April is a month of renewal, brightness, and joy, as the days lengthen, the tulips begin to bloom, and the end of the school year is fast approaching. Summer plans and vacations are being made, and many people are looking forward to spending time outdoors after having been cooped up all winter long.
However, there is one day in April that most people would rather skip over, and that day is Tax Day, or April 15th. Most people would rather not think about paying their tax bill, especially if you are a small business. As a small business owner, it can seem that all you ever do is pay taxes.
Peakview CPAs offers tax preparation services for individuals and small businesses in Northern Colorado. We understand that many people just don’t want to think about paying taxes, let alone actually pay them. That’s where we can help. Our experienced team of CPAs (certified public accountants) can help you gather your paperwork, itemize your deductions, look for anything missed, and get your taxes filed on time. We can also help with tax extensions, tax audits, and past-due tax returns. Below, we’ll take a look at some of the top reasons to outsource your taxes. Contact us today to get started!
TOP REASONS TO OUTSOURCE YOUR TAX RETURN
You Don’t Want to Do Your Own Taxes
Believe it or not, not wanting to do your own taxes is one of the top reasons our CPAs here for outsourcing their tax preparation — and that’s okay. Life is full of odious tasks you’d rather not do that you have to do, such as getting your driver’s license renewed at the DMV, paying the bills, going to the dentist, scrubbing toilets, moving, exercising, mowing the lawn, taking out the trash, and the list goes on and on. Most of these are tasks we have to do in our lives in order to maintain a clean, sanitary house and life, as well as to function.
When it comes to doing your taxes, it’s okay if you want someone else to deal with the headache. You have enough on your plate, whether you lead a busy life with work and the kids, or you’re a small business owner who works long hours and spends every free moment with your family. Therefore, when you find a trustworthy professional accountant to prepare and file your taxes, you should take advantage of it.
Avoid a Tax Audit
Whether you are an individual or a small business, the words “tax audit” may be the words that fill your nightmares in the dead of night on the eve of Tax Day. Let’s face it, no one wants to be audited by the IRS. Dragging all of your receipts and small business paperwork and computers down to a stuffy office at your local IRS building is something worse than pulling teeth. You’ll sit in a room with someone who is looking to get money from you anyway they can. It’s definitely no way to spend your day. And you may have to come back if you are missing key pieces of information.
When you invest in a CPA to prepare and file your taxes for you or for your small business, you are infinitely less likely to get audited. This is because the IRS knows the odds of finding a mistake from a professional are slim. Plus, when you hire a CPA, their services usually include representation if you are audited on taxes that they prepared. Thus, not only do you have the job of having someone else do your taxes for you, but you are also guaranteed that if you are audited, your accountant has got your back.
The tax code is literally thousands of pages long, and it changes on a regular basis. Not only do you have to understand the federal tax code, but you also have to understand your state’s tax code as well. Since the tax code is so voluminous, the odds of you missing out on important tax deductions are pretty high, especially if you own a small business. Small businesses have the advantage of hundreds of potential write-offs, which, in one sense, is great. In another sense, you have to know which write-offs pertain to you and which you can utilize — a daunting task that most small business owners just don’t have the time to do.
Many people rely on software these days to help them prepare taxes. This software will walk you through your tax return, prepare your taxes, help with deductions, and submit your taxes for you. While these are adequate, they miss important items that only accountants and CPAs would know.
Compared to the amount of money you could miss in deductions, a professional tax preparation service, such as Peakview CPAs in Northern Colorado, costs little.
Saves You From Costly Mistakes
Every year, thousands of tax returns are filed with mistakes, especially if there have been any changes to the tax code. In fact, if you file your taxes on paper, you could experience an error rate of 21%. And with over 5,000 tax code changes enacted between 2001 and 2012 alone, there’s a lot of potential to miss something on your taxes. If you catch the mistake, you can usually amend it by filing Form 1040X, which is the Amended U.S. Individual Income Tax Return. If you’re a business who made a tax error, you should speak to a CPA service for small businesses for guidance.
Oftentimes, tax return errors go unnoticed, and if it’s an error in your favor and it’s been over three years, you cannot get the money back.
On the flip side, if an error was made and you owe the government money and they catch it, you will have to pay not only what you owe, but interest as well. You also will be given a deadline with which to make the payment by. This could be thousands of dollars if it was a big mistake.
When you partner with a professional tax preparation service, such as Peakview CPAs in Loveland, you can not only have your current taxes done free from errors, but you can also have your past taxes reviewed to see if there were any errors made. If so, you can file an amendment and possibly get that money back from the government. No one truly wants to owe unpaid back taxes because of a tax return filing error. With a CPA, you can avoid that scenario altogether.
Saves You Time, Effort, and Worry
Many people do their taxes themselves, and as such, worry that their taxes have been done right. They spent hours agonizing over them, maybe even shed some blood and tears over it all.
Taxes, no doubt, can be overwhelming. With such a huge tax code and with so much at stake, especially if you are a small business, you don’t want to make a costly mistake. When you partner with a top-notch tax CPA, you are partnering with an expert who knows the tax code and can leverage it, who prepares hundreds, if not thousands, of tax returns every year, who knows what to look for when it comes to tax mistakes, and who can prepare your taxes in a fraction of the amount of time you can. After all, time is money, especially if you are a small business owner. Instead of putting a lot of effort into your taxes and then worrying about it, you can gain peace of mind with a professional tax accountant.
CHOOSE PEAKVIEW CPAS FOR ALL YOUR OUTSOURCED TAX PREPARATION AND FILING NEEDS
If you dread doing your own taxes, Peakview CPAs can help with both individual and small business tax services. We take the hassle out of doing your taxes and promise to help you save money any way that we can. We’ll do a thorough review of your previous taxes and prepare this year’s taxes efficiently and professionally. We will file your taxes for you as well, taking one more step off the table for you.
Besides our stellar tax preparation services, we also offer bookkeeping services, help with payroll, and business and tax consulting. At Peakview CPAs in Loveland, we also understand that one of the main reasons you want to hire a CPA for your small business in Northern Colorado is because number crunching can be daunting. When you partner with us, we’ll help you with all of your financial reports and analysis so you will know exactly where your small business stands. We’ll help you manage your accounts receivable and your accounts payable and guide you towards the future.
Our mission is to help you succeed in any way we can. Whether you choose us just for your tax filing, or you choose us for all of your small business needs, we are more than happy to help. With over 50 years of combined experience, our CPAs have the knowledge and the background to save you money in all aspects of running your small business. If you need outsourced tax services for your small business or as an individual, give us a call today!