Making More Money

If your business is no longer just you as a sole proprietor and if you have employees now on your payroll or multiple tax payments to consider every quarter, it might be time to bring in some professional tax help. An accountant or expert that offers tax services may be able to save your company money by ensuring that you do everything by the book.

Estimate Tax Payments to Eliminate Surprises

As your payroll and sales begin to grow, so will the size of your tax obligations every quarter. If you don't have previous experience with this, you might not be setting aside enough of the incoming funds in order to comfortably cover your tax obligations. In other words, you shouldn't just be taking 100 percent of your profit after expenses and putting it right back into the business. A tax service or accountant will know what your obligations might look like based on current sales and other considerations and will make sure you are putting enough aside so that you can be comfortable and rest easy when it's time to file.

Comply With Tax Laws

Do you know the exact percentages that apply to your business when it comes to things like a payroll tax, a sales tax, and so on? A local accountant or tax expert stays up to date with all of the latest tax laws at the federal, state, and local levels. The right expert can ensure that your business meets all of its obligations and stays in full compliance. Consider that the price of paying for professional help is likely far less than what you might owe in penalties if you don't get your tax payments correct on the first try.

Advice for Big Transactions

Do you have a major deal coming up with another company? Are you considering an acquisition or a merger? Are you about to sign the largest contract or deal your company has ever done? Your tax expert can help you remain aware of any tax complications resulting from big or unusual transactions that you don't have previous experience with. They can help you structure the deal or contract in a way that reduces your tax obligations.

Maximize Deductions and Credits

The government provides many opportunities for a small business to receive deductions or credits when paying taxes, but you might not be able to take advantage of all of them if you don't know they exist. Paying a tax professional for help might actually save you money in the form of additional deductions or credits on your tax bill every quarter or year.