As a small business owner, you are always looking to cut costs. Whether it’s the amount of paper towels you use or the amount of times you charter a jet this year, you continually have your eyes peeled for cost savings. This penchant for frugality causes many CEO’s to keep tax preparation in-house. With the prevalence of online tax preparation software, taxes have entered the do-it-yourself realm for many. But you may be surprised to learn that this decision could actually be costing you money, for the following reasons:
Tax software can’t have a conversation with you
No matter how detailed the tax software is, it can only interpret the data that you give it. In contrast, a tax professional can talk to you in person and glean information from you in order to prepare your taxes and be sure that he is getting exactly what he needs. This prevents those cringe-worthy moments of inputting data into tax software when you are not 100% sure you’re doing it right.
Time spent doing taxes is time lost running your business
No matter how well you research and study, you’re never going to do your taxes as quickly and efficiently as a CPA. They’ve spent years perfecting their skill, staying on top of the changes in the tax code and navigating the intricacies of the IRS. By turning this job over to them, you can spend your time doing what you do best… running your business.
Deductions. Deductions. Deductions
If your CPA finds just one deduction that you would have missed, that will likely more than compensate for his fee. Because of his experience, he can quickly spot potential deductions that the lay person will easily miss. In the Huffington Post article Should You File Your Own Taxes? Or Should You Hire a CPA? Paula Pant advises,
Your CPA may be able to offer you advice regarding how you can save more money on taxes. For example, you might be eligible to contribute more to your tax-sheltered accounts, claim child care or educational expenses, or claim deductions for adoption, educator expenses and more.
At Robert Tax Advisory, we love nothing more than to come alongside small business owners and assist them with their tax preparation needs. Contact us today!