Tax Season Made Easy: Working with a Scottsdale Tax Accountant
If you’re a business owner who absolutely dreads tax season, then this is the blog for you.
While there are various good reasons for hiring an accountant for your business, there really is no better time than tax time.
Yes, hiring a Scottsdale tax accountant might cost you money.
But you have to ask yourself whether doing your business taxes yourself is worth the time, energy, and potential tax penalties if you get anything wrong.
If you’re on the fence about whether to hire an accountant, here’s why it could be the best idea for your business.
Ensure Tax Law Compliance
Even if you’re a small business owner, there are plenty of pitfalls you could face when filing your own taxes.
Most of these pitfalls relate to tax law compliance – something you don’t want to get wrong as a business owner.
Understanding and complying with tax laws can be obscure and confusing – no matter how long you’ve been in business.
Hiring a tax professional who understands the ins and outs of tax laws will ensure your business remains compliant at all times.
Save yourself the trouble (and cost) of unwanted legal trouble and penalties by hiring a tax accountant.
Make the Most of Tax Benefits
Not sure whether your business qualifies for tax benefits? Well, an experienced accountant will.
By hiring the right professional, you can maximize all of the tax deductions, credits, and benefits your business is entitled to.
All in all, this could actually save you thousands of dollars each tax season.
Not only this, but a well-versed tax accountant will understand and stay abreast of tax law changes, ensuring you don’t miss out on any new benefits or tax opportunities.
It Saves You Time and Money
There are a number of balls to juggle being a business owner.
Throughout the day, you might wear numerous different hats – whether it’s working with customers, making financial decisions, or sorting through admin tasks.
In short, your time is precious.
This is where the help of an experienced tax professional can save you hours of time that you might have otherwise spent on filling out tax paperwork and doing math that quite frankly, no one wants to do.
Tax accountants are not only good at their jobs in terms of tax law compliance, but they’re also detailed, and work quickly.
Meaning, they can get the job done twice as fast as you could.
Hiring an accountant will also save you money in the long run.
Sure, there’s a fee to pay for their services, but efficient tax filing saves you from expensive penalties and fines and also earns you tax benefits.
Save on Tax Write-Offs
This is a particularly significant perk for the self-employed or a small business owner.
Tax write-offs are a great way to save your business money.
Whether it’s claiming back on the use of a home office, equipment hire, or mileage on your car, an accountant will help you compile and claim all the write-offs you’re entitled to.
The world of tax write-offs can be a tricky place, but an experienced accountant can help you navigate this territory.
Simplify Complicated Tax Situations
You might own a business, but perhaps you also own a number of rental properties.
While this is a great stream of passive income, it can complicate your personal tax situation.
A tax accountant can help you simplify the complex work of filing taxes when you have more than one stream of income.
They can also help you maximize tax savings and benefits for each type of income stream.
Assistance with Tax Auditing
In the event that your business is tax audited, there’s nothing more beneficial than hiring an accountant to help through the process.
While the likelihood of small business auditing is quite slim, it’s a stressful and time-consuming task for any business owner.
If your business does not have an in-house accountant, this is probably the best time to hire one.
Their job is to assist you in navigating the tax auditing process, ensuring you remain compliant with all tax laws.
In saying this, prevention is always better than cure when it comes to auditing. I.e. it’s always a good idea to hire an accountant before an audit actually takes place to ensure your business is always tax compliant.
Assistance When Dealing with the Government
It’s always a daunting task when having to file paperwork with the government – no matter how many years you’ve been in business.
But not only can an accountant help you with your government tax filing, they can assist when you have to interact with the government in other ways, too:
- Completing and filing legal compliance documents for your business
- The preparation of annual statements of accounts
- Updating your company’s status in the government company register
- Ensuring your company stays abreast of all tax laws
- Updating and maintaining records of all business directors and other personnel
- Update and record all share/stock allocation within your business
Aside from all of these government-related tasks, an accountant can also use their knowledge of tax legislation to suggest ways to increase (or free up) cash flow, raise capital, or save your business money.
Detect Fraudulent Activity
Tax accountants have a keen eye for detail.
They know what to look for when analyzing your sales income each tax season.
If something is amiss, any good accountant will pick up on it.
In other words, an experienced accountant knows what looks normal, and what doesn’t.
Having the right professional look through your records each tax season can help you detect fraudulent activity that you might have otherwise missed.
Looking for a Reliable Scottsdale Tax Accountant?
Master Accounting and Tax Services is your go-to for all your business accounting needs in the Scottsdale area.
Whether it’s tax preparation, bookkeeping, tax filing, payroll, or general accounting services, we have the experts you need.
With over 20 years of experience in processing taxes and payroll, you can count on us to keep your business up-to-date and always tax-compliant.
Learn more about our tax preparation services here!
Looking for services regarding tax and accounting in Scottsdale? Look no further than Master Accounting and Tax Service! We specialize in providing top-tier accounting, tax, bookkeeping, and fractional CFO / controller services at an affordable cost and with the utmost integrity. Call (480) 456-4999 or Contact us today!
