Most small business owners in Morris County dread the tax season. It is often a time of trying to find receipts, organizing accounts and trying to tie up loose ends. Then, there is still the need for the business owner to complete the filing and hope everything is entered correctly.
A better option for any small business is to have their tax return prepared by a professional service. These companies provide tax advisers and small business financial planners who are trained to work with small businesses and the small business tax code. Failing to consult with these professionals before filing a return can end up costing a small business in this tax year, as well as in the future.
Start Early
If this is the first year working with a small business financial firm, plan to meet with the tax professionals well before it is time to file your tax return. This gives the CPA, tax adviser and financial planner time to review your business, understand your goals and then provide the customized advice and information needed for effective decision making.
Accounting Software is Not an Accountant
While the information from any accounting software used in a small business does help the accountant file the tax return by providing the necessary information, the software itself has significant limitations.
Software only catches obvious omissions and errors, but it cannot catch inverted numbers, data entry errors, missing information, or deductions and credits that may be overlooked. An experienced tax adviser asks the questions needed to determine if these issues are a factor, helping to minimize your tax liability across your business.
The same professionals can also talk to you about planning for next year. This creates a forward-thinking approach to your company, allowing for opportunities for growth and expansion for any Morris County small business.
