Many small business owners hesitate to reach out to their accountants before tax season. But if your accountant does your books and nothing more, you aren’t getting your money’s worth.
Who's afraid of the IRS? Almost everyone. The key to surviving a tax audit – and even coming out on top – is not to panic or ignore the situation, but prepare.
It’s tax season, again. And you’re probably a bit stressed out trying to run your business and to gather all of the information needed for your accountant to prepare and file your annual taxes.
When all the hard work is over and the paperwork is set, are you ever left wondering if your accountant really brought enough to the table this tax season?
Depending on the health of your business, the decision to file for a tax extension this year may have been for good reason. You may have experienced unexpected growth that led to more complex tax obligations, or you realized you’re just too busy working on your business at this point in the season to accurately process the required forms. These are valid reasons to file for an extension and a good indication you’re ready for professional accounting services moving forward.
Small business owners are under a lot of pressure during the annual tax season. But once you've prepared and filed your forms, take a bit of time to learn from the process to prepare for next year. It's helpful to evaluate your process and your accountant's performance (if you used one) to determine if a higher level of service is right for your business.