Best Tax Professional
Business taxes are complicated and require the expertise of the best tax professional. This is a year-round job for your business. Unlike a common notion, business taxes shouldn’t be left to the tax season only. From a tax professional, you’ll need a tax advisor that works with you as a strategist rather than just number cruncher.
If you look for a tax professional, look for the right person to do taxes for you. A tax professional can best serve you than a seasonal tax preparer.
Here are a few quick tips for you to find the best tax professional.
Look for a CPA
If you are looking for a tax professional to help you file business taxes, look for a CPA. Certified Public Accountants are the best professionals to help you with taxes. Of course, you’ll consider the costs associated with hiring a professional like a CPA.
You can look for a seasonal tax preparer or an accountant who can file taxes for you. That can’t come in handy if there are frequent tax regulatory changes. For example, the current tax year has seen several provisions from the IRS due to pandemic hardships. A professional like a CPA can keep you updated on these regulatory changes. Above that, a CPA can best advise you on implementing these provisions to make the most of them.
CPAs are passionate professionals for business taxes. You shouldn’t compromise on the quality by filing taxes yourself or through a seasonal tax preparer.
Look for a CPA with Tax Expertise and Industry Experience
We suggested to hire a CPA over a seasonal tax preparer. The prime reason behind that is the expertise and experience that a CPA brings to your business consultation. A professional like a CPA can bring vast industry experience as well as expertise in tax filing. You cannot expect that from generalists.
CPAs come with the highest qualification. They come with a starting work experience in one of the big four firms. They also need to continue their educational knowledge through continuous professional development programs. Hence, CPAs offer through educational qualification and experience that non-qualified tax preparers cannot.
Seek an Advisor who is Conversational with You
When you are looking for the best tax advisor, look out for certain traits in them. One key trait will be the conversational nature. They’ll ask questions about your business and individual tax planning.
Do not fall prey to tall claims of non-professional tax preparers. A professional tax advisor will never commit to something unachievable or unlawful. A professional will objectively define the tax planning outline to you without making tall claims on tax savings.
Tax savings require thorough planning. You’ll need to follow a long-term plan to achieve effective tax savings. You’ll also need to connect the individual and business tax-saving plans. A professional tax advisor will always ask questions to you on these topics.
Avoid Seasonal Tax Preparers
It’s a common mistake that most individuals and small business owners make. Some businesses require sophisticated industry knowledge. For instance, if you are in the dental practice business, a dental CPA would be the best-suited option to file your tax returns.
Accountants and seasonal tax preparers can obtain a PTIN from the IRS. They can do the job for some individuals or small businesses. However, most business taxes are a sophisticated task. Some businesses require in-depth industry knowledge as well. A CPA with industry knowledge comes in handy in the business advisory as well as harnessing tax savings.
Seek a Tax Strategist
That’s right! Look for a tax professional that becomes a strategist for you. Tax planning is a long-term strategic task. You cannot implement effective tax planning overnight.
Investing in an advisor can save you more than you expect. For instance, a CPA saves you $10,000 yearly in tax returns. Compare that against the annual charges you pay to a professional, plus the investment gains that you’ll get.