What Does a Tax Accountant Do for Small Businesses?

There are many reasons to hire a dedicated tax accountant for your small business! A tax accountant can help you avoid fines and penalties and can dramatically lower your stress surrounding tax time. But those aren’t the only things they do. 

Let’s take a look at some of the most important roles that a small business tax professional plays. 

Related: How To File Taxes: A Helpful Checklist For Small Business Owners

TAX ACCOUNTANTS MAKE YOUR LIFE EASIER

One of the most important responsibilities of a small business tax accountant is to make your life easier. 

Tax professionals know the ins and outs of small business taxes and can handle your small business’s tax compliance accurately and efficiently. When a tax professional manages your business’s tax withholdings, filings, and payments, it removes a considerable burden from your workload. 

Transferring the burden of tax preparation to a professional means that you can spend more time running your business and less time worrying about whether or not you’ve filed everything correctly.

Related: How Can A CPA Help Your Small Business?

TAX ACCOUNTANTS HELP YOU AVOID FINES & PENALTIES

Tax professionals know how to keep you compliant with local, state, and federal tax obligations. 

Small business owners have a lot going on,  and it can be easy to miss tax deadlines. When you outsource your tax accounting processes to a professional, they stay on top of deadlines and keep your taxes on track. That means you can avoid the fines and penalties that accompany late and incorrect filings.

TAX ACCOUNTANTS HELP YOU FIND TAX DEDUCTIONS & EXEMPTIONS

Many small businesses end up overpaying during tax time because they are unaware of the options they have for tax deductions and exemptions. 

If you are eligible for tax exemption, your tax professional can help you file the appropriate paperwork and stay current with your tax-exempt status. 

Tax accountants can also help you make and document tax deductible purchases to help legally lower your tax obligation. A tax professional would never engage in tax evasion, but they can definitely help you with legal and ethical tax avoidance. 

Related: How To Find The Right Tax Advisor For Your Small Business

ADDITIONAL RESPONSIBILITIES OF A SMALL BUSINESS TAX ACCOUNTANT

A tax professional can handle a variety of accounting and tax compliance tasks for your small business. 

These include: 

• Preparing and filing annual business taxes
• Providing tax advice
• Managing the preparation of annual individual and business returns
• Reviewing previous years’ business returns to anticipate IRS audits
• Representing the business in the event of an audit being ordered
• Keeping records 
• Understanding and navigating complex tax scenarios such as trusts and real estate transactions
• Improving record-keeping processes

CHALIFF + ASSOCIATES: HERE TO SIMPLIFY YOUR TAX ACCOUNTING EXPERIENCE

If you’re ready to focus on growing your business instead of getting bogged down by taxes, Chaliff + Associates is here to help. 

We know it can be intimidating to choose the right person to handle sensitive documents, financial statements, and tax returns. That’s why we take the time to get to know you and your businesses. At the same time, you can get to know us! 

Over 300 successful businesses count on Chaliff + Associates CPAs for their bookkeeping, accounting, and tax needs. To join this list of businesses, schedule a complimentary consultation with one of our tax professionals today!