Tax Lawyer BrooklynSeptember 13, 2018
Payroll Brooklyn NYNovember 7, 2018
CPA Brooklyn New York
5 Reasons Your Business Should Consult a Tax Professional
80 percent of small U.S. businesses fail within the first 18 months. This issue is often linked to poor financial management. An additional report revealed that nearly 53 percent of small business owners do not use an accountant or tax service Brooklyn. These statistics can be vastly improved if businesses did not overestimate their breadth of knowledge with regards to finances. A majority of people do not service their cars at home as they typically bring them to a professional mechanic for assistance. Similarly, businesses should consult a CPA Brooklyn as they are comprehensive individuals with years of experience and expertise in the industry. Below are the top reasons why your business should seek out a tax professional today:
- Deductions: Businesses are always looking for ways to increase their deductions. As the end of the year approaches, it is typically too late to make a significant impact on that. Rather, by hiring a CPA (certified public accountant) from the start your company can maximize their earnings by not leaving money on the table.
- Audit: Audits can be avoided if your company utilizes a professional accountant year round. Audits as a result from poorly executed tax forms, write-offs, or claiming “too many charitable expenses,” often arise by the end of the year. With a tax professional, these issues can be avoided and your business can be kept fiscally sound year round.
- IRS: A Tax Lawyer Brooklyn can assist you in dealing with the IRS so you’re not on your own. This professional can represent you before the IRS so that you are not burdened with handling the bureaucracy alone.
- Business decisions: Having a CPA on hand can be helpful when needing to make big business decisions such as hiring more employees or new supplies purchases. They will manage all your cash flows and help ensure your budget is properly maintained.
- The future: Lastly, the final benefit of hiring a tax professional is the advice they offer on how to plan for the future. Years of expertise, provides these individuals with a pool of knowledge from accumulated experiences. This guidance can lead your small business on the path to long-term success.
For more information contact Tax Town Brooklyn!