2018 February

Small business owners have a budget. Particularly when you’re starting out, you want to find the most economical way to get things done. It’s understandable, then, that business owners may complete tasks themselves to reduce expenses—but should you be doing your own taxes?

To start out, there’s nothing inherently wrong with doing your own taxes. It’s a perfectly fine choice to make. That said, taxes are complicated at the best of times, and having your own business adds even more complexity—increasing your chances of missing something critical.

Catch more deductions.

A professional who prepares your taxes is highly skilled at identifying tax-saving opportunities. This may mean catching things you didn’t know you could claim, helping you figure out your business mileage on your car, whether to pay a car allowance or pay mileage charges, or finding and calculating your expenses. Having someone who lives and breathes taxes means getting the best return you can, and having the trust that you didn’t miss a worthwhile claim.

Reduce errors.

Perhaps even more important than identifying more opportunities is identifying grave mistakes that could leave you owing money to the government. Did you claim something incorrectly? Underestimate your income? Take advantage of a … Read the rest