Top Benefits of Working With a Professional Tax Preparer

 

Brandon Expert Shares Top Reasons to Hire a Professional for Business Taxes

 Between managing a team, marketing, sales, strategy, and daily operations small business owners wear a lot of hats. One area that the SMB should consider outsourcing first, however, is tax preparation. Hiring tax services for a small business is a smart move that can translate into better business profitability and a lot less headache, explains Greg Menia, CPA and founder of Accurate Tax & Bookkeeping Services, a full-service tax, accounting, and consulting firm located in Brandon and offering services to businesses and individuals throughout the Tampa Bay area. 

What is a Tax Preparation Service?

More than a tax advisor, a tax professional is someone with in-depth tax knowledge, advanced credentials, and industry experience to assist a small business with tax services. Most tax preparation services include preparing, filing, or assisting with business tax forms. Beyond these basic services, a tax preparer with appropriate credentials can also defend a taxpayer with the IRS. This includes audits and tax court issues. 

Advantages of Hiring a Tax Preparation Service

For small businesses, hiring a tax professional provides many benefits, not just during tax time. Here are a few of the most important advantages to small businesses. 

• Having business taxes done by a professional helps business owners avoid costly mistakes.
• Tax professionals can answer questions about difficult-to-understand tax codes and help resolve tax issues.
• Tax professionals can provide tax planning services and advise business owners of smart money moves to make throughout the year. 
• Tax professionals can help provide long-range strategies for reducing their taxes.
• Utilizing a tax preparation service frees up the business owner’s time to focus on core duties and revenue-generating activities.
• Tax Services for small businesses can review past tax returns to ensure they were filed accurately.
• Using a tax professional helps reduce the risk of an audit. If the business is audited, the tax professional may be able to represent the client.

 

How to Find Tax Services for Small Businesses in Brandon 

Not all tax preparers are created equal, and not every tax preparation service is the perfect fit for every business. The key to finding a good fit is asking a lot of the right questions. 

1. Do you have a PTIN (preparer tax identification number)? Anyone who prepares federal tax returns for compensation must have a valid PTIN to legally be able to prepare taxes. 
2. What are your qualifications? There is a wide range of people that can prepare taxes, but that doesn’t necessarily make them a good fit for your business. 
3. Do you have experience in my industry? 
4. Who will be the person preparing my taxes? 
5. What additional services do you provide? 
6. What are your fees?
7. Who will sign my return? A preparer without a PTIN will not sign the paperwork, and this is a sign you should keep looking. 
8. Do you offer electronic filing? 
9. Are you available for questions even outside of tax season?
10. What happens if I get audited? Can you represent me? 

A tax professional can help by preparing taxes, but the right service can help all year with services such as tax planning, bookkeeping, accounting, and consulting. By asking comprehensive questions, the small business owner can identify an experienced professional. 

Accurate Tax & Bookkeeping Services

Accurate Tax & Bookkeeping Services, LLC (ATBS) is a full-service tax, accounting, and consulting firm located in Brandon, offering services to businesses and individuals throughout the Tampa Bay area.  Areas of expertise include tax preparation and planning, accounting and bookkeeping, payroll, and representation in IRS/State matters. For more information about bookkeeping or other services, call (813) 655-9702.

Accurate Tax & Bookkeeping Services

710 Oakfield Dr. 

Ste 125

Brandon, FL 33511

Top Reasons to Hire a Professional for Business Taxes

 

Why Bookkeeping for Small Business Will Save You Money

 

Accurate Tax & Bookkeeping: Penalties When Taxes Are Filed Late

 What happens when taxes are filed late?

Although it may be tempting to evade tax payments, it is not advisable to do so. The IRS (Internal Revenue Service) takes action against tax-evaders. The interest and penalties on the outstanding amounts will accrue over time when taxes are not paid by the due date. Even though most people are aware of these facts, there may be situations when they file their taxes late or do not pay them at all. Hence, it is imperative to know the consequences of not filing taxes. Accurate Tax & Bookkeeping enlists the same below:

1. Failure to file penalty

If the tax return has not been filed by the deadline, the IRS can impose a penalty. This is the “failure to file penalty”. This penalty depends upon the amount of unpaid taxes and also on how long the filing of taxes has been delayed.

2. Late Payment Penalty

This is the penalty a taxpayer incurs for not paying the total tax amount owed by the due date.

3. Lost Tax Refunds

Taxpayers must file tax returns within three years of the deadline. If not, they generally will forfeit any refund the IRS owes them.

4. Statute of limitations

The IRS generally has the power to audit the tax returns filed by a taxpayer within the last 3 years. This period can be longer under certain circumstances.  This is called the “statute of limitations”. If the IRS suspects that the taxable income filed has been understated, an audit can be conducted, which may lead to further penalties and legal actions.

5. Penalty abatement

Penalty abatement refers to the process of removing penalties for the taxpayers. This is done when the taxpayer has made a mistake while filing the tax or has faced an uncommon circumstance such as a natural disaster, serious illness, or death of a family member. The IRS may also waive the penalty if the taxpayer pays taxes on time, has filed all tax returns, and has no prior penalties within the last 3 years.

6. Pay in installments

A taxpayer can set up an IRS installment agreement which gives them up to six years to pay their tax liability.

If a large amount of time passes since the tax deadline and it has not been paid, the IRS could potentially seize a portion of the taxpayer’s wages until the amount owed is settled. Also, the IRS may file a return on the taxpayer’s behalf. This is called “substitute for return” (SFR). SFR can end up being larger than the original tax amount to be paid. 

Having said all this, the bottom line is paying taxes on time is the best way to maintain a healthy financial record. A good tax preparer can provide the necessary advice and guidance in this regard.

About ATBS

Working closely with small businesses and individuals, Accurate Tax & Bookkeeping Services is a tax preparation and bookkeeping service company founded in 2010 by Greg J. Menia. The team has expertise in the fields of tax preparation and planning, accounting and bookkeeping, payroll, and IRS/State representation around Tampa, FL. 

 

To contact Greg and the team at Accurate Tax & Bookkeeping Services today:

•   Call (813) 655-9702 in Brandon, Florida.
•   Or Email greg@brandonaccountant.com

Or visit the offices at 710 Oakfield Dr. Suite 159, Brandon, FL 33511.

Accurate Tax & Bookkeeping: Penalties when taxes are filed late

 

Poor Bookkeeping Can Negatively Impact Small Businesses

7 Consequences of Poor Bookkeeping 

Accurate bookkeeping is indispensable for business owners as it offers the foundation on which business owners make financial and organizational decisions such as taking loans, hiring new employees, investing in new assets, and paying taxes. Accurate Tax & Bookkeeping, a bookkeeping and tax filing service, lists down how poor bookkeeping can harm small businesses.

 

1. Expenses

A poor categorization of expenses such as business and personal can land a business in a lot of trouble during tax filing. Moreover, when all the expenses are not recorded, business owners cannot determine and anticipate their year-round spending pattern. A shortage in supply and production can derail the business goals and lead to a loss of revenue and reputation. 

2. Revenue

Bookkeeping mistakes may include misinformation on revenues, investments, rental income, and other income sources. A wrong record of the income can land a business in the bad books of the IRS and the state as well as the federal government.

3. Debts

Businesses work with a lot of creditors and money lenders. Disorganized bookkeeping can make businesses lose track of their payments due to creditors, which can impact the credibility and reputation of the business. These late payments can further jeopardize the business’ ability to obtain credit, lead to higher interest rates, and reduce the credit score of the company.  

4. Budgeting

When revenues, expenses, and debts are unclear, the business owners remain unclear about the company’s financial performance. This does not allow them to create adequate budgets or prevent financial crises. An effective accounting system on the other hand will include budget variance analyses to understand if business goals are being met or if the management needs to change the course of action.

5. Banking

Overdraft fees, late payments, and account closure are some of the byproducts of poor bookkeeping that businesses may face. When commercial banking records are mishandled, the business can run into trouble with banks as well.

6. Errors and fraud

When a business has a robust accounting system in place, the chances of errors and fraud reduce drastically. Moreover, internal audits and external audits help businesses maintain accurate records. 

7. Tax filing issues

When the books are maintained accurately and across the year, tax filing becomes a breeze. If not, businesses tend to lose track of their tax obligations and end up paying huge penalties for late or inaccurate taxes. Depending upon the type of business, tax filing may be needed quarterly and monthly as well besides the annual income tax. Moreover, a clear bookkeeping practice also allows businesses to make effective tax strategies that save them a lot of money. 

Investing in a reliable bookkeeping service or hiring an in-house bookkeeper is necessary for businesses to stay afloat, thrive, and stay away from tax troubles. Businesses can contact Accurate Tax & Bookkeeping to take care of their bookkeeping and maintain their peace of mind.

 

About ATBS

Specializing in handling the financial needs of businesses of all sizes, Accurate Tax & Bookkeeping Services is a tax preparation and bookkeeping service company founded in 2010 by Greg J. Menia. The team performs tax services for small businesses and large businesses alike, serving all areas around Tampa, FL. 

Call (813) 655-9702 today for “accountants near me” in Brandon, Florida. Alternatively, contact Greg and the team at Accurate Tax & Bookkeeping Services by emailing greg@brandonaccountant.com or visiting the offices at 710 Oakfield Dr. Suite 159, Brandon, FL 33511.