Hiring the Services of a Business Tax Consultant for Your Small Business
For every business owner, the business tax season is always a year-round responsibility. It’s never a wrong time to find a business tax consultant to start planning your business taxes for the next season. Tax professionals are more than just tax advisors; they have the credentials and experience to help your business with business taxes.
Who is a business tax consultant?
A business tax consultant is a financial expert who is trained in tax laws. A tax professional is often up to date on the current tax regulations which keep changing every year. Business tax advisors are regulated by the IRS which also certifies which type of professionals can practice before the IRS. On the list of certification are CPAs, attorneys, Enrolled Agents and other tax return preparers who are registered.
Why you need a business tax consultant
Having a good tax accountant Queens NY for your business can mean:
• Saving money at tax time
• Not having to compile your taxes by yourself (It’s very tedious)
• Having a professional to help if you get audited
Whatever type of tax professional your business needs, make sure that they have specific knowledge and experience with your type of business. You may want to narrow down your search to find someone who already is familiar with your type of business or industry.
What business tax consultants can do for your business
A business tax consultant will assist with your business taxes before and after the tax preparation.
• Before Tax Preparation – The tax accountant Queens NYwill give you advice on tax planning, which is a continuous practice throughout the year. You will need their services at strategic points during the year – quarterly, at the minimum – to discuss the various strategies for legitimately minimizing your taxes.
• During Tax Preparation – Your business tax consultant is not only your advisor but also your tax preparer who will work on preparing your business tax returns as well as your personal tax returns. If you are paying your business taxes through your personal tax return, the same person will do both returns for you to coordinate tax savings.
• After Tax Preparation – After filing your tax returns, you may still need your tax accountant Queens NYin case you get audited. Your tax preparer should be the person you turn to for help when you receive a notification from the IRS that you are being audited. The tax consultant is in a position to represent you before the IRS during your audit. IRS-regulated tax professionals such as CPAs, attorneys, Enrolled Agents as well as other tax preparers can accompany you to an IRS audit, or represent you at the audit.
Anyone can prepare your tax returns, but you might need to look for someone who is experienced in this field.Paid tax preparers are registered with the IRS, and they receive a PTIN (paid taxpayer ID). The right tax professional will you’re your stress, help you make key tax decisions and also ensure that your business records are intact. With the right business tax consultant, you will have the best tax plan for your business and also be equipped with comprehensive strategies that will help the business get the most from the IRS.