Each year, millions of taxpayers around the country take it upon themselves to navigate through the complexities of tax preparation. However, attempting to prepare one’s taxes without assistance is very similar to attempting to perform surgery on oneself without proper training.
This does not apply as much to individuals with simple income tax returns and a singular source of income. However, for small business owners who don’t have this luxury, and subsequently have multiple sources of income, such as business revenue, interest, capital gains, and more, attempting to prepare your taxes without assistance could be detrimental.
That is why it is crucial to hire a tax professional if you are a small business owner. Doing so can save you time, money, and even the nuisance of dealing with legal complications.
Here are 6 reasons why small business owners need to hire a Raleigh CPA this tax season.
- Tax Law is Not Simple.
Unfortunately, even what appears to be the simplest of tax situations can be complex. Any life occurrence, such as a recent move, a divorce, or having children can add a level of complexities to your tax situation that further complicate the entire process. In addition, with each year comes new tax laws and codes that everyone must abide by, meaning individuals who prepare their own taxes must continuously understand the updated law and be aware of how it affects their situation. On top of all of that, small business owners must also deal with income tax withholding and reporting, which is even more of a complex and arduous task.
Since this is the case, most small business owners turn to tax software for assistance. However, every software has its downfalls and updating the tax software to accommodate the new law each year can be costly. On the other hand, an experienced CPA is always more reliable, as they can provide individualized assistance that is most beneficial for your particular situation.
- Time is Money.
Each year, the average taxpayer spends 13 hours preparing their tax return, according to statistics from the IRS. This means that while you may be able to prepare your taxes online for a cheap price, you are also spending a significant amount of time doing so. Instead of wasting precious time that could be used to further your business, why not hire a tax professional to do it for you? Doing so will reduce the amount of time it takes to prepare your tax return and ensure maximum accuracy.
- Hiring a CPA Can Save You Money.
Aside from saving you hours of your time, hiring a tax professional can save you significant amounts of money. This is because an experienced CPA will have a thorough understanding of the tax law, develop a clear understanding of your situation, and subsequently be able to know exactly which tax deductions and credits you qualify for and what is tax deductible. He or she will be able to determine which steps are most beneficial to take to ultimately save you the most money. In other words, hiring a CPA to take care of your taxes for you will allow you to keep more of your money in your bank account. The cost of hiring a tax professional can also be tax deductible.
- You Do Not Want to Make a Mistake; They’ll Cost You
Preparing your taxes yourself inevitably puts you at a higher risk of having a mistake on your tax return. While a small mistake may sound like no big deal, even one tiny math error can result in huge consequences. That is because any mistake results in your tax return being inaccurate, and an inaccurate tax return can result in penalties, interest, and much more. That is why it’s best to minimize this concern by hiring a seasoned tax professional, who will ensure optimal accuracy and prevent costly mistakes.
- No More Stress.
Preparing a tax return can be stressful. From gathering all the necessary documents, to ensuring everything abides by the tax law and is done correctly, this process is certainly not one anyone looks forward to. In hiring a tax professional, the stress of wondering whether your tax return was prepared correctly or simply accomplishing all the necessary components yourself is eliminated. Instead, you can have peace of mind that your tax return is in compliance with tax law and that your taxes were prepared in a way that is most beneficial to you and your company. Owning a small business is already stressful in itself, so don’t add more stress to your life by handling your tax preparation yourself.
- You’ll Be Able to Plan for the Next Year.
The taxes you pay one year, along with your actions, can affect the taxes you owe the next year. So, after preparing your tax return, an experienced Raleigh CPA can assist you with planning proactive steps to take in the future to reduce and minimize your taxes for the next year. This can result in a substantial amount of savings for both you and your business.
Let Our Raleigh CPA’s Eliminate Some Stress this Tax Season by Handling Your Tax Return
Ultimately, hiring a CPA offers several unsurpassed benefits, such as saved time, money, and stress. Navigating through the tax law, especially this year, can be difficult, which is why it is best to entrust this task to our experienced Raleigh CPAs. We can ensure that your taxes are prepared as quickly and effectively as possible, reduce mistakes, and assist you in planning for.