Accounting Services for Small Businesses
Do you dread the tax filing season? You are not alone. The complex tax law and detailed process of filing can be too much for ordinary individuals or companies to comply with. Moreover, when done poorly, errors can lead to serious consequences.
If you do not plan to spend a significant amount of time and stress filing your tax, a tax accountant or consultant can save the day.
What Is the Difference Between a Tax Consultant and a CPA?
Tax consultants and CPAs have important roles in the financial industry because both offer financial advice to their clients, but the truth is, the scope of their roles is different.
Tax accountants hold a vital yet diverse role in the industry. In general, a CPA focuses on preparing financial documents, annual accounts and tax returns. They also evaluate budgets, business performance and assist in accounting, as well as give tax advice.
Meanwhile, a tax return accountant is a specialised role where a professional individual develops expertise in taxation. Those who choose to be a tax consultant must meet the basic professional tax competency, undergo specialised training, equipped with in-depth knowledge of personal, business and corporate taxation.
A tax consultant is also well-versed in inheritance and estate tax, and VAT for domestic and international transactions.
Is It Better to File Taxes with a Professional Tax Consultant?
If you are thinking about hiring a professional tax accountant, here are some of the benefits:
1. Saves Time
Time is money, and letting a professional tax return accountant do your taxes saves a lot of time. You get to spend on important things and be productive with the time you have. For business owners, you get to use the time developing strategies and creating opportunities for the business to grow.
2. Fewer Mistakes
For non-professionals, filing taxes is burdensome because you have to deal with many statements and transactions to ensure the filling is accurate. Accuracy is important to determine your tax liabilities. Any error in your filling can lead to serious problems or delay in getting your refund.
3. Staying Up To Date
Tax regulations and laws can be complicated, especially when there are changes that you are not aware of. However, tax consultants are up to date with any latest changes in tax policies, and they will educate you to keep you informed and aware of the law.
4. Financial Planning
Aside from filing your taxes, professional tax consultants can give you suggestions that can improve your financial planning. Their work allows you to see the flow of your money while giving insight that can help you make better decisions with your finances.
5. Saves Money
You may think hiring professionals to do your taxes will only cost more money, but in reality, they can actually help save money. They know the different tax deductions you are qualified for and get you to save more from your taxes.
6. Stress-Free
If you are looking for a hassle, stress-free tax filing, hire a professional tax consultant. They will go through all the transactions, making sure every detail is accounted for. Tax paperwork, especially for business, is overwhelming, but it can help you organise all the documentation and establish a system for you.
7. Future Filing
Tax filing is arduous because of the variety of parameters involved. Getting the help of a tax consultant can help you file it yourself in the future. They will give ideas and guidelines for properly filing your taxes.
Is it Worth Using a Tax Agent?
Professional tax agent helps clients deal with tax-related concerns. They assist individuals and companies in complying with taxes and making sure clients pay what they owe.
Tax accountant works with people in solving their tax-related issues whilst minimising tax liabilities through a tax credit, deduction and adjustments. A tax return agent prepares the tax return for clients, provides advice, answers questions related to tax, analyses data to help the client in their future filing and makes sure each client complies with the tax regulations and policies.
If you want to save time, be efficient and resolve any tax issues, hiring a tax return accountant is worth every penny.
Should I File My Taxes with a CPA?
The decision to file your taxes with a CPA or a tax accountant depends on your financial situation and the type of help you need. For start-ups, hiring an accountant can be advantageous because he can assist you not only with filing taxes but also with other aspects of your business.
If you have a complex tax situation, a tax consultant is the right person to hire. A tax consultant’s thorough understanding of taxation can create bigger tax savings while complying with all the needed requirements.
Nonetheless, one practical approach is to hire a firm that offers both tax accounting and consulting as part of its services. You’ll have access to both specialties and make use of the services to improve your financial planning.
How Malkoun & Associates Can Help You
If you are looking for a wide range of accounting and tax services, we are here to help you. Our firm consists of highly skilled professionals with years of experience working with various clients.
You do not have to stress over your taxes because our tax accountants’ expertise is in risk mitigation and tax minimisation. We are also knowledgeable about business tax, transaction tax, indirect tax, transfer pricing and national and state-based taxes. Work with us. Our proactive team of tax accountants will simplify things for you and assist you in making sound financial decisions based on their insights and data. Contact us today.
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