Small business owners are tasked with myriad responsibilities during the normal course of their operations. One of the most important—and stressful—of these tasks is tax preparation. Filing taxes distracts you from your other responsibilities, and the tax code is very difficult to decipher.
Jarad Hunter, a financial adviser at J. Hunter Company in Cincinnati, OH, explains four reasons why clients outsource business tax preparation—
Compliance with changing tax laws: The tax code is incredibly complicated, and regulations change on a routine basis. Consequently, amateur tax preparers are prone to make mistakes that cause you to miss out on money-saving deductions or incur costly penalties from the IRS. A professional tax consultant stays on top of shifts in the tax code and is equipped to help you remain in compliance.
Time savings: Tax preparation is a lengthy process, especially for businesses. Attempting these taxes on your own will reduce the time you spend conducting your normal business operations, enjoying your free time, or both. Hiring a professional to help you with your taxes will give you more time to spend with your family and focus on the important aspects of your business.
Personalized advice: Small businesses have more complicated tax situations than individual filers, so one-size-fits-all tax filing software does not always prove helpful. A tax consultant will carefully review your unique situation and provide you with personalized insights you will not find elsewhere.
Audit representation: Getting flagged for an IRS audit is scary, but it will be less stressful with the help of a tax consultant. He or she will represent you during the IRS meeting, ensuring that you have a tax code expert on your side.
If you would like to know more about how a tax consultant will benefit your small business, contact JHunter. Tax attorney and financial adviser Jarad Hunter is passionate about helping small businesses in Ohio with the financial aspects of their operations. Call (513) 460-7691 to schedule an appointment for a free consultation, or visit online to learn more about the firm’s bookkeeping, payroll, and tax preparation services.