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McVay Business Services - Accounting & Tax Services Pensacola, FL

3/7/2016

Small Business Taxes: 5 Reasons Why Professional Help Matters

It’s amazing that as a small business owner, you wouldn’t hesitate to ask for professional help to fix a plumbing job or to repair faulty machinery. But when it comes to tax preparation and financial consulting, a lot of business owners opt to go it alone. This decision not only means hours of additional work for you, but also could cost you more money in the long-term from poorly made financial decisions – negatively impacting your bottom line.
If you are weighing the possibility of enlisting expert help with your taxes, you may want to consider the following advantages of going with a professional tax advisor:
1. You are freed up to focus on your business growth - not the details of your taxes.What is your time worth? Probably a lot more than you realize. Put a value on the time you spend on taxes and tax-related tasks, and then compare that to enlisting professional help. The time that you spend on trying to do taxes yourself is time that could be much more wisely spent on focusing on your business.
2. You gain peace of mind by enlisting a professional who knows your business and your taxes.Not only will you likely save money, but you are gaining peace of mind that knowing that your taxes are being handled by a professional – and that they understand all the tax minutia and details, and how to leverage tax laws to minimize the cost of taxes for you. Tax law changes so frequently, it is nearly impossible to keep up – which is why a professional can make all the difference.
3. You have someone to go to for advice - any time of the year, for any tax-related reason.Ideally, the tax professional you choose should be available to you all year – not just at tax time. The reality is that tax issues and savings opportunities can arise any time of the year. Whether it’s how to structure investment in inventory, or how to handle an unanticipated tax notice from the IRS, a tax professional can provide timely, informed guidance that optimizes your financial business decisions and minimizes risk.
4. You have a professional that understands you and your business.The ideal small business tax advisor will have not only proven expertise in all areas of tax preparation and tax planning, but will also have experience with your particular business and its unique tax opportunities and challenges. You get the advantage of understanding how you compare with other businesses like yours  - and where there is room for improvement.
5. You have a professional to focus on all your small business taxes - including income, sales and payroll tax.Let’s face it: small business taxes can become quite complicated. You need to comply with multiple tax codes, including sales and payroll taxes. For sales tax, a tax professional will work with you to ensure you are in compliance with all the latest requirements and government processes. For payroll, tax, a professional can help you understand how various compensation models will impact your bottom line. Mike McVay, Accountant 850-725-5696 - www.VirtualBookkeepersUSA.com
    Mike McVay, Tax Accountant Blog
    Certified ​QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL

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    Mike McVay, Accountant Experienced IRS Tax Resolution Specialist
    With over 20-years experience working with individuals, families & small business owners. McVay has long term knowledge in taxation to help with their income tax, I.R.S tax issues and businesses management.
    850-725-5696​
    Mike@MikeMcVay.com

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