Make Use of Your Small Business Tax Advisor

Before you consider making the best use of a small business tax advisor, it helps to know that you have the best and a full service CPA and tax advisory firm. You’re an expert at your business, and that is where you should put your efforts and expertise. Hire the best for the all-important tax advice to save money over the years.

No matter how good you are at the business end of things, you can waste money on the taxation end if you are not working with the best at legally clawing back every dollar possible from the IRS. The right small business tax advisor or team will not only help you each year with smart tax filing, but also with planning for your estate and future retirement.

Consider hiring a small business tax advisor or team that can cover most or all these bases:

  • Certified Public Accountant – A CPA is certified by the state, and most are also certified to practice in front of the IRSi. They stay current on IRS and tax regulations and have great value in helping you to avoid audit situations. No matter how good the work, now and then the IRS still has questions, and you want a CPA ready to answer them to your benefit.
  • Bookkeeping and Tax Preparation – Consider these two tasks as tied together for accuracy, efficiency, and saving money. While it is common for some to consider bookkeeping as simply entering income and expenses in ledgers, it should be more than that in practice with the small business tax advisor or team. Proper categorization of income and expenses can lead to tax savings as well as avoidance of audits or IRS questions. When the bookkeeping process is properly set up, it makes the preparation of tax returns faster, more accurate, and audit-averse.
  • Entity Formation and Tax Planning – These two items are together as well because the type of business entity is important in planning, particularly for the new business. The decision between sole proprietorship, partnership, LLC (Limited Liability Company), or a form of incorporation is critical for the future and tax liability. Other planning considerations involve everything from delaying or accelerating income and expenses to business investments. Estate and retirement planning are also important, as retirement accounts involve business and personal taxation considerations.
  • Business Cleanup or Corrective Action – If you have been in business for years, it is possible that the business has fallen into poor habits. Perhaps bookkeeping or tax decisions for new products or services should be different that the way they have always been handled. A growing business can require an analysis of operations and management practices that relate to taxation.
  • Accredited Investor Help – As your business grows, you can have funds available for investment. Being certified as an accredited investor opens a wider choice of investment options that often offer greater returns relative to risk.

Choosing a small business tax advisor and team that offers all of these services is great but be sure that you take full advantage of them.

i Publication 947 (02/2018), Practice Before the IRS and Power of AttorneyIRS.gov

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