Save time (and possibly money) by using an accountant to do your home business taxes.
As the end of the year approaches, hopefully you are organizing your home business taxes. Getting your paperwork in order now can save you a lot of trouble later. Additionally, going through your taxes now can help you identify additional home business tax deductions that you might want to take.
One of the big reasons to organize your tax documents early (even better: organize them as you go along throughout the year) is so that your accountant can more easily do his or her job. And, if you don't have an accountant to help you with your home business, you should consider getting one.
Save Time with an Accountant
I used to do all of my own taxes. Even though it's possible to do them on your own, it can be time consuming. I found myself spending hours going through the Forms, and making sure that everything was properly filled out. The process intensified after I formed my LLC, and stopped filing taxes as a sole proprietor.
I began looking for an accountant. And, after having him do my taxes that first year, I decided that he is worth every penny. The accountant saves me loads of time. He knows the current tax laws, and he can fill in information quickly. Since I'm quite organized with my taxes, all I need to do is gather up the information and take it in. I don't have to spend a lot of time on it.
In fact, I can be doing something else entirely while the accountant does my taxes. When I think about the trade off between time and money, for me time wins out quite often. Paying the accountant to do something for me means that I have more time to work on something else. And it's not just the time that the accountant is with the taxes. Since he can do my taxes much faster than I can, that's quite a few hours that I don't have to spend working on my taxes.
With the work that I can do instead of slogging through my taxes, the accountant basically pays for himself. And I have more time to do what I want.
Representation to the IRS
Another great thing about working with an accountant for your home business taxes is that you get representation to the IRS. Many accountants will represent you in the event of a tax audit. In these cases, you might not even have to interact with the IRS at all. The accountant sends in the necessary documentation, and can even represent you if a face to face meeting is required. It's very useful on a number of levels to have an accountant to do your home business taxes.
Before you do your home business taxes another year, stop and think about your situation. You might actually benefit from having someone else do your taxes. You'll have more time, and, depending on what work you can get done instead, you might actually end up ahead.
What do you think? Do you use an accountant to prepare your tax return?