Why Hiring a Tax Professional is Your Best Business Option

Tax Act

Whether you are self employed, run your own business or do not get taxes paid through your employer for another reason, hiring a tax professional can be a great decision and can save a good amount of stress and headaches at the end of the tax year. Here are some of the top reasons to hire a tax professional next time your tax return is due, so that your taxes don’t have to be taxing.

1. It’s their profession
Because most accountants will have spent years filling in tax forms, returns documents and producing the required evidence, they will be well abreast of current rules and regulations to make sure you are 100% above board and still getting the most for your money. Because they know the current legislation and rules, they may be able to save you a great deal of money through deductions and offsetting tax against expenses, which many small business owners are unaware of.

2. It saves you time and effort
Even if you are great at keeping your books in order and know exactly what you are doing with your tax return, by getting someone else to do it for you, you can free up your time to do what you do best – run your own business. If you are self employed or run your own small business the tax return can be extremely complicated, and it is estimated most people in this situation spend between 10 and 20 hours sorting everything out. If you view this in terms of the money you could earn if you were working rather than doing your tax return, it can make the accountants fees seem much better value for money.

3. Avoid costly mistakes
If you haven’t done a tax return before, it is highly likely you will make some mistakes when filling in your tax return. These can turn out to be very costly if you have underestimated your tax liability for the year, so use a professional to ensure you get it right first time. The added bonus of using a professional is that they will be around to answer any questions or queries that the tax office has with your submission, so that you can be left to carry on with business as usual.

4. Help with audits and other financial planning
If you are asked to be audited you can be sure it will not be a pleasant process. You will need to have a professional accountant to help you, and by already engaging with one for your tax return you will have built up a relationship with them and they will be aware of your business and better placed to help you. Accountants are also good at financial projecting, so if you are considering taking on a member of staff, expanding your office space or otherwise making a change that will impact the turnover of the business, you can enlist their help to project whether this will be a good business decision or not.

This article has been written from a Professional Cyprus Tax Firm PHS Hadjizacharias and Co. The Company is located in Cyprus and is offering Taxation, Audit, Accounting, Company formation and other corporate services for International Companies

Why Not Hire a Tax Consultant To Handle Your Taxes For You?

Tax Act

If you plan on managing a business, why not hire someone else to handle the taxes for you? If you are new to owning businesses, it can get really complicated because of the ever changing tax code. You need someone dedicated to learning and is able to use the tax code to their advantage while obeying every rule. If you make one mistake, it can be extremely costly for your business. You may be afraid to learn how to find a tax consultant because it may cost money, but the amount of headache and time they save you is priceless. Of course, you still have to go through the trouble of finding a good tax consultant, so you’re going to have to work for that part. To get ahead, don’t wait till the last second to find one. Look for one several months in advance when they have less work, that way they’ll be more likely to be available.

Reading the tax code and being able to make sense out of it is an amazing talent. For most people, it can be extremely boring. But if you find someone that is passionate for what they do, they can point out things you would have never seen yourself. In order to find a passionate person, ask your friends and former employees about the consultants they use. Good references are key to finding someone that cares. It may be a small bit of trouble trying to find the tax consultant right for you, but once you find one, they usually stay yours for life. If you can’t bother to put up with the effort, be prepared to pay because your business will probably violate something down the line. If that happens, the only thing that can save you is a tax settlement. Otherwise, the government will hunt you down and take your money because they don’t like being cheated, even if it was an accident. Ignorance is no excuse.

When looking for a good consultant, take a look at their background, references, and former experience. There are different types of tax specialists so make sure you pick someone that specializes in businesses. Each tax code is different depending on if it’s a person, business, or a contractor paying, so make sure your tax specialist knows the difference. If you find a specialist that is green, as long as they are willing to learn, they still may be a good fit for your company. An expert may overlook things but a newbie is likely to pay extra special attention to you because they don’t want to mess up their reputation.

Do I Really Need to Hire a Tax Consultant?

Tax Act

If you ever start your own part time business, keeping track of your finances is one of the needed keys to a successful business. In addition, learning how to read the tax laws is important as it allows you to keep your hard earned money. However, since the tax laws change frequently, it’s a good idea to hire your own professional tax consultant. It saves you on hassle and if you find a good one, they will do their job better than you ever could. So if you want your business to run smoothly, learn how to find a tax consultant.

First, ask your friends and family if they know someone suited for the job. A tax adviser that someone else knows is more likely to be trustworthy. If not, then it’s time to pick up the phone book and start interviewing everyone. Keep in mind that some people only want your money and aren’t necessary good for your business. Avoid these scammers. If you are interviewing a potential adviser and they demand to be paid for being interviewed, they are a bad fit, drop them fast. Be sure to interview several people before deciding on who to go with. Also, even if you hire someone that sounds good, there is a small chance that it may not work out. If it doesn’t, simply fire them and try again.

You may not need to hire a tax consultant if you are determined to do your own taxes. However, unless you plan to study up on all of the laws, you may make a mistake somewhere. Some people don’t want to get a tax consultant because it costs money, but the resources they save you are worth more than you are paying them. A good tax consultant will be able to save your business money in places that you may not have figured out yourself. Of course, a bad consultant can do the same thing, but they won’t follow the tax laws correctly, leading to trouble down the line. Before you choose a tax specialist, weigh the pros and cons first.