Reasons to Hire a Small Business CPA

The most essential aspects of any business, big or small, are record keeping and expense tracking. These are some of the reasons why you would should hire a certified public accountant (CPA)for your company.

A CPA is not an enrolled agent or accountant. CPAs are tax experts and their main work is to help with filing your business taxes.

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They also answer important questions that can potentially save you money during taxation season. This is actually the main reason to hire one. To learn about this reason and more, continue reading this article.

Reasons to Hire a Small Business CPA
Image Source: Gary Kaplan CPA

Reasons to Hire a CPA

A qualified CPA must ensure that they have unlimited representation rights before the IRS in order to provide you with the following essential services.

Maximizing on Taxation and Credits

Most businesses are not doing everything they can to maximize savings on their taxes, and this is one of the main reasons why they should consider hiring a CPA. The CPA will help you maximize your credits and tax deductions in order to save you money.

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A CPA firm will also be able to evaluate the current situation in your business and even recommend some of the best approaches that shall help you lower your tax liabilities that year.

You will also be able to maximize savings from the main allowable deductions and take advantage of the tax credits so you can focus on growing your business.

They Help Reduce Filing Issues

CPAs must stay updated on the changing tax laws.

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Since tax reform continues to create new comprehensive changes, it might be hard for a small business to keep track of all the changes and fill out the required paperwork in compliance.

In order to mitigate against any issues rising from the filing of your taxes, a CPA comes in quite handy.

IRS Audit Representation

CPAs are usually eligible to represent you before an IRS audit. A tax audit by the IRS is usually extremely complicated and tedious. Handling this process yourself takes significant time away from your business.

Hiring a CPA firm reduces the hassle when dealing with the IRS.

They Are Available All Year Round

When you hire a CPA for your firm, you have access to their knowledge all year round. They will not only just show up during tax season.

CPAs also tend to have lots of experience with tax planning as well. They will provide you with strategic plans and advice, plus some insights into your financial data.

Saves You Time and Energy

Judging by the amount of work they have to do, you save yourself the headache of having to deal with it by yourself, especially tasks that have to deal with taxation.

Most business people will spend nearly 70% of their time doing these mundane tasks that a CPA can handle with ease.

Additionally, even if you are able to handle the tasks by yourself, there is no guarantee that you have done it correctly.

Reasons to Hire a Small Business CPA
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Conclusion

All businesses need to have someone who can advise them on tax and financial matters. CPAs will do more than the normal crunching of numbers for your business, especially when they are preparing your taxes.

They also provide you with financial strategies that your business can use to grow and save money. However, you must do adequate research of any CPA you consider to hire, and ensure that they have the required qualifications to do a good job for you.