Whether you are a freelancer, an entrepreneur, a business owner, or a side hustler, you need to get your taxes in order. The IRS is now auditing people at significantly higher rates than usual and is determined to clamp down on incorrect or fraudulent filings. If you do not properly report your taxes and deduction, you could face six-figure fines or even prison time.
That is why it is important not to cut corners and to invest in a qualified tax preparation accountant that can take care of everything on your behalf. If you are still on the fence over whether you should actually pay a tax preparer for this year, read the top five benefits of doing so for you and your financial health.
1. Speaking to a Tax Preparation Accountant Costs Nothing
One of the main reasons why people are hesitant to reach out to an accountant during tax season is the cost. However, paying a tax accountant will usually only cost a few hundred bucks, or even less. What’s more, industry leaders such as Silver Tax Group will give you a consultation completely free of charge. With your free consultation, you can decide for yourself if you need to pay an accountant, based on the financial picture you are presented with.
2. Avoid Ruinous Mistakes
There is no way to overstate this. If you mess up when filing taxes, the consequences can be severe. If you get hit with a tax audit and you are found to be guilty of wrongdoing, expect a hefty IRS tax penalty at the very least. You can also face prison time, professional sanctions, and future obstacles when attempting to get a loan or file for bankruptcy. Don’t risk it.
3. More Time for Growing Your Business
There’s no denying that doing all of your taxes by yourself is an immensely time-consuming task. Filling out your main forms alone can take hours, and that’s before you factor in deductions and industry-specific attachments. Meanwhile, gathering documentary evidence of your earnings and expenses can easily take days. If you would rather spend this time focusing on growing your business, simply pay a tax professional to do it all for you.
4. Get a Financial Health Check
Another great reason to hire a tax preparation accountant is that it can prove to be an invaluable way of getting a financial health check for yourself and for your business. Your accountant will go through your finances with a fine-tooth comb and tell you exactly what you are doing wrong and what your financial weaknesses are. This will help you to make smarter choices for your future financial stability.
5. Snap Up Every Deduction
Finally, it is important to emphasize just how much money you can save or even get back through IRS deductions. As a layperson, it is unlikely that you are aware of the hundreds of deductions in the US tax code that you could be eligible for. A tax professional will be able to quickly identify any and all deductions that you qualify for, potentially saving you thousands.
Business Planning at Your Fingertips
With a tax preparation accountant, you can make smarter, more informed financial decisions for your business. For more straightforward business planning advice, we have got you covered. Make sure to consult our expertly-curated Business section to learn more.