As an accounting major in college, I quickly learned all of the complicated parts of the accounting cycle. I discovered how to input the details of business transactions into a computerized accounting system. At the end of an accounting cycle, such as a month, I became experienced with calculating the revenue for the period. If you’re starting a new business, determining an accurate amount of revenue for each accounting cycle is crucial. You must know how much profit you’re making each accounting period in order to be successful in the long-term. On this blog, you will discover how an experienced accountant can help you keep track of your revenue.
Preparing and filing your taxes is never going to be a fun or exciting experience, and is usually going to be quite frustrating and stressful. Thankfully, there are many tax preparation services that can take the work out of your hands and make the whole process much easier on you. Audit protection, preparing the tax filing for your business, and saving money are all great reasons to hire a professional to prepare your taxes.
Saving Money
One of the best parts about using a tax preparation service is that they can actually save you a bit of money when filing your taxes. Sure, you do have to pay a fee to have your taxes prepared for you, but you are often able to deduct the cost of the tax preparation and filing. In addition, you may even be able to deduct the mileage you put on your car and the fuel you used in order to get to the tax professional.
Audit Protection
Being informed that you are being audited due to some discrepancies in your taxes is a very intimidating experience. If you filed your taxes on your own, you will often have to represent yourself at the audit or spend quite a bit of money to have someone represent you at the audit.
However, many tax professionals will often offer audit protection and representation. Some accountants will offer this service as an incentive to file your taxes with them, while others will charge an additional fee for this service. It is very important that you take advantage of this service because having the person who prepared your taxes and who is familiar with your individual situation will make the whole audit process go much more smoothly.
Business Filing
Finally, you will want to have a professional prepare your business taxes for you. This is because the tax laws regarding businesses are much more complicated and extensive than those that an individual will have to follow when preparing his or her taxes.
One way that your accountant can help you when preparing the tax paperwork for your business is identifying exactly what you can deduct, and how much to deduct. For example, you can often deduct the cost of office equipment for the year in which it was purchased, and even deduct the depreciation of that same equipment in future years. If you tried to do your business taxes on your own, you could easily end up triggering an audit because you deducted too much, or end up paying too much in taxes because you missed a few business deductions.
Speak to your local tax preparation service today in order to discuss the many ways in which their service can benefit you. A tax preparation service like Jeff Baker & Associates, PS can protect you in the event of an audit, while also being able to prepare the taxes for your business.
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