Self-Employed Tax Help Can be Only a Click Away
Have you searched on “self-employed tax help” or something like that online recently? If you are starting your own business or have one that is new, getting past the startup stuff and into the tax considerations is a logical and common step. You can do your own basic bookkeeping, but that is time consuming, and your time is better spent in improving and operating your business and dealing with customers or clients.
You can hire a bookkeeper as part of your self-employed tax help, but that step is for a larger business, and even then, could be a poor decision. Working with a bookkeeping service that only does bookkeeping is a common choice, but is it a good one? If you consider the job of bookkeeping as simply entering income and expenses into ledgers for others to use later for taxes, you could be giving the IRS more money than necessary.
If you take the bookkeeping service route and then turn over your records to a tax preparation company each year, are the two different companies in tune and are your records in the right format and categorized properly for the tax preparer? The answer is “probably not.” At the least, this can cost you extra tax dollars or higher costs from the preparer. At worst, it could get you into an audit situation.
Self-employed tax help should also involve tax planning. Those are small words for an exceptionally large and important service. Tax planning involves not only business operations taxation, but estate planning and retirement planning for the owner(s) as well. Decisions made this tax year can impact tax liabilities years or even decades in the future for the business and for the owner(s). You plan for the growth of your business, and it is just as important for you to get self-employed tax help to plan for minimization of taxes on your growing income.
How about audit risk reduction or response when there is an audit, or the IRS has questions? Tying together the services already mentioned and having them delivered by one company or team helps to minimize the chances for error that can lead to IRS scrutiny or an audit. However, no matter how well they do the job, the IRS may still dig up a reason to question a return as filed. If so, you want a CPA that can practice in front of the IRS on your behalf.
At the start of a new business, and often after it has grown, there can be a need to make a decision as to the entity structure that will afford both liability protection and tax advantages for the business and owners. Your self-employed tax help decision should involve the use of a company that provides the entity structure service advice.
If you have been in business for a while, you may need the specialized help involved in a business cleanup. This is a highly specialized consultation and analysis of your current business structure, practices, and tax liability. If it is needed, it can generate amazing tax savings.
Rather than doing yet another search on “self-employed tax help,” all the links in this article lead to one website, Taxhive.com, and online resource to connect you with these services to save money now and in the future.