The answer to this question is a little bit easier – pretty much right away. Even the smallest businesses can have complex financial and accounting needs. There are also bureaucratic steps you really should take when you start your business to make sure everything is on the up and up.
Business owners may not be able to treat their company’s taxes in the same way they treat their own personal income taxes. You may have your personal income taxes nailed down, but business taxes can be a different ballgame.
Bookkeeping is another service that may be useful for your business, but if you’re essentially just an independent contractor without employees or a lot of expenses you may not need monthly bookkeeping checkups.
There’s more to business accounting than just bookkeeping and taxes. At H&H Accounting, bookkeeping, business tax return preparation and tax planning are just some of the commercial accounting services we offer. We can also consult on budgets, provide money-saving advice on cash flow management, set up and manage your payroll processes and help you choose the best benefit plans for your employees.
Do you need internal control systems or is your business subject to certain local or federal compliance standards? Our accountants can help you establish protocols to meet those compliance standards.
Does your business need financing for an expansion or frequent short-term loans for inventory purchases? We can help you obtain commercial financing and potentially help your business save money on terms and rates.
There’s quite a bit of overlap between business consulting and business accounting, which is why many commercial CPAs provide both services.
Forecasting or risk management analysis, for example, can help businesses make important decisions about their future. Establishing and implementing cost controls is a consulting service that could potentially pay for itself down the road. Strategic business planning could be the difference between successful expansion or stagnation.
If you’re a small business owner, your skepticism of people who claim their services are integral or will pay for themselves is justified. Being cautious with your B2B relationships is always a smart move, and you’ll be well served by getting to know your business bookkeeper, tax planner or consultant before you hire them.
That’s why we encourage you to schedule a free 1-hour consultation wherever and whenever is most convenient for you. No pressure, no obligations – just a straightforward conversation on what we do and how those services have helped businesses like yours.
Nearly everyone could benefit from working with a CPA or professional tax preparer when doing their taxes, but some people could use the help more than others.
You may not benefit that much from hiring an accountant or professional tax preparer if you:
If you’re self-employed, own a business, have a lot of investments or generate income from a lot of different sources, you probably have more of a reason to work with a tax preparer.
Accountants can also help you identify and utilize tax credits and tax deductions. There are a lot of taxpayers who just assume the standard deduction is the best option for them without realizing they qualify for a lot of other tax deductions or credits. Some commonly overlooked deductions include things like:
Those are just a handful of the dozens of credits and deductions available to some taxpayers.
Even if you don’t utilize a tax preparer every year, doing so periodically could at least give you an idea of what deductions or credits you may qualify for in the future. A tax professional can walk you through the necessary documentation, explain how to tally up credits and deductions and show you how to apply for them legally.
Using tax deductions and credits properly is arguably more important than missing out on them entirely. It’s better to pay an extra $1,000 to the government because you failed to utilize a deduction than it is to wrongly claim a deduction and get audited as a result.
Professional tax preparation provides a couple of safeguards.
You should, of course, do your research on tax preparers and any guarantees they offer. There may be fine print, like they will only cover up to a certain amount of penalties or they may not be liable in specific circumstances.
Give us a call at (480) 561-5805 for your free one-hour consultation. We’re also happy to have virtual calls over Skype if you’re more comfortable with that format.
