It’s Always Tax Time When You’re a Business Owner.
Working with Tax Accountants and Bookkeepers is not as simple as choosing a name that you like from a directory. You need professionals who understand the type of business you are engaged in. We refer our clients to a team who understands how small businesses can use the tax code to their advantage. As a Veil client, we can arrange for you to have a free strategy session and consultation to determine if you’re missing out on any potential tax deductions.
Why Work with a Tax Professional?
Tax Optimization Planning
Effective tax optimization strategies designed to save you the most money on your state and federal taxes.
Licensed referred tax professionals handle the paperwork, questions and potential scrutiny so you can continue running your business.
We know you’re busy running you business. Let our team of professionals organize everything you need to get you and your business back on track today.
Free Strategy Session
There is an old saying: “If you don’t know where you are, how can you know where you are going.”
Common Filing Mistakes
The most common error on tax returns, year after year, is bad math. Mistakes in arithmetic or in transferring figures from one schedule to another can reduce returns, result in penalties, or owing more tax than you thought.
These are cousins to the standard math mistakes. The most common computation errors are failure to include or correctly total all taxes owed—and these errors come from taxpayers and their tax pros alike. You need experienced CPAs.
Did you have a side job this year? The IRS receives notifications along with the taxpayer, such as 1099-MISC for independent contractors, or 1099-INT for interest payments that must be included as additional taxable income.
Missing The Deadline
Businesses not only have filing deadlines, but in many cases, there are quarterly tax payment deadlines. Failure to meet these deadlines will result in both penalties and interest added to the taxes that are owed by the business. Millions of tax dollars are spent unnecessarily on these penalties.
13 Reasons You Need a CPA
1. Tax Law Changes
Tax laws and filing requirements change constantly. If a change occurs, you are responsible to file accordingly. Most people and business owners can miss receiving information on changes, good accountants are constantly aware of changes and can make sure that your filings are done accurately for new laws and requirements.
2. Multiple Sources of Income
Filing a tax return on a single W-2 income is simple and straightforward, but those who have multiple sources of income, 1099 income, businesses, and investment holdings have a very complex series of forms, calculations, etc. to be able to file returns, and even track income. Veil will sort through the complexities to produce accurate filings.
Taxes and deductions are difficult to track when self-employed, as well as income. Professional accountants have experience with these challenges and how to take advantage of tax benefits for self-employed individuals.
4. New Business Ventures
Optimally, when planning to start a new business venture, consulting with an accountant, and an attorney will assist you in structuring things clearly and equitably for the future. Even if you have already started a new enterprise, having the assistance of tax professionals will guide you in adhering to tax rules.
5. Savings for Your Children
Establishing savings for your children for now, and for the future is important to parents. Creating accounts for college, trusts for the future, cash gifts that reduce inheritance transfer taxes, etc., can all be set up working through Veil.
6. Inheritance and Taxation
Inheriting a large amount of money or property can be a great blessing, until you must deal with taxes. Inheritance taxes can be costly if you do not have help navigating the specifics, or if liquid cash is unavailable to pay those taxes. An accountant can advise you on the present situation and help you reduce your taxes for the future, as well.
7. Financial/Charitable Gifting
Making a large financial charitable gift has tax consequences and working with an attorney can facilitate your best intentions while helping you gain the greatest tax benefits.
8. Mathematical Complexity
Dealing with the IRS is never a simple process. They are known for making things complicated. And if you make a mistake, or omit something, you are the one who will pay. Working with an accountant can help you avoid mistakes, miscalculations, and omissions.
9. Real Estate Investment Ownership
Whether it is your own property, or rental property, or you buy and sell real estate as part of your business, there are huge tax benefits and advantages to those who know how to work with these benefits. Accountants who work with real estate investing can guide you to the deductions, credits, and government benefits available to real estate investors. You definitely do not want to miss out on these.
10. Life Changes
Major life changes such as getting married or divorced, retiring, or having children are going to impact your tax situation. Since these changes are new to us, navigating the possibilities to save on taxes, protect income, etc. are also new. A tax accountant will be able to lay out for you the decisions and steps necessary to transition productively and for your financial well-being.
11. Back Taxes and other IRS issues
If you owe any back taxes to the IRS, do not delay in contacting an accountant to help you out. He or she can help you understand what you owe, and how to avoid any future problems. IRS audits and other issues can be frightening, and Accountants understand this. A good CPA will stand up for you, and help you get your life back to normal as quickly as possible.
12. Saving Time
Tax Preparation, bookkeeping and other financials are essentials, but they are time consuming, especially if you do not understand what you are doing and have to do a lot of research. An accountant will likely be able to cut down on the confusion and cut down on the time it takes to do the job effectively.
13. Saving Money
Many people look at bringing in an accountant as a financial cost. The reality is that it should result in saving you money—lots of money!
A skilled accountant knows how to make sound decisions when it comes to preparing your taxes, helping you plan a business, or setting yourself up for retirement. The number one reason why accountants are essential is—Saving Money!
The Bottom Line
Working with a tax and accounting firm can be a great way to save yourself time, money, and confusion. Look for a licensed tax, accounting, or financial professional to ensure you are receiving the very best expert advice. In the end, this one decision can end up saving you money, keeping you legal and legitimate, and freeing your time to grow your business.