When it comes to small business ownership, a lack of experience can lead to costly mistakes, whereas smart choices can add the much-needed simplicity to the mix. In other words, a tax professional can potentially save your business a lot of money, which is currently on top of the priority list for most small business owners and the main reason for the high demand for corporate tax consultants in San Diego, CA. A competent tax preparer is equipped with the skills, knowledge and experience needed to tailor the approach and tax preparation process to your company’s specific needs.
You also want to avoid having things get out of hand or become overly complicated at the worst possible time. So what is the right time to hire a tax expert for your business, how do you find the right tax professional for your needs and how do you determine if you need a tax professional in the first place?
Do I need a tax professional?
Hiring a tax professional is a wise decision if any of the following applies to you:
- You have just started a small business,
- You want to plan ahead and make sound financial decisions,
- You have multiple sources of income,
- You work/live in multiple states,
- You’ve inherited money,
- You have changed your filing status (such as after changing your marital status),
- You want to complete your tax preparation and finish all the related financial preparations,
- You want to file your tax return without making mistakes,
- You want to amend a previous tax return on which a mistake was made,
- You want to avoid tax audits,
- You need assistance and guidance in case of tax audits.
A competent tax professional will put their time, effort, expertise and experience into preparing your taxes, leaving no room for mistakes or risks. This brings us to what is, for the majority of business owners, the principal reason to hire a tax professional: taxes are complicated and interpreting and navigating that system is infinitely easier with professional assistance and guidance.
What is the role of a tax preparer?
A tax preparer is a qualified tax professional who can prepare and file your taxes for a fee. The fee varies depending on the complexity of your tax situation. Tax preparers need to be familiar with and current on the applicable tax laws, procedures and practices, as well as IRS guidelines. Understanding how all these regulations and guidelines affect your own financial situation can be confusing, which is why a tax preparer can be immensely helpful.
A tax preparer can help you in the following cases:
- You’re short on time,
- You’re new to tax preparation,
- You find the tax implications of your past financial activities confusing,
- You feel overwhelmed at the thought of having to deal with it yourself,
- You are dealing with a complicated tax situation.
How are tax consultants different from tax preparers?
A tax consultant or tax adviser as they are sometimes called, are experts on taxes with expertise in the domain of tax law, tax planning and tax compliance. Part of their job is to stay current on tax laws and amendments and any changes in compliance regulations and so help their clients (who are either businesses or individuals) stay compliant. Their key role is to make short or long-term tax optimization strategies for their taxpayer clients.
A fully customized approach for your business
As a longstanding tax preparation and consulting firm, David York’s Tax Service is a trusted choice of businesses across the San Diego region and beyond. Hiring a corporate tax consultant in San Diego, CA a wise strategic move and the next logical step for every up-and-coming small business.
Leave your taxes in our team’s capable hands and focus on your business instead. As your go-to tax preparation business, we will handle your taxes with care, dedication and accuracy. Following a tried-and-tested process, we offer practical solutions at affordable rates. Call today and find out why we are the right choice for your business tax needs!