When it comes to our taxes, it seems like we try and take the easy route which is to do our own taxes. The interesting thing about that is it is actually the hard way. With the tax laws changing constantly and business owners focusing on their business, who has time to keep up with taxes. And frankly who, but the insane people we call accountants, really wants to keep up with it. No one will be questioning your decision making for hiring a tax professional to help you get the most out of your business.
There are a number of reasons to use a tax professional with your business. The first is that it is good to have someone that you can confer with when you have a question and to have someone in your corner to assist you if you ever have to talk to the IRS. It’s easier for you to not have to do the record keeping and last it’s even better to not have to be responsible for filing returns at the end of the year.
In the end, it’s about peace of mind. You can operate your business knowing that your taxes are being handled correctly (or at least you hope they are). Many will skimp on this due to price. I would argue that the money you save in tax will more than make up for the money spent hiring a tax professional.
What experience have you had doing your own taxes? Do you feel that a tax professional is needed in your business? I would love to hear what you think about this.
I’ve done my personal taxes only once in my life and have never attempted it for business. What an incredible pain. However, it only seemed to get more complex as I turn things over to an accountant. It takes at least 40-60 hours to gather all the info I need. Is this because of the changes in the tax laws, my own situation, or is my accountant leaving me with all the work? Either way, I wouldn’t dream of doing it on my own and maybe just need a book keeper to make things easier at the end of the year.
Michelle,
Thanks for the comment. To make things easier. A definitely recommend a book keeper who is keeping track of those things all year round. There are different levels that you can work with. You can get a f/t book keeper as well as P/T. That way come end of the year you don’t have so much work trying to remember everything that happened and then find the supporting documentation.