professional help with your taxes this year,… Read More<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-277","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"_links":{"self":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts\/277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/comments?post=277"}],"version-history":[{"count":0,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts\/277\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/media?parent=277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/categories?post=277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/tags?post=277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}