Having one accountant on your team is a smart play. Retaining an entire team is even smarter. Last time out, we discussed some ways your certified public accountant can save you and your business much-needed cash. Times are tough all around, and your financial considerations can keep you out of hot water. Here’s another look at the way your CPA can help you run your business!
Making the Most of Your Eligible Deductions
Your CPA has enough savvy to determine which deductions you can write off of your taxes. Understandably, you’d hesitate to claim too many deductions. It might look suspicious on your filings. Still, your CPA knows how to keep you on the right track with the IRS. Side income (say, from subsidiary companies) falls under your accountant’s purview. That way, revenues, expenses, and deductions will be responsibly reported.
Using Tax Laws to Your Advantage
Various tax laws govern what you can do and what you can’t for your cash flow. Suppose, for example, that you stockpiled a “war chest” of financial resources for leaner times. This “rainy day fund” is a good idea, but you’ll want to be careful as the rules change. That way, you won’t get into trouble, and newer enterprises, such as C-Corps and S-Corps, can take flight without having their wings clipped.
Detecting Potentially Disastrous Mistakes
Mishaps, mistakes, and misappropriations can cause havoc. Human error or carelessness is to blame for many tax-related problems. But when you work with a highly-respected CPA firm, you’ll find out why their reputation precedes them. Older returns can still yield dividends. It just takes some patience and persistence. Think about it this way – the amended paperwork could bring back enough money to pay your CPA for their kind contributions.
Handling Bookkeeping-Related Logistics
Running the books can be a challenge. Besides, when you are a business owner, you have enough on your plate. Now imagine if you were a sole proprietor. Your ventures, no matter how modest, can quickly overwhelm you. That’s why CPAs can step in and handle the relevant logistical demands for you. Having someone there to supervise your business operations keeps them humming along – and they can sniff out embezzlement if their numbers don’t look right!
trust the professionals at the Harding group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for consultations and strive for open communication with our clients.
Are you interested in business advising, tax preparation, bookkeeping and accounting, payroll services, training + support for QuickBooks, or retirement planning? We have the necessary expertise and years of proven results to help.
We gladly serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.