Business Feeling Tight? Here are 3 ways a licensed Tax Pro can help.

Aug 31, 2022 | Saving

Most business owners know the crippling anxiety an economic downturn can bring.

When will things improve?

How can I position myself to best protect my business assets?

Is this downturn permanent? (Hint: it’s not!)

And so it goes.

In times like these, plenty of entrepreneurs batten down the hatches to ride out the downturn with their finances squirreled away below deck.

But here’s the thing: While it might feel good to Scrooge- it-up by reducing business investments and trying to DIY your taxes and financials during a downturn…you really, really shouldn’t.

Here’s why:

1. You Can’t Fix a Problem You Don’t Know Exists

Before you start tightening your metaphorical belts all willy-nilly, make sure you have a clear and honest view of your business financials. You might not even need to make major changes to ride out a downturn.

On the other hand, you could be hemorrhaging money from the unlikeliest of places. (Those Starbucks meetings add up FAST!)

So what’s the best way to understand your problem areas while optimizing your financial strategy?

By hiring a Tax Pro, of course!

A tax professional not only creates an organization system customized to your business, but she also brings the added skill of knowing how to take that full financial perspective into account when devising a plan of action. All while keeping you squeaky clean in the eyes of the IRS.

Could you perform a financial audit yourself?

Well, sure. But do you really want to spend your precious evenings and weekends poring over that pile of paperwork you swore you’d keep organized this time?

Yuck, no thanks!

2. A Taxpert Has The Human Know-How to Find Hidden Savings + Tax Breaks

Even the most advanced iteration of Turbo Tax can’t analyze your business from top to bottom. But a Tax Pro can.

Years of experience mean your Tax Pro is perfectly equipped to uncover hidden saving opportunities.

So how do those run of the mill tax platforms get so much business? They cater to the average citizen who likely has a single W-2 return. Input a few numbers, click a few buttons, and bing-bang-boom – you have a tax return!

But you? You’re not average, are you? YOU are an entrepreneur on the path toward success – which looks fabulous on Instagram, but is a nightmare on IRS forms.

Luckily, you have a friendly, experienced Taxpert in your corner, ready to organize your books while scanning for missed savings opportunities.

3. The U.S. Gov is Building an Army of Auditors

As of August 2022, new legislation has been introduced that will provide the IRS with $80 billion dollars over the next decade, with a large focus in hiring and training new tax auditors.

That is a LOT of new eyes available to scrutinize your tax returns – as if filing your taxes wasn’t scary enough!

Enter stage left…your secret weapon – a Tax Pro to the rescue! After all, the ‘Pro’ in ‘Tax Pro’ isn’t just a title for funsies. A competent tax professional has a deep understanding of the tax code and how it relates to your unique business – which translates to less risk of triggering an audit.

And if you do get audited?

We’ll be perched in your corner, ready to fight for you and your business.

You May Also Like

Clean Vehicle Tax Credit

Clean Vehicle Tax Credit

As the public interest in climate-friendly investments grows, we will continue to see developments set by global and local governments to incentivize individuals and businesses towards more climate-friendly choices and operations. One such development can be found as...

What’s The Deal with Depreciation?

What’s The Deal with Depreciation?

Whether your business is young or well-established, you've probably spent a lot on necessary tools and services. Payment platforms, computer equipment, dedicated phone lines, and office supplies are just a few items you need when operating a small business. Although...

3 Common S-Corporation Mistakes

3 Common S-Corporation Mistakes

When starting a business, it’s common to wonder how you should structure your organization. One common structure is the S-Corporation, or “S-Corp.” S corporations pass corporate income, losses, deductions, and credits to their shareholders for tax purposes. This means...