As a business owner, filing taxes can be both stressful and time-consuming—and have lasting implications on the overall financial health of the company. Since navigating the process can take you away from actual work, it’s better to invest in tax preparation services from a professional. Backed with extensive training and up-to-date knowledge of current codes, these specialists can benefit your organization in many ways. Here are just a few advantages to hiring a professional to keep your company’s taxes in order.

3 Ways Professional Tax Preparation Can Benefit Your Business

1. Reduce What You Owe

Depending on how much the company earns, taxes can take a considerable portion of the profits. For example, small businesses pay an average of 19.8% in taxes. This number is much greater if your organization experiences considerable success.

With an in-depth understanding of current laws, tax preparation professionals can help explore ways to minimize the amount you owe. For instance, they may identify deductions that would have been missed if you took on the job yourself. They can also recommend unique, lesser-known credits that can reduce the total liability.

2. Avoid Audits & Penalties

If a mistake is made on the business tax return, there’s a higher risk that your company may be audited by the IRS. Rather than going through this lengthy, time-consuming process, hire a professional to prepare your taxes and check for errors that may get flagged by the IRS.

Tax experts will also help determine when you should make payments to the IRS. This aspect of planning will help avoid late payments—and the expensive penalties that come with them.

3. Make Smarter Business Decisions  

Professional tax preparation won’t just aid in planning for the current season—it can also help with the future. More specifically, tax consultants can illustrate the implications that certain decisions can have on next year’s returns.

For example, if you’re launching a startup, they can help determine which corporate entity will be best for your tax rate. Or if your staff is growing, they can explain ways that using independent contractors may be more beneficial than hiring full-time employees.

Whether you’re planning on starting a business or expanding your current one, US Tax Express can help streamline your financial planning. Based in Charlotte, NC, these consultants provide personalized care to keep your finances organized, maximize deductions, and avoid compliance concerns. To learn more about the tax preparation services offered by these trusted professionals, visit the firm online. To review your needs with a specialist, call (704) 817-9517.