How to Use Experts to Manage your Taxes Better

Managing your taxes plays an important role in the financial health of your business. While it is possible to prepare and submit tax returns on your own, there are professional accountants who can handle the process on your behalf. Using experts to manage your taxes better will not only help to make for a responsible business but will also allow for the growth of the business. With the complex nature of tax laws, only a qualified expert will be able to handle the process in a professional manner. Once you hire an accountant to help in your finances, you should work together to improve how your taxes are managed.

Allow them to handle your accounting and bookkeeping

If you would like tax experts to help you in managing your finances, it would be important to hire them to handle your accounting and bookkeeping. In any business, numerous transactions take place. When the experts provide your business with accounting services, they will have information on your income. This will make it easy for them to monitor your income and ensure tax planning.

Let them submit your tax returns

Managing taxes will also involve submitting tax returns before the set deadlines and in the manner prescribed by the relevant tax laws. Tax experts have the knowledge and experience required to file tax returns without penalties and delays. By meeting all deadlines and ensuring accurate tax returns, you will be able to manage your taxes better. The experts will also handle any complex tax issues that arise in the course of the year.

Ask for financial advice

Without professional advice, small and medium sized businesses can make financial investment that would have a significant impact on tax obligations. Tax experts will offer guidance and advice on the most tax-efficient investments that businesses can undertake. By asking for personalized consultations with the experts, your business will be in a better position to eliminate surprises, save money and minimize tax exposure.

Hire employee payroll services

Handling the time consuming tasks relating to employee payroll on your own can lead to serious tax mistakes, or omissions. This is why you should hire professional employee payroll services. Some of the special packages your business will enjoy include payroll tax preparation and filing and knowledge of the relevant regulatory issues. Professional services will ensure better management of taxes as well as help your business to avoid unnecessary penalties.

Review financial statements regularly

Proper management of taxes starts with keeping accurate financial records. Experts in this field will process the financial information before providing you with financial statements. As you prepare and plan to submit your tax returns, reviewing the financial statements will also give you the facts you need to grow your business. You will also have someone to turn to when you receive a government notice. In the long run, you will have an organized business with well-managed taxes.

Other services

Apart from preparing and filing tax returns, you can manage your taxes better by asking the experts how you can save money from the process. The experts you hire will not only help you to understand your tax liability but also let you know if you are eligible for tax rebates and tax returns. Management of taxes in this way will save you money.

Once you are ready to take your business to the next level, you should hire a qualified accountant to manage your taxes. Padgett Business Services is an accounting firm that specializes in small and medium sized businesses. Kindly reach out to us to discuss how we can help you with your taxes.

About the Author: Gerald Hunt

After graduating from the University of Calgary with a Bachelor of Science degree in Computer Science, Gerald joined KPMG (Formerly Thorne Riddell) as a Computer Accounting Customer Service representative. In this position, Gerald installed accounting systems in over 200 different small to medium sized companies over a 6-year span. In 1989, Gerald left KPMG to continue working with small business clients in his own corporation, installing computer accounting systems. While in this role, the DeVry Institute of Technology in Calgary engaged him to teach various courses. In time, Gerald moved up through the ranks of DeVry until he attained the position of Director of Finance for the Calgary Campus. He also acquired his Masters of Business Administration from City University of Seattle, Washington in 2001. Gerald’s career has always been focused on small business, accounting, and education. Need accounting help? Visit Padgett Business Services, and book a free no-obligation one-hour consultation.