Have you ever prepared your own personal taxes returns? Or maybe the tax submission for your business? Oftentimes after a business owner prepares their own taxes they take a step back to look at how much time they spent calculating and organizing everything and they realize that the amount of time it took actually cost them more than it would to pay an accountant to do the same process. On top of that, there’s the risk you run of miscalculating or omitting information. The underpayment penalty is steep, and that’s certainly not a price anyone wants to dish out.
It’s no question that a business manager should do everything possible to avoid wasting money, and working with an accounting professional is a sure way to make sure that none of your resources are needlessly going down the drain. A CPA is required to stay up to date on codes and regulations that may not be obvious to non-certified folks. They can identify which tax deductions you are entitled to receive and which ones you aren’t qualified for. They can also take a look at your previous and current operations and make suggestions that would result in you keeping more of your money the next time around.
In short, keeping thorough books and having an accounting professional prepare your tax returns can mean the difference between a smooth transaction and a huge ongoing headache that can follow you for a long time. For a small businesses who may be struggling to get started or keep their head above water, it can mean the difference between a brighter future and closed doors. Don’t rack up penalties and fines when they can be avoided with the help of a professional.
For decades Geyer & Associates has been helping businesses in Fort Collins stay on track with their finances and tax returns. When it’s time to turn to a professional for tax returns, give us a call and find out why Geyer & Associates is Fort Collin’s premiere tax service.