Running a small business requires a lot of flexibility. In the beginning stages, you have to wear many hats as you try to build up your clientele and really get things off the ground. Because you probably don't have much money to spare, it might seem nearly impossible to bring on more staff members. While you might be able to handle most of the responsibilities on your own, learn more about why you absolutely must have a certified public accountant (CPA) on your team.
Tax Issues Can Consume Your Enterprise
Nearly any seasoned business owner will tell you about the importance of staying up-to-date with your taxes. Nothing can really derail a fledgling company like receiving a dreaded letter in the mail from the Internal Revenue Service (IRS.) One good audit and you might find that you're on the hook for such a large amount of taxes that you can no longer keep your business going.
Trying to figure out the tax laws and determine what kind of credits will keep your tax load at a reasonable level takes time and practice. When you're just starting out, you probably don't have enough experience to know what you can write off, when taxes should be filed, and how you can lower your taxes all around. A good CPA can be just the person who helps you figure all of these things out and allow you to keep more of your profits.
An experienced CPA most likely knows all kinds of loopholes and insider secrets that you are in the dark about. Their knowledge is the key to making the whole tax situation so much easier to understand.
CPA's Offer A La Carte Service
You don't have to necessarily hire a CPA and make them an employee of your company. There are many CPA's out there who either work for themselves or for a third-party company. They take on several clients and offer affordable a la carte services, which can make it easy for even a beginning business owner to use their expertise.
Maybe you just need someone to do your business taxes once a year. Perhaps you're stumped about how much you should submit to the IRS on a quarterly basis and you need guidance. A CPA can be of assistance, and their help won't even have to break the bank.
Partnering with a CPA makes owning a business so much better. Your peace of mind will soar as you realize that the tax-related aspect of your business is in good hands.
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