Business owners handle the major aspects of running a business. They pay close attention to core competencies and are supposed to apply their unique expertise to where it matters. Because of this, they may not be able to keep the expertise necessary to guarantee compliance in all tax disciplines. Thankfully, they can rely on the expertise of certified public accountants or CPAs. A CPA in Phoenix can help a business owner handle financial and tax issues that include accounting services, tax planning, auditing, budget development, financial statement preparation, and accounting system design. While you can keep an in-house accountant, there are many benefits you can gain when you partner with a CPA firm. Here’s what you can expect when you work with this firm:
Maximum Tax Deductions and Credits
If you are not sure you are paying as little business tax as possible, you may need to review your current situation. By hiring a CPA firm, you have access to CPAs who can maximize your tax deductions and credits, saving your company money. A firm will assess your situation and recommend ways to lower the tax liability of the current year, make the most out of savings from allowable deductions, and benefit from available tax credits.
Reduced Tax Filing Problems
CPAs constantly update their knowledge on changing tax laws. And because tax reform still creates comprehensive changes, working with a tax professional helps your company mitigate any problems that may arise from filing your personal or business taxes.
A CPA can represent you before the IRS during an audit, which tends to be tedious and complicated. Without the assistance of an accounting expert, you will have to take time away from your business. When you face an audit, you will need to submit records and information to substantiate what is reported in your tax return. In general, a CPA firm can expertly represent your company in IRS matters.
If you partner with a CPA firm, you can access their professionals’ knowledge and expertise beyond the tax season. A CPA has experience with tax planning and can offer strategic business advice. They can create a tax plan with you every quarter, making it a part of your overall financial goals.
When you run a business, you need to partner with a financial and tax expert. A CPA does only crunch numbers and prepare taxes but also offers financial strategies you can employ to save your business time and help it grow.