Share:

When it comes to personal taxes, people often wait until the last minute to calculate how much they owe the IRS. But business owners should be involved in tax preparation all year long. While keeping an eye on your organization’s finances can be daunting at times, there are many professional accounting services available to help streamline the process so that you can save time—and money. Here are three benefits you don’t want to miss out on.

Why Businesses Should Be Proactive With Their Taxes 

1. Avoid Penalties

Even if you think you’re submitting the proper documentation and funds for your business taxes, mistakes are always a risk. Depending on the nature of these errors—such as underpayment or late filing—the IRS can charge you with a variety of penalties.

Typically, these penalties will require you to pay an extra fine in addition to your tax debt. However, more serious offenses can result in legal action and possible jail time. Rather than having to worry about these risks, hire an accounting service that understands current tax laws and how to file with precision.  

2. Maximize Deductions

accounting servicesAccounting service professionals are well-versed in tax credits, exemptions, and other strategies that can help lower your business’ total liability for the year. For example, you may be able to pay a lower amount thanks to the capital gains tax, retirement planning strategies, and green tax credits. When you work with a specialist, you may also be able to uncover solutions that can help reduce future liabilities—such as by diverting a portion of profits to a charitable organization.

3. Simplify Payment Schedule

Instead of paying just once a year, businesses will typically cover their debt to the IRS at regular quarterly intervals. Since there is some flexibility to this schedule, having your taxes planned out ahead of time can offer you greater control—reserving payment for the times of the year your cash is more fluid.

 

Want to avoid surprises when it comes to your small business taxes? Hill & Associates CPA’s can help simplify the financial planning process. Offering comprehensive accounting services in Lincoln, NE, these CPAs will not only help you avoid penalties but also help support the financial health of your organization. Committed to client satisfaction, this team stays up-to-date on both federal and state tax laws to ensure your company isn’t implementing any outdated or unlawful practices. For more details on their commercial tax solutions, visit this firm online. Talk to a friendly team member at (402) 489-9300.

tracking