Tax season can be a time of year that business owners dread, especially if you are a business owner who does not have a strong background in preparing taxes for your small business. Further, planning and preparing taxes can be overwhelming when you are spending most of your time and energy into running as well as growing your small business. Therefore, it can be helpful and beneficial to invest in a company who has professionals that provide tax planning services for small businesses. Overall, tax planning involves so much more than just estimating how much you will owe in taxes. When done correctly, tax planning can minimize your tax burden, maximize your profits, and help your business flourish.
The following are tax planning tips for small business owners to keep in mind when deciding whether to invest in tax planning services.
The Best Tax Planning Services to Invest In
There are many different types of tax planning services that businesses can invest in. It is important to find a company that offers a variety of tax planning services that can fit your business needs. Some of the most helpful tax planning services that you can invest in as a small business owner are professional services that specialize in tax returns for small businesses, federal, state, and local taxes. Another beneficial tax planning service that you can invest in as a small business owner are professional services that specialize in IRS problem resolution, which can be helpful for keeping your business out of trouble with the IRS.
The Best Questions to Ask a Company Before Investing in Their Tax Planning Services
Investing in tax planning services is a big decision for many small businesses. Therefore, it is important to know questions to ask before making a decision. Some good questions to ask are:
- What can I do to lower my taxes?
- What will I owe in taxes this year?
- Will it be higher or lower than last year?
- Am I withholding enough for taxes?
What Topics You Should Discuss with a Potential Tax Planning Company
The following are topics that you should discuss in your meeting with a potential tax planning company:
- Your business’ growth plans
- If you expect your income/revenue to change in the next five years
- When you plan on retiring
- If you have a successor
- How your business has changed in the last year
- Whether you are currently contributing to a retirement account through your business
- Any challenges you think your business might face in the next 3-5 years
Harvest Tax & Accounting’s tax planning services make the tax planning process as efficient and straightforward as possible. We understand the importance of providing professional tax planning services. That’s why our team works continuously stay up to date with tax codes, laws, and procedures. With more than 45 years of combined experience, the team at Harvest Tax & Accounting has seen it all. Our team takes the time to give you the information that is most relevant to your business right now and we explain taxes in a way that is easy to understand. To learn more about how your business can benefit from our services, schedule your free consultation today.