Tax season is here! And we recommend you hire a CPA to do your taxes.
As a small business, it can be a little bit frightening to use the small amount of profits that you get to pay for maintenance items like pens, envelopes, a desk maybe, or yearly fees to renew your state business registration. These are things that seem monotonous and can take a toll on your business’ pocketbook, but they have to be done. Another thing that we suggest you should use your business’ money on is a CPA: Certified Public Accountant. There are several benefits to having an expert look over your books this tax season and here are just a few of them:
The first benefit that might seem obvious, but should be recognized, is quite frankly, doing taxes is time consuming. It would cost more for BosonHub in the long run to do the taxes ourselves and potentially do them incorrectly; than it is to pay our guy the fee he charges and have them done correctly. “The time versus cost”-dilemma. Every small business should weigh the cost of a service versus the cost of their time. Is your time so valuable that you should pay someone else to do it?
The next benefit to having someone invest their time into doing your taxes is that they are trained to reconcile differences. This year our brilliant tax guy, Matthew Kanter, of Houck Evarts & Company LLC in Lake Oswego, found a few missing items from our books and was able to get us back some income that we didn’t even know we were missing. He reconciles our credit card, bank statements, and PayPal account statements monthly and itemizes each expense per category. Every dollar that Matthew saves us, is a dollar well spent on his skills and capabilities. That’s not all he does.
He spends countless hours throughout the year (not just during tax season) making sure that if we were to get audited, we would pass with flying colors. Not that we have anything to get audited for, but it does happen to small businesses even if things are inputted correctly into the tax form. We will be the first to admit that we are not experts when it comes to “writing things off” like a lot of small businesses are able to do. He answers all our questions about what qualifies as a business expense and what doesn’t. This is why he is worth every penny.
Overall, Matthew relieves the headache that inevitably comes every tax season. He knows what he is doing and we are incredibly thankful to have someone who has our back and looks out for the best potential outcome during tax season. Being a small business can cause some uncertainty when it comes to what to invest our money into, but having an expert accountant is one thing we will never regret.