5 Benefits of Getting Professional Help with Your Business Taxes

Business taxes can be scary, and when your business income is tied to your personal income, the stakes are even higher. Here are five reasons why you should consider getting professional accountants Bangor to help with your business taxes. You could end up saving time and money in the long run!

1) Saves You Time

It can be a time-consuming process to calculate and file your business taxes correctly. Even if you do have the knowledge and expertise to do it yourself, it’s important to remember that tax laws are constantly changing. This means that any information you find online could be outdated or inaccurate. The best way to make sure you’re filing your taxes accurately is by consulting accountants Bangor Gwynedd who specializes in taxation for small businesses.

2) Reduces Stress

Many people are stressed out over how to handle the taxes for their business. They don’t know what they need to do and when they should do it. The good news is that there is a solution – hiring a professional to help with your business taxes. There are many benefits to working with a professional and you will be able to reduce your stress level by doing so. You will know when you need to file your taxes and what forms need to be completed.

3) Maximizes Deductions

With tax season here, it’s important to make sure you maximize your deductions. The less you pay in taxes, the more money you must reinvest into your business. There are several ways to reduce your tax liability.  You can donate goods or volunteer time to charities that provide the necessary supplies for people who don’t have them. You can also take advantage of certain tax credits and deductions including an employee stock purchase plan, home office deduction and education expenses. But if you’re not confident with your ability to keep up with filing deadlines and reporting requirements, it might be worth hiring a professional accountant or CPA firm to help manage your accounts while saving on time and stress this tax season.

4) Avoid Penalties

The IRS imposes penalties for failing to file tax returns, paying taxes late, or not paying enough. Failing to file a return can result in the following: 5% penalty on your unpaid taxes; 25% if you are more than 60 days late; 10% if you are more than 30 days late but less than 60 days. Failing to pay taxes can result in the following: 1% penalty on your unpaid taxes per month up to 25%; 2% per month after that.

5) Peace of Mind

You will have an expert on your side who is knowledgeable about the rules and regulations that govern your business. This can provide you with peace of mind, knowing that everything is taken care of appropriately and you won’t be penalized for something you did not know was wrong. Having a professional handle your taxes will save you the time it would take to learn the tax code, figure out what forms are needed and calculate deductions.