Sure, there are plenty of tools and software out there that make it easy to do your own taxes. So why hire an accountant? Because accountants do a lot more than prepare taxes and keep your financial accounts in order. They act as business advisers on a whole host of issues vital to your business’s health and how it might impact your personal wealth.
A good accountant can advise you on long term tax planning, growth opportunities, risk management, bookkeeping, and general financial planning. And they can help to improve cash flow – the lifeblood of your business. The wise business owner takes advantages of an accountant’s expertise to make his or her business run smoothly–more efficiently and more profitably.
To play the tax game successfully, you need to know the rules–that’s why you need an accountant. Professionals – who stay up-to-date on tax trends and changes in tax laws – are invaluable partners when it comes to keeping you in compliance with the law while claiming all the deductions applicable to your business. Besides, if you’re busy running your business, you don’t have time to do the accounting, too. So it simply makes sense to consult a tax professional.
The most business owners, the benefits will far outweigh the costs. You won’t make costly mistakes or lose money on missed deductions. After all, at the end of the day, what you want is to keep more money in your own pocket longer and pay as little as possible to the IRS. Accountants are well-acquainted with the best ways to help you do that.
If you’re a startup, employing an accountant right from the beginning can help you safely navigate these treacherous waters. Your accountant can help you decide what business classification is most appropriate, they can help you set up a serviceable accounting system, and even suggest several other financial planning services and strategies that can keep more money in your pocket today and in the future.
A good consultative accountant will start off by asking lots of questions to learn exactly what it is that you do and how you do it. That will clue him or her to look for legitimate deductions and strategies to minimize your tax exposure. Ideally, he or she will educate you on what deductions are allowable and also how you can structure your activities to pay the least amount of taxes – both this year, and the following year. An expert resource will also be able to help you understand how the outcome of your business taxes affects your personal tax situation to ensure the best possible tax outcome.
Your accountant has your best interests at heart – he or she wants your business to grow in order to grow along with you. And by investing in an accountant early in your business, you’re also investing in peace of mind – and that’s priceless. To see whether or not you’re planning wisely, take a look at our complimentary report “9 Items to Discuss With Your Tax Professional”.
In the end, it’s not so much a matter of whether you can afford an accountant – but whether you can afford not to have one.
If you need assistance with tax planning, we can connect you with one of our Trusted Local Professionals. Click here if you’d like a personal introduction.
Leading the industry through his innovative approach, Dino Katsiametis has over 17 years of extensive experience within mortgage, banking and real estate industries. His passion for the collective financial and investment services sector combined with his distinct insight, has catapulted Money Matters with Dino onto the forefront of financial news.
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