Are you panicking at the thought of handling tax preparation for your small business in Boise?
Did you know that most small businesses make finance mistakes by not focusing on the bottom line and saving on taxes?
Seeking professional tax preparation can be an enormous weight off the shoulders of a business team.
Read on to learn the top 5 reasons small businesses need tax preparation in Boise!
1. New Businesses Need Tax Prep Help
A small business can be a large investment, especially in the beginning.
On top of managing the staff, clients, products or services, and other day-to-day operations, tax preparation can be too much to handle.
Working with a tax professional can help take the learning curve off of startups, especially come tax season.
2. Take Advantage of Deductions
With professional tax preparation, Boise small businesses can take the most advantage of Federal, state, and local tax deductions.
There are numerous expense deductions that small businesses can take advantage of come tax time.
These include expenses such as employee wages, costs of goods sold, employee health insurance, rent, vehicle expenses, and more.
Many small business owners are not fluent in tax code language well enough to figure these out these deductions on their own. For this reason, a CPA can help tax preparation, Boise businesses!
3. Taxes are Time-consuming
In addition to the vast amount of learning involved in business tax preparation, the process of tax prep can be extremely time-consuming.
The IRS estimates that it will take most people 16 hours to prepare to file with the long form 1040.
With so many other time-consuming tasks to handle in a small business, keeping track up tax preparation can distract entrepreneurs from actually running their business.
4. Dealing with Audits
An IRS audit is the worst case scenario for some businesses.
The process is tedious and can be daunting to taxpayers who have never dealt with the IRS directly.
With a professional handling their taxes, small businesses can rest assured that they’re in good hands in case of an audit.
5. Bookkeeping is Crucial for Small Businesses
Last but not least, professional tax preparation can help small businesses stay organized for future tax years.
By recommending inexpensive software, organizing spreadsheets, and assisting with bookkeeping, a dedicated CPA can help business owners in Boise stay on top of their finances and keep their tax liability in check.
An accountant can also help small businesses plan for future tax changes that stem from new laws and regulations.
Need Tax Preparation for Your Boise Businesses?
These top 5 reasons are just the tip of the iceberg of why to utilize tax preparation for Boise business owners!
Worrying about tax returns, 1099s, and keeping track of all of that paperwork is a headache that most small business owners would prefer to avoid.
Want to partner with a professional CPA in the Boise area? Have other questions about how to handle your business taxes? Contact us for a free consultation!