As a small business owner (and especially new business owners), tax time can be daunting. There are deadlines to meet, forms to fill out, and ever-changing rules to follow. It’s an overwhelming process, and you’re looking for a tax preparer you can rely on to take the stress out of it. You’re presented with methods such as licensed tax preparers, CPAs, online programs, pen and paper, and more. Each method of tax preparation presents its own benefits. How do you know what type of tax preparation service is right for your business? What should you look for in a tax preparer? Here’s how to find the best one for your business’s needs.
Hiring a Professional Tax Preparer
A good tax preparer will know the ins and outs of the current regulations, help you maximize your deductions, and make the process easy to understand. They’ll work to get your taxes filed on time so you can avoid penalties. Consider whether you want to work with someone who specializes in small businesses. If so, you’ll likely want to go with a CPA, rather than a licensed tax preparer. Many CPAs focus on working with businesses, and can offer valuable insights into tax strategies for your industry.
What Does Tax Preparation Cost?
Tax preparation fees can vary depending on the complexity of your taxes and the preparer's experience. Be sure to get an estimate of the tax preparer's fees before making a final decision. Once you've chosen a tax preparer, be sure to communicate your needs and expectations clearly. Discuss your tax goals and ask questions about the process. A good tax preparer will be happy to answer your questions and help you feel confident about your tax return.
Read Their Reviews
If you’re considering a specific CPA or tax preparer, find out what their past and present clients have to say about them. Look for reviews on their Google listing for an honest opinion of their services. Give yourself a tour of their website to find more testimonials, as well as their credentials. Make sure they are licensed and have experience preparing taxes for businesses like yours.
Should You Hire a CPA For Your Taxes?
Upfront a CPA is going to have far more extensive experience than a tax professional. You have someone who obtained a proper degree, passed extensive exams, has real-world experience, and continues their education regularly on your side. If you are audited by the IRS, your CPA will be approved to represent you and your financials. On top of all of this, you have someone to answer your financial questions.
A high-quality CPA is not just experienced in preparing and filing taxes, they can help you start a business, prepare financial statements, and provide other financial guidance. You have a person to answer your questions about your financial situation in your state and region. While a tax preparer will typically charge lower fees than a CPA, they may not be able to provide the same level of personalized service as a CPA.
Best Tax Preparation for Small Business
Ultimately, the best tax preparer for you depends on your individual needs and budget. Do your research and ask questions to find the right professional for your business. Chris Haro and his team have prepared & filed literally thousands of tax returns over their 20+ years of experience. They can provide you with not just tax preparation services, but business consulting, bookkeeping, and more. Their team is happy to have a conversation about your financial goals and what it takes to get there. Reach out today for a personal consultation.