8 Great Ways That Small Business Tax Services Can Help Your Company

Apr 21, 2023 | Small Business, Taxes

As a busy small business owner, you have a lot on your plate. In addition to running the daily operations of your business, you’re responsible for serving your customers well (so revenue keeps flowing in), managing any employees you have, and finding ways to grow for the future.

We get it! That’s a lot to handle.

If you’re like most people in that situation, small business tax services can be a real time (and stress) saver. In today’s post, we’ll take a look at what is involved in small business tax preparation services and some of the benefits of teaming up with someone to manage that part of your business for you.

Staying on top of your company’s taxes is about to get a whole lot easier!

tax preparation services for small business

Small Business Tax Preparation Services

In the beginning, you were probably able to take care of all of your company’s finances without a lot of trouble. More than likely, you were a one-person operation without a whole lot of revenue to deal with. 

As time has gone on, however, you’re finding that things are getting more complicated as you grow. There are more expenses involved with running your company. If you have employees, there are lots of payroll and compliance issues to keep up with. And can you be sure that you’re staying on top of ever-changing tax laws since you don’t really have time to read up on that and run your business at the same time?

It may be time to outsource some of your financial burdens to a dedicated tax professional. Someone who is an expert in handling small business taxes is in a much better position to make sure you stay accurate, on time, and completely legal since that is their only focus.

How do you know if you could benefit from partnering with a small business tax preparation service? Here are some things to look for.

  • You need help filing tax returns on time, or it has simply gotten too stressful.
  • Your tax situation has gotten more complicated than when you first started.
  • You owe money to the IRS from previous tax years.
  • You run a growing sole proprietorship, LLC, or S Corporation.
  • Your time as a business owner could be better spent in ways other than preparing and filing tax forms.

If any of these things sound familiar to your business, you could be one of the millions of small business owners who are able to free up hours and hours of valuable time by outsourcing your taxes to an expert.

In fact, a study of small businesses showed that owners just like you are able to recover up to 80 hours per year by handing their tax burden off to someone else. Imagine having 2 extra work weeks of your life back! You could focus on making your business run more efficiently, explore opportunities to grow, or just take that vacation you have to keep putting off. 

Let’s check out some of the ways a small business tax service can benefit you.

tax services for small business

8 Benefits of Small Business Tax Services

1. Save money.

The average fee for hiring a tax professional is somewhere between $175-820 depending on your situation. That’s certainly more than it costs to buy some software or pick up free paper forms from your local library.

Although more complicated returns can be more than that, a good tax expert can save your small business much more than it costs to pay for their services. As we’ll see in a minute, they’ll be able to reduce your tax burden and help you find plenty of deductions. Plus, when you factor in what your time is worth as a business owner, you end up saving quite a bit when you have someone else take care of your taxes.

2. Stay organized.

Keeping up with receipts, records, and forms all year long is challenging…even for people who are naturally wired to be organized. It’s just too easy to misplace important documents and other tax information. By outsourcing the job of keeping your taxes organized to a dedicated tax professional, you can be sure that everything will be right where it needs to be when you need it.

3. Reduce taxes.

Small business tax services are able to help you reduce how much you pay in taxes. Unlike busy owners taking care of multiple things at any given time, your tax pro is laser-focused on that one task. They stay on top of changes in tax laws and are in a better position to make sure you aren’t paying too much.

4. Maximize deductions.

Most small business owners aren’t aware of how many opportunities they have to lower their tax bill through legal deductions every year.

In fact, we recently did another post listing 16 small business tax deductions to really save you money this year. Check it out to see how you could be saving more than you probably realize.

5. Prevent mistakes.

Nothing is more frustrating than going through the process of filing your taxes, finally breathing a sigh of relief, then finding out that you made a costly mistake and either have to redo something or pay an expensive penalty.

A good tax expert will make sure that your returns are checked and double (even triple) checked before they are filed so that you avoid the headache of preventable mistakes.

6. File quickly.

Tax deadlines don’t sneak up on anyone. Still, there are plenty of small business owners who have to pay fines every year simply because they weren’t able to file on time.

Make sure your returns are sent in quickly and efficiently by trusting the process to someone who will stay on top of everything and see it through to the end.

7. Stay in control.

It’s hard to feel like you’re in control of your business when you’re pulled in too many different directions. Stay in control by handing your taxes off to a pro. They work for you, so you still call the shots…and you’re able to pay more attention to everything else in your business better.

8. Sleep better.

After doing all of that, don’t you think you’ll be able to sleep better knowing that your taxes are in good hands? There may be plenty of other things going on that will keep you awake, but if you take the right steps ahead of time taxes won’t be one of them.

Your Small Business Tax Expert

Handling taxes for your small business shouldn’t be something that causes you stress. You’ve already got enough to keep up with. Wouldn’t having your own small business tax expert make things so much easier?

For over 40 years now, we’ve been helping small business owners just like you grow their businesses. One way we do this is by preparing and filing their taxes accurately and on time…. every time. (By the way, taxes are just the beginning of what we do. When you call, find out why you should “expect more from your CPA.”) Schedule a call to get started.

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