According to one bit of research, only 30% of small businesses use an accountant.
You might belong to this group, but you might struggle with tax preparation tasks. Due to this, you may want to find a person that can help you with the tax preparation side of your business.
Small Business Big Numbers: Finding The Best Business Tax Preparation Services
Keep reading, and you’ll learn how you can find someone who offers reliable business tax preparation services. If you struggle with the accounting side of your business, you’ll soon learn how you can find some help.
Consider Your Industry
When looking for a person that does tax preparation for businesses, you should search for someone familiar with your industry.
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Such individuals can be hard to find, but it’s worth putting up with this struggle. That’s because people with relevant experience will have a better understanding of how your company works.
As a result, it will be easier for them to identify potential expenses you can claim on your tax returns. Additionally, they will also have a greater awareness of any beneficial tax schemes that cater to your industry.
If you work with an ‘unspecialized’ individual, they might not know of such schemes. This could then result in them filing a tax return that produces a large tax bill.
If you find someone that looks as though they may be a good fit, ask them to provide references. You can then contact these references to verify the experience of this individual.
Ask for a PTIN
Before you work with someone, you should ask them for their ‘preparer tax identification number (PTIN).
This is an official ID number issued by the IRS to those who offer professional tax preparation services.
If a tax preparer has this number, it typically signals a strong level of baseline competence in regards to preparing taxes.
Furthermore, if an individual has a PTIN, they will be able to represent you, should you be audited by the IRS. This is especially helpful if you don’t have a strong understanding of how the tax system works.
It’s worth noting that when someone gives you a PTIN, you should verify it with the IRS. Fortunately, this isn’t that hard to do, as the IRS has an official page that helps you verify PTIN numbers.
Will You Use Business Tax Preparation Services?
If you struggle with filing taxes, investing in business tax preparation services can be a good way to make things easier.
You might want to hire a tax preparer as fast as you can, but it’s critical you don’t make any hasty decisions here. After all, if you hire the wrong individual, they might file your taxes incorrectly, and you may then get a fine.
Thus, you need to take your time, and you should closely inspect the credentials of potential candidates. If you adopt this approach, you’ll feel more at ease when you finally hire someone for this task.
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