October 27, 2015
There are many instances in life in which we are faced with the choice of attempting to do something ourselves, or seeking the help of a professional. Now while the decision might be made easier when considering whether to attempt a spot of home DIY yourself - as after all, a wonky shelf or crooked door are not necessarily costly disasters - the decision becomes a little trickier when contemplating filing your tax returns. Completing and filing them yourself, naturally means avoiding paying for the services of a tax accountant, but if submitted late or incorrectly, the cost to you, may well outweigh that of an accountant.
US tax laws today are considered to be among the most complicated, and many US citizens find them so confusing that they don't even know where to begin. This usually means that filing what should be a relatively simple tax return, becomes a real headache that most would rather not deal with. This can be even more problematic and time consuming for business owners, and it's safe to say that most feel hiring the services of a professional tax accountant, relieves them of all of the unnecessary stress and unwanted penalties which can often be incurred when not adhering to strict tax legislation.
Of course taxpayers of all types can benefit from hiring a tax accountant, but if you're running a profitable business, you'll know that taxes can represent a significant cost to both you and your business. Non compliance of tax legislation can lead to costly penalties; not only adding unnecessary stress to you as a business owner, but potentially to your company and its profit margins, too.
The US Government Bookkeeping Office recently released a study showing that the majority of its taxpayers (over 70%), had benefited from using the services of a professional tax accountant.
Most professionals offering this service are able to work with you over the phone, freeing up more of your time to continue running your business, and they will be able to assist even if you have left things to the last minute, as many do! They are known to use plain English, rather than jargon (which can often be intimidating for those who don't have an intimate knowledge of the US tax system) and they will know exactly what information they want you to provide.
So if you're a business owner and want to ensure that your tax return is filed in a timely fashion and without errors that may incur costly fines, it would be wise to seek the help of a professional tax accountant, who can fulfil all of your needs and help put your mind at ease at such a potentially stressful time of year.
All small businesses will go through a series of ups and downs, and solving some of the problems that can arise, takes time and patience. Most owners of small businesses complain of not having enough time to do everything that is required of them, but finding time to update the books so that their bookkeeper can do their job efficiently, is one thing business...
For many small businesses, keeping track of, and managing their taxes is a yearlong commitment, and there are several important types of deadlines to be aware of throughout the financial year:
1099 forms for contractors, need to be in the mail by the end of January, and must be...
With April 15th very definitely behind us, most US citizens who didn’t file for an extension, have filed their taxes successfully, either alone or with the help of a tax professional. Many folks will be disappointed to discover that they owe taxes, while others will be pleasantly surprised with a refund.
Tax refunds can...