Did you open a business that is earning you a substantial amount of income? The wisest thing that you can do financially is hire a tax accountant to assist with various aspects of your business. You must keep in mind that you can get audited by the Internal Revenue Service (IRS) and end up in legal trouble if inaccurate calculations are on your income tax return. Below, you will discover why hiring an accountant is a good thing to do for managing your business finances.
Can an Accountant Assist with Payroll?
One of the services offered by accountants is assisting with payroll management. It is important for you to keep accurate calculations of what your employees are being paid. You will need the information for your income tax return, and an audit is highly possible if the numbers are found to be wrong. Accountants will make sure each of your employees are paid what they are owed, as well as that the information is filed away. Getting payroll assistance from an accountant can also help you avoid getting sued in the event that you are falsely accused of underpaying an employee.
How Will Incoming Business Funds Be Managed?
Each time that your business is paid by a customer or vendor, the transaction will be noted and filed away. An accountant will also keep track of all of the receipts because they will be needed if you happen to get audited by the IRS. It is easily to miscalculate the amount of funds that you are actually receiving if you provide services and products on credit. However, an accountant will be careful about noting and filing away any credit transactions that have not been paid off. The accuracy provided by an accountant can help you avoid paying business taxes that you don't actually owe.
How Can an Accountant Assist During Tax Season?
When it comes time for filing your income taxes, an accountant will take care of the entire process on your behalf. He or she will first gather all of your business income records that were filed away throughout the year. The numbers will then be carefully reviewed and calculated to make sure they are accurate. The accountant will also help you receive the fullest extent of tax reductions that you qualify for, which can offset a portion of any business taxes owed to the IRS. Speak to an accountant such as Kenneth L Lahner CPA about your needs.