A few years ago, I was in a pretty serious car accident. During the aftermath, I became really familiar with a lot of different types of lawyers. I worked with personal injury lawyers, insurance lawyers, and many others. Perhaps the most important, though, was the estate planning lawyer. I was really young, and neither my wife or I had thought about starting a will. But the accident kind of scared us into it. What would happen if one of us were to die? Even when still in the hospital, I was working with the lawyer to draw up a will. Now, I have some peace and security about what the future will be like if something should happen to me. And I have a lot of experience working with various types of lawyers! The accident was kind of a blessing in disguise in that way.
As a small business owner, you are probably keenly aware of the fact that filing your taxes is important. You may need a little bit of help along the way, though, which is what a tax advisory service is for. These are just some of the ways that a tax advisory service can help you out as a business owner.
1. Telling You What Is and Is Not Tax-Deductible
As a business owner, you probably know that there are a lot of different tax deductions that you can take when you file your taxes. Failing to take advantage of all of your tax deductions could lead to you paying a lot more in taxes than you have to, which is probably something that you want to avoid. At the same time, though, you don't want to claim any tax deductions that you shouldn't claim since this can cause you to get in trouble with the IRS. It is always best to talk with someone from a tax advisory service if you need help with determining what is and is not tax-deductible when filing your small business taxes.
2. Helping You Understand How to Set Up Your Taxes
There are all different ways that small business owners can set up their taxes. Before you make this decision, you should take a look at how you run your business, and you should consider the pros and cons of different types of business filings. For example, you might choose to simply file your taxes as an individual or an independent contractor if you are a freelancer, or you may want to set up an LLC if you run a bigger business. A tax advisor can help you with making this tough decision by telling you more about the different tax structures and what each one is good for.
3. Assisting You With Filing Your Taxes
Lastly, even if you have an idea of what you should and should not do when filing your taxes, this might not be something that you want to handle on your own. Tax forms can be very complicated, and even minor mistakes with your taxes could cause you a lot of big problems. Luckily, your tax advisor should be willing to assist you with filing your taxes in a timely manner so that you can submit them to the IRS. If your tax advisor simply offers tax advice and does not actually physically fill out tax forms for business owners like you, he or she should be able to point you in the right direction and help you choose someone who you can count on for this very important job.Share
3 December 2019