Balancing the Books

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Using Professional Accounting Services To Prepare Your Business Taxes

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As a small business owner, you are required to file and pay your taxes four times each year. You must meet quarterly tax filing and paying deadlines to avoid the IRS heavily fining or closing down your business. However, all of your daily attention must remain on running your business. You may not have time to file and pay your taxes every three months. To help you meet these critical deadlines, you can use professional accounting services to file your returns and submit your taxes.

Filing Receipts for Exemptions and Deductions

The accounting services that you hire for your business can prepare your returns in a timely and logical manner. You may accrue hundreds of expenditure receipts over a three-month period, for example. You may have no idea what receipts must be included with your tax filings or what ones you can use to claim deductions and exemptions. Fortunately, an accounting service can organize and look through your receipts. The accountants can then determine what ones are legally allowed to be used to lower your tax burden. They can include proof of these receipts when submitting your returns. 

Filling Out Returns

The small business tax forms can change from year to year. You may not be familiar with the newest forms or how to fill them out for your business. The accounting services can fill out your returns for you. They will ensure that details like your tax identification number are included on the returns. They also will ensure that all of the math is done correctly so you avoid being audited for incorrect income information.

Audit Representation

It is not uncommon for small businesses to be audited. As such, you have the right to have representation during an audit. Instead of representing yourself, you can hire accounting services to represent and speak for you during an audit.

A professional accountant has the credentials needed to intervene between you and the IRS. They can explain the logistics of your taxes, argue that you should not be penalized, and use the current tax laws to your advantage during an audit.

Professional accounting services are available to help you file your taxes. You can hand off your receipts to an accountant who can then organize and use them for deductions and exemptions. Your accountant can also fill out your returns accurately and provide representation for you if the IRS audits you. For more information, contact an accounting service