Hire An Accountant To Do The Taxes For Your Small Business

1 December 2022
 Categories: , Blog

If you are a small business owner, you have a lot of things that you have to do. One thing that you think that you need to do but that you really shouldn't is your taxes. When it comes time to file your taxes what you need to do is to hire an accountant who specializes in taxes for small businesses and let them do it. Several reasons exist why you should do this. 

Fewer Taxes

One reason to have an accountant do your taxes is that you are likely to pay fewer taxes than if you tried to do them yourself. There are several reasons for that. One of them is that your tax accountant is going to be familiar with all the deductions that you can claim. The more deductions you can claim, the less money you pay into taxes. Your accountant may even find deductions that you didn't even know existed. 

Business Expenses

Your business expenses can be claimed on your taxes. But you may not be familiar with all the things that you can claim as a business expense. For example, if you run your small business from a home office, you may be able to claim part of your housing costs and utilities as business expenses on your taxes. You can take your information to your accountant and talk to them about your work-from-home expenses. Your accountant will tell you if your setup may qualify for those expenses. 

Audit Protection

Everyone who ever files taxes is at risk of being audited. The Internal Revenue Service audits many people every year. The audit may be done because the taxpayer committed some kind of fraud. It can also be done as a matter of routine, with the tax account being picked at random to be audited. Many accountants offer protection against audits to their clients. Your accountant will go to the IRS with you when you are being audited and deal with the issues that may come up. The accountant can also offer audit protection in the fact that they will make sure that there aren't any mistakes on your taxes that may draw the attention of the IRS. 

If you have a small business, you are going to be busy trying to keep your business up and running and trying to get it to grow. You are going to have to pay taxes, which means you need to hire someone who can do your taxes for you. An accountant who deals with small businesses can really help you. 

For more information, contact a local tax accountant