Taxation is the area in which there can’t be any error, especially if it’s a business. There are so many mistakes an individual can possibly make like penalties, interest and additional taxes. Poor record keeping can result in an audit which is quite an expensive and time consuming procedure. An audit can lead to penalties which can further cause you to lose money. This is the reason why hiring a tax professional is better as compared to doing your taxes yourself.
Here are 5 reasons to hire a tax professional:
Managing Your Financial and Accounting Matters
- Hiring a tax professional will enable you to unburden from all financial and accounting matters. The professional will assist you by giving appropriate advice for your current as well as future projects.
- A tax professional will help you understand all the past tax issues you faced and what steps can be taken to avoid those issues in the future.
- Your tax professional will assist you and provide clarification of all income reporting responsibilities.
- Yearly taxes are very crucial for businesses.
- There are times when you have to make yearly taxes yourself while sometimes the decision is made by the government.
- Your tax professional can assist you doing your taxes for the relevant tax year. He/she will also assist you with the government made taxes.
Employee & State Taxes
- There are many organizations that generate revenue by doing business located outside the state. It is significant for them to understand the specified tax obligations and rules of conducting business from a different state. Only a tax professional can help you understand these obligations and regulations and ensure that you don’t end up with taxation problems.
- In case you do not have any employees, you will still be required to fulfill the requirements of self employed taxation. Sole proprietor is usually considered as an employee as well as an employer and it might be possible that they aren’t supposed to pay business taxes. This dual role and its tax responsibilities can be confusing which is why a tax professional must be consulted.
Changes in Tax Laws
- State and federal regulations and laws frequently change. There usually is a new tax code annually. IRS and other tax agencies issue Tax Code interpreting rulings each year. A tax professional knows how significant it is to follow all the rulings and how they have an impact on your business.
- Tax professionals are updated about all the changing laws and procedures which are important for you to follow. He/she can easily assist you to ward of any problems related to taxes.
Save Your Money and Time
- Doing taxes consumes a lot of time and money. Hiring a tax professional can save you from this and help you in avoiding any possible financial loss.
- The time that you will spend in understanding and worrying about preparing taxes can be saved by seeking professional help.
Do not compromise on your tax service provider, call us for a free and confidential 15 minute consultation at 877-788-2937.
About Mike Habib, EA NTPI Fellow®:
Mike Habib is an IRS licensed Enrolled Agent who owns and operates a specialized tax services boutique firm serving clients in various metro areas such as Los Angeles, Whittier, Pasadena, Glendale, Burbank, Orange County, Riverside, Palm Springs, San Bernardino, Palmdale, Bakersfield, New York, New Jersey, Chicago, Houston, Phoenix, Philadelphia, San Antonio, San Diego, Dallas, San Jose, Detroit, Jacksonville, Indianapolis, San Francisco, Columbus, Austin, Memphis, Fort Worth, Baltimore, Charlotte, El Paso, Boston, Seattle, Washington DC, Milwaukee, Denver, Louisville, Jefferson, Las Vegas, Reno, Hempstead, Tucson, Nashville, Davidson, Portland, Tucson, Albuquerque, Santa Fe, Anchorage, Atlanta, Long Beach, Fresno, Sacramento, Mesa, Kansas City, Cleveland, Virginia Beach, Omaha, Miami, Oakland, Tulsa, Honolulu, Minneapolis, Pittsburgh, Colorado Springs, Arlington, Wichita, Birmingham, Montgomery, Tampa, Orlando.
Local communities served:
Tax services help for clients throughout Southern California including Norwalk, Santa Fe Springs, Downey, Pico Rivera, Montebello, Hacienda Heights, La Habra Heights, West Covina, La Habra, Brea, Fullerton, Yorba Linda, Cerritos, La Mirada, Lakewood, Anaheim, Santa Ana, Long Beach, Compton, Torrance, Los Angeles, Pasadena, Beverly Hills, Santa Monica and throughout Los Angeles County, Orange County, Corona, San Bernardino County, Riverside County, the Inland Empire, the San Fernando Valley and the San Gabriel Valley.