All businesses must pay local, state, and federal taxes. Those taxes are a significant factor in whether a business succeeds or fails. Unfortunately, most business owners are relative amateurs when handling business taxes. A CPA firm can help take the pain out of tax filings by managing your tax information, compiling your taxes, and helping you pay them on time. You can focus on business while the accounting firm helps you in the following ways.

Eliminate Filing Errors

Running a successful business is a lot of work, which makes it easy to fall behind on business tax filings and make filing errors without the help of a CPA firm. According to CBS News, about 5% of taxpayers annually fail to file their taxes, often due to being overwhelmed by the complexity of tax preparation. An accounting firm can ensure your business taxes are documented, supported, and filed accurately to prevent any unpleasant surprises down the road.

Maximize Eligible Deductions and Credits

Businesses earn tax deductions and credits just like individual tax filers often do. Your CPA can track what qualifies for a tax deduction or credit and ensure your business benefits from its maximum potential tax credits and deductions. The lower your business’ tax bill, the larger your profit margins are throughout the year. The CPA can also help you understand how future expenditures might affect your annual tax bill based on current tax laws.

Ensure Legal Compliance

Business tax laws have different reporting requirements and filing deadlines than individual tax filers. Your CPA can ensure you make those mandatory filings on time with proper documentation to prevent fines, late fees, and tax liabilities. Local, state, and federal tax laws undergo constant change, and your accounting firm should stay informed on all changes that affect your business taxes, so you only file fully legal tax documents and your business abides by all applicable tax laws.

Keep You Accountable All Year

A business needs a dedicated CPA firm that's available throughout the year to help with your tax questions and filings. A CPA removes any doubt about your commercial tax obligations and when you need to file and pay your taxes. A dedicated CPA is a terrific business asset that helps make your business taxes less burdensome.

We can help take the sting out of annual tax filings and help you focus on running a successful business when you call to schedule a free consultation with an experienced CPA at our firm. Call Carpenter, Evert & Associates as soon as possible!