As the owner of a rapidly growing business, it's in your best interest to recognize when your company taxes are beyond your expertise. If you're approaching that level already, you should think about hiring a full-time tax specialist to help you manage your accounting and tax records. There are many reasons why it's best to hire a specialist. Here are some of the things that a tax specialist can do for you before, during and after tax season.
Before Tax Season
Having a tax specialist on staff before tax season even begins can help you to establish some solid tax strategies. You can work with a tax professional to evaluate your current tax situation, any estimates for upcoming performance and the goals you have for this tax season. When you have someone on staff, you'll be able to develop tax strategies and refine things as you go based on actual performance. An employee will have a better understanding of your business operations than a contract service provider who has no vested interest in the operation.
During Tax Season
Tax season is a busy, demanding time for any business. With report generation, revenue evaluation, deduction assessment and tax preparation to do, it's no surprise that some business owners find themselves overwhelmed.
When you have a tax specialist on staff, you'll have someone there working on your behalf full time to ensure that your tax records are complete, the supporting information is valid and the forms are completed on time. In addition, it gives you the opportunity to oversee the activities on a daily basis.
You won't have to worry about tax forms not being completed on time if you have a tax preparer in your office. The full-time role ensures that things can be done in a timely manner.
After Tax Season
You might think that you don't need a tax specialist on staff once tax season is over. In fact, this is a good time to have someone in the office. While your tax return is being evaluated, you'll want to have your tax preparer reachable at all times. If you're audited, your tax specialist can attend the audit meeting to negotiate on your behalf.
Once your tax return has been accepted and approved, he or she can then help you evaluate your actual performance as it compares to the estimates that you had forecasted. This gives you the information you need to start building a tax plan for the coming year.
If you want to be sure that the tax professional you hire has the experience and skills you need, work with specialists like tax recruiting firms to fill your open positions.