The Risks of Completing Your Own Small-Medium Business Taxes

Let’s explore why failing to understand the intricacies of tax law and liability can be costly for small business owners.

Managing your own small business tax preparation can prove to be daunting at best and quite expensive at worst. Complying with federal, state, and local tax laws, taking advantage of deductions, and utilizing credits accurately require a thorough understanding of tax law. Taking advantage of a tax preparation service to ensure your business conforms to the law and is represented in a timely and accurate fashion by trained tax preparers could save you more than just a headache. It could save you a substantial amount of money as well.

It’s the law

Your local, state and federal tax laws aren’t negotiable. Understanding tax intricacies could save you costly mistakes and prevent the burden of penalties. There’s nothing more ominous as a small business owner than finding yourself on the receiving end of an unexpected audit. Avoid feeling alone during tax preparation by securing the help of a small business tax preparation service.

Benefits and deductions matter

Pay what you owe and not a penny more by enlisting the assistance of tax preparers well-versed in deductions and credits. Do you know the difference between the two? Small business tax preparation services do and they will skillfully apply that knowledge to not only make sure your taxable income is accurately calculated but that any applicable credits are applied as well. Make sure that Uncle Sam doesn't get more than his due by enlisting tax preparation services.

Time better spent

Your peace of mind and financial security depend on the accurate maintenance of your finances, but are you managing them with precision?  As a small business owner, you already know that the bottom line is a top priority, but the energy spent on your company’s overall growth rather than bookkeeping might be time better spent.  Consider tax prep from a service designed with your small business’ successful tax preparation in mind.  You may free up a substantial amount of time, and not just during tax season, to focus on your company’s short and long-term goals.

Next Steps

Decimal provides managed, online bookkeeping with real-time support and not just at tax season. You’ll have year-round support, data, and guidance from accountants dedicated to your small business’ success.

From compliance issues to missed deductions and credits, you don’t have to tackle your tax preparation on your own. Decimal can provide the bookkeepers and resources to support your business during tax prep and throughout the year. Contact the Decimal team today and talk with an accounting specialist to see where Decimal could help improve your accounting operations. 

‍