It goes without saying that starting a business means you’re probably fairly good at DIY. DIYing is one of the best ways to save money when you’re starting out, and most small businesses don’t have terribly difficult taxes (to begin with).
But as your business grows, it’s time to start thinking about how to outsource so that you have time to focus on your passion – the reason you started it all in the first place. When it comes to taxes, hiring an expert will not only save you time, but it usually also saves you money. And that’s a huge win for a lot of small business owners who are seeing a lot of growth.
So how do you tell if you need help on your taxes or not? We’re glad you asked.
Things Are Simple
If you’re not itemizing your tax return and there isn’t anything too complicated going on with your finances, then it’s probably ok to just keep plugging and chugging with your tax software of choice. If you are looking to itemize your taxes, you haven’t been as consistent at bookkeeping as you probably should be (meaning that you have to make up a month or two or more!) or you’re looking to create more of a strategy when it comes to your financial plan then hiring an accountant is the right choice.
You Understand What the Forms & Software is Asking For
It’s true that we have plenty of clients that understand it all, but have chosen to enlist our help with their bookkeeping and taxes. Most of them find value in outsourcing to us because it saves them time and stress. However, if you find that you have more questions about what exactly the software is talking about or you find yourself googling a bunch of terms, it’s probably a wise bet that an accountant will not only make your life easier but make sure that you stay out of the IRS’s scrutiny as well.
You’re Looking To Take Things To The Next Level
If you’re looking to seriously grow your business or you’re wanting to take your side gig full-time, then hiring an expert is a good idea. With an expert you’ll get detailed reports and the information you gain there will be key in your success.
You Feel Like You’re Paying A Lot in Taxes But Aren’t Making a Lot of Money
It never feels like there’s enough money, but if you’re constantly worrying about the fact that you don’t have enough or you feel like you pay a ton come tax time, then it’s time to talk to an accountant. You might not be taking all your deductions, haven’t filled out the forms properly, or aren’t really being as profitable in your business as you think you are. Getting help with your taxes will be the first step in setting your business up for financial success and at the very least, you’ll probably be able to get a better tax return.
Is it time to get help your taxes? If so, we’d love to chat.