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Unless you get thrills from poring through convoluted tax language or performing complicated calculations, managing your small business tax responsibilities is no fun.
Odds are, you didn’t start your business so you could spend countless days working on tax preparation, trying to get your forms in order, making sure your numbers add up and praying you don’t get audited. Still, small business taxes are a fact of life. They simply can’t be avoided – at least not if you want to stay in business.
As you struggle to comply with your tax responsibilities, you may encounter questions or confusion along the way. If this happens, it’s a good idea to seek assistance from an experienced tax professional in your area. Here are 3.5 reasons to seek small business tax help.
#1. You Have To Change Your Business Type or Entity
You’ve been growing your business and you’re having success. All the new business is becoming too much for you to handle on your own. It’s time for you to hire some help. Unfortunately, if you’ve been operating as a sole proprietor, you’re going to have to change your business type or entity.
Changing your business type means a whole new set of tax responsibilities. You’ll no longer be able to lump together your personal income and your business income. For most people, this proves challenging. To avoid making critical mistakes that could cause you trouble down the road, talk to a small business tax adviser to help you manage this transition.
#2. You’ve Received An CRA Tax Notice
Receiving an CRA tax notice is terrifying. As sure as you are that you’ve been properly filing and paying your small business taxes, you’ll likely still feel overwhelmed by the anxiety that comes with a looming audit.
Avoid the temptation to face this burden on your own. You’ll be much better off and more prepared to successfully work through this process if you obtain the services of an experienced tax resolution representative.
This professional helps you build a strategy for defending yourself from CRA tax penalties and supports you throughout the whole process. With a tax resolution representative by your side, you’re more likely to experience a better outcome.
#3. Tax Planning Throughout The Year Saves You Money
It may not seem like it, but meeting your filing deadlines, putting your paperwork in order and juggling your payroll, sales and business income taxes is only a small part of managing your small business taxes.
You can employ many strategies and tactics throughout the year to minimize your tax bill. However, if you’re not a tax professional, it’s very difficult to understand them all. A small business tax adviser can help you execute tax planning strategies, like knowing when to buy business equipment and when to write off bad debts, that help you to protect your profits.
#3.5. You Don’t Have The Time To Manage Small Business Taxes
As a small business owner, you’re constantly juggling responsibilities. Whether it’s working with vendors, helping customers, managing employees, performing services or brainstorming new initiatives for your business, you’re swamped.
Your time is valuable, and trying to make sense of baffling tax code and filing paperwork isn’t a good use of that time. Partnering with a small business tax adviser is a cost-effective way to ensure your taxes are in order and that you’re taking advantage of any money-saving opportunities available to you.
If your small business taxes are posing challenges for you, don’t try to handle them all on your own. Save yourself time, stress and money by seeking help from a small business tax expert.