Tax season is generally considered to go from January through April every year. But if you run a small business, you might want to look into hiring a professional tax planning assistance service that can benefit your company all year long. Your tax professional will, of course, make sure your taxes are filed correctly when tax season arrives, but there are a number of other things a seasoned accountant or tax professional can assist with that could save your company money or help you plan for the future.
Stay Up to Date With Current Tax Codes and Be Prepared to Make Changes for the Future
If the industry you do business in is regulated, there might be specific tax laws or codes that you need to keep up with. Tax law can also change over time, and a tax planning professional will know what you currently need to do while also preparing your books for what might be working its way through Congress or your state legislature right now. By hiring a tax professional, you can let someone else keep tabs on changes in the law so you can stay fully focused on continuing to grow your business.
Keep Track of Taxes on Investments and Keep Your Tax Bill Low as Your Company Begins to Expand and Grow
Is your company investing some of its cash on hand in order to make interest that you can use to further supercharge your company's growth in the long run? Your tax pro will keep you up to date on any tax obligations in regards to these investments and may be able to advise you on when the time is right to buy or sell. As your company begins to bring in more money over time, your tax pro will know every trick in the book to legally reduce your tax bill as much as possible so you can keep more cash on hand in your own accounts instead of having to hand it over to Uncle Sam.
Make Sure Your Ledger is Clean and Money is Being Put Aside for Upcoming Tax Payments
A seasoned tax pro can also make sure your books are pristine so that you are fully prepared in the event of an audit. You can also receive advice on how much money you should be socking away or putting into a secondary account earmarked for future tax payments. This could be especially important if you intend to start filing quarterly tax payments instead of just once per year.
Contact a local tax planning service to learn more.
Share8 November 2021
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