If you haven't hired a CPA to take care of your business taxes, you might be doing yourself a huge disservice. There are a lot of reasons why people all across the country have hired CPA's to take care of their taxes. However, that's not the only reason people need CPA's. The fact is that there are many reasons you need a CPA. Even if you have an accountant, you don't have the help you need with the big financial picture. Here are just four of the reasons why you need to step up your game and hire a CPA to handle your financial affairs.
They'll Help You Improve Your Credit
When you're in business for yourself, you've got to maintain a good credit rating. After all, without a good credit rating, you're going to be locked out from things like business loans, and prime real estate for your commercial office. If your credit is borderline right now, and you're trying to build it back up after a few bumps in the road, you need a CPA. Your CPA will know all the hidden ways to get your credit score built back up to where it should be.
They'll Understand the Confusing Tax Laws
You own a business, which means you understand everything there is to know about what you do. Unfortunately, unless you do taxes for a living, you're not going to know everything you need to know about taxes; or those confusing tax laws. That's where your CPA comes in handy. Your CPA won't know how to do your job, but they will know how to do theirs; very well. Luckily, their job includes understanding confusing tax laws and how they apply to you.
They'll Help You With Your Self-Employment Taxes
When you're self-employed, tax seasons takes on a whole new meaning. You can't just submit the short forms and be done with it. You need to make sure that everything is in order and that all the forms are filled out properly. You also need to make sure that you've taken advantage of every available tax break there is. If you don't, you could end up paying much more than you're required to. Your CPA services will understand self-employment taxes, and how to make them work for you.
They'll Get Your Back Taxes Under Control
If you were hit with an audit that showed you had underpaid your taxes, the IRS is going to be all over you for those back taxes. Unfortunately, they're also going to be after fines and penalties too. Not to mention the fact that they're also going to want your current taxes. Your CPA will know how to get those back taxes under control. They'll even help you work out a repayment plan that you'll be able to afford.