When you own a business, you may be hesitant to take on any additional expenses. However, hiring an accountant for tax planning, refinancing, and financial planning is one cost that's sure to pay you back in the long run. If you can relate to any of the following, contact a professional today.

Why Should You Hire an Accountant?

1. You Don’t Have Enough Time

It can be challenging to manage finances when running a business, especially if it's growing. When these tasks start to take you away from work that'll further your company's objectives, it's time to leave them to experts. Let an accountant handle taxes and bookkeeping, so you can focus on managing your business.

2. You’re Mystified by Taxes

Tax lingo is complicated and can be intimidating, causing many to procrastinate until the last minute. It's also easy to make mistakes on these critical documents if you don't understand every form or question. Finance professionals can help you avoid thousands of dollars on fines and fees by keeping you from incorrectly filing and committing tax fraud.

3. You’ve Been Audited

The IRS performs randomized tax audits to ensure filers correctly report earnings and taxes paid. If you didn't accurately report your income, have errors on your tax forms, or deduct too many expenses, you could find yourself in this position. Take current or past audits as a sign that you need help ensuring future taxes are correct.

4. You’re a Contractor

Contractors often work for multiple clients and must keep track of all their earnings and forms to be ready for tax deadlines. Freelancers or gig workers benefit from paying estimated taxes, or prepaying taxes each quarter based on their earnings. This process helps you avoid surprise tax bills and ensures you'll have the money to pay smaller amounts throughout the year. An accountant can look at your past earnings and establish an estimated taxable value.

If you’re ready to hire an accountant, contact Tostrud & Temp, S.C. in La Crosse, WI, to benefit from their 35 years of experience. These Certified Public Accountants provide excellent client satisfaction, thanks to their ample experience in financial services. Call (608) 784-8060 to make an appointment today, or visit their website for more information on their offerings.