When you hire a tax professional for your business, you are not just hiring someone to do your taxes. You are getting a trusted advisor who will help you keep a watchful eye on your finances and make sound financial decisions going forward. In fact, one of the main reasons why business owners hire tax consulting services in San Diego is that they can also save their businesses from poor decision-making down the line.
If putting a professional in charge makes sense when it comes to your individual taxes and finances, it makes all the more sense to do so when it comes to your business taxes, saving you money as well as time. Perhaps you have no difficulty recognizing the signs that indicate you need to hire a tax professional who can help you navigate the complex tax preparation process, and perhaps you have already chosen a tax professional for your business needs. But have you made the right choice? Read on.
How do I find a tax preparer?
In order to properly assist you in your tax preparation and tax return filing process, your tax preparer needs to be available to meet with you and go over your financial records with you. They then need to complete all the applicable tax forms on your behalf, as well as ensure that all the forms are compliant with the applicable legislation and regulations.
The following tax professionals have the qualifications to prepare your tax returns:
- Tax attorneys,
- Enrolled agents,
- CPAs (Certified Public Accountants).
Rely on references and local listings to find dependable tax preparers in your area. Do a background check and verify the credentials of your prospective tax preparer.
How to recognize the warning signs?
If something sounds too good to be true, it probably is, especially when it concerns taxes. The world of business is fraught with frauds and incompetent or inexperienced amateurs. You need to learn to recognize the warning signs to be able to make the right choice for your business. Be wary of a tax preparer who:
- Promises a generous refund,
- Promises a chance to win a prize,
- Offers or suggests that you take out a loan,
- Advises you to pay fees out of the anticipated refund,
- Is not straightforward and transparent about all the fees involved,
- Does not have a PTIN (Preparer Tax Identification Number).
Are tax preparers worth it?
Tax preparers are certainly a safe choice, especially if you are new to the world of business taxes and do not feel entirely confident or comfortable handling your business taxes all by yourself. For a small fee, a competent tax preparer can spare you the hassle and confusion going forward by offering simple, practical and reliable tax preparation solutions.
How long does it take a tax preparer to do your taxes?
The duration of time your tax preparer will depend on the tax filing form and taxpayer type, as well as the experience of your tax preparer in handling state and federal taxes. According to the IRS, it will take a taxpayer an average of 13 hours to prepare a tax return. Other circumstances also affect the tax preparation timeline:
- A taxpayer who is a business owner will need far more time for tax preparation than a non-business taxpayer,
- For complex tax returns, the preparation process is far more complicated and time-consuming,
- Tax preparation is now more difficult and more complex than it used to be, since the situation has changed drastically over the last few years.
On the other hand, there is one thing to do to reduce the time needed for time preparation: timely and diligent recordkeeping. Recordkeeping represents a major element of the tax preparation process, and one that is time-consuming in and of itself, which is yet another argument in favor of hiring a tax preparer.
A skilled tax preparer can complete tax records throughout the year in an accurate, complete and timely manner, effectively reducing your tax preparation time. Keeping accurate records is important for another important reason: it is your first line of defense against IRS audits.
Tailored tax service you have been looking for
The time is always right to hire a competent tax expert who will put time, patience and effort into optimizing their service to your needs. A forward-thinking business needs a forward-thinking business with a long track record in providing comprehensive tax consulting services in San Diego, and that’s where David York’s Tax Service comes in.
We have been in the business for a long time and have a large base of loyal clients who delegate various duties to us, from handling their individual or corporate taxes to payroll and bookkeeping. Although based in sunny San Diego, we can lend you a hand anywhere in the state and across the country. Call today and let us know how we can be of service!