What is a Tax Consultant? Why Do Businesses Need One?All Articles
What is a Tax Consultant? Why Do Businesses Need One?
“Do I need a tax consultant?”
That’s one of the most common questions we hear. While we could give you a simple “yes” and move on, let’s put this in perspective. The actual size of the U.S. tax code is 2,600 pages long, but with accompanying explanations and all past tax statutes, that number is pushed north of 70,000 pages.
Those 70,000+ pages hold the tax breaks that your business needs. We don’t expect you to know where to find every single tax break in those pages, but a professional tax advisor would. In addition to that, you’ll be saving money at tax time without pulling out the records to do it yourself. And if you’re one of the unlucky ones to be audited, you can put your mind at ease knowing you’ve got a professional on your side.
While having a tax consultant is in your best interest, there are a few strategies you can implement to help your business.
Top Tax Consulting Strategies For Businesses
Want to take proactive steps that can maximize your deductions? While a tax consultant can get you every deduction possible, here are a few strategies you can use to get started:
- Keep Your Records Organized -- clean books and detailed supporting documentation will ensure you take advantage of all tax incentives and avoid late filing penalties.
- Hire Independent Contractors -- You can exclude them from your employment costs, such as Social Security and Medicare taxes, company retirement plans, and other employee benefits such as medical, life and disability insurance, and vacation or holiday benefits.
- File Your Taxes on Time -- Penalties can come in a variety of forms depending on your entity. Filing your taxes on time can help you avoid these.
Tax Consultancy Services & Tax Return Filing With CPA
At BIG, we can help navigate the choices of proper expensing of items, how to legally minimize your tax obligation, and help you to implement proactive tax reduction strategies as the business grows.
We can also file all required tax returns, business, personal, employer, sales tax, and CAT. When you work with BIG, you are the direct beneficiary of more than 25 years of experience in dealing with difficult business issues from all perspectives. Our professionals have been where you are, as employees and C-level managers, business owners, and consultants, and we understand your position. That helps us put ourselves in your shoes and make the most out of your deductions.
Save big this tax season with professional tax consultants.