Whether you do it yourself or pay an outside professional, preparing your taxes eats up time, money, resources—and may result in having to write a substantial check to the IRS. So with all the built-in anguish the first time around, why would a small business pay for the privilege of having their return reviewed before submitting it? The most oft-cited reason: it could save you money. An independent tax professional who did not prepare your original return could find places where you have overpaid or not taken all the deductions you are entitled to. That’s just one of the tips that can help your small business save money. As tax time quickly approaches, consider these other recommendations and facts as you prepare your return.

 

 

WHAT TO LOOK FOR IN A TAX PREPARER
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Sources:
1. 5 Tips for Choosing a Tax Return Preparer. Taxpayer Advocate Service, January 13, 2015.
http://www.taxpayeradvocate.irs.gov/news/5-tips-for-choosing-a-tax-preparer?category=TaxNews&taxissue+1046

 

2. The 5 Biggest Tax Mistakes Small Business Owners Make. CPA Practice Advisor. December 23, 2015. http://www.cpapracticeadvisor.com/news/12151711/the-5-biggest-tax-mistakes-small-business-owners-make

 

3. 10 Questions to Ask When Working With an Accountant. Entrepreneur. April 8, 2014. http://www.entrepreneur.com/article/232841

 

4. U.S. Government Accounting Office Report on Small Businesses and the IRS. June 2015, page 6. http://www.gao.gov/assets/680/671084.pdf

 

5. Take Back the Cash: A Guide to 2014 Tax Deductions for Your Small Business. Behalf.com. April 8, 2014. http://blog.behalf.com/take-back-the-cash-a-guide-to-2014-tax-deductions-for-your-small-business

 

6. Findings of GAO reported from Congressional Record, Volume 151, Number 43, April 13, 2005.https://www.gpo.gov/fdsys/pkg/CREC-2005-04-13/html/CREC-2005-04-13-pt1-PgE645-3.htm

 

7. 7 Common Small Business Tax Misperceptions, by Robert Lipton, Engine Builder, March 4, 2014. http://www.enginebuildermag.com/2014/03/7-common-small-business-tax-misperceptions-2/

 

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