You might be stressed out and unsure about what to expect during tax time. After all, as a small business owner, you might have found that the process of filing taxes is a little more complicated than it is for those who work for others, and you might have a bigger tax liability than the average employee, too. If you work with an accountant throughout the year, though, he or she can help you a lot during tax time. These are some of the ways that your company's accountant might be able to help you and your business during this tough time.
1. Providing Records
If you work with a small business accountant all year long, then your accountant will probably help with documenting and keeping records related to your company's financial records. Your accountant might keep track of the money that your business spends on business-related expenses throughout the year, for example. He or she may also help with keeping records related to payroll expenses and other costs for your business, too.
2. Providing Tax Advice
Next, you may want to talk to a professional to get some advice about filing your company's taxes. Your accountant is the ideal person to talk to about this. In fact, your accountant can help you out by providing tax advice all year long. You might be curious about things like how your business's tax situation might be affected by making charitable donations throughout the year or making certain types of improvements to your commercial building. Getting advice on these things both throughout the year and right at tax time can help you make the right tax-related decisions for your business.
3. Preparing Your Tax Return
Lastly, in addition to helping by keeping documentation that might be useful and necessary during tax time and by providing useful advice, your accountant can actually fill out your company's tax return. Many people find that this is better than doing their own taxes or hiring a tax preparation professional, since a certified accountant should have plenty of experience and training when it comes to filling out your company's tax return properly. This will help your business avoid being audited, and it will help you make sure that you don't get in trouble with the IRS and that you don't end up paying any more in taxes than what your business is obligated to pay.
When it comes to tax time, your small business accountant can help you in various ways. If you're curious, you can talk to an accountant about how he or she can help you during this time of the year. Reach out to a business like John M Vlasac & Company for more information about CPAs.