Tax season is once again upon us. While many of us pay taxes throughout the year, we usually don’t also assess our needs as MSPs from a tax standpoint. Hiring a tax professional can help. Even though we hire tax advisors to prepare and file our taxes, they can do a lot more.
Before hiring a tax professional, give it some thought. Don’t jump into a relationship you’re going to regret.
Why you need a tax advisor
Without a doubt, taxes are complicated, but they don’t have to be if you have the right support in place.
A tax advisor who understands your business goals can guide you in the right direction from a tax perspective. Simply put, there’s a lot your tax advisor can do for your business. Hiring a tax advisor who understands our country’s overly complex tax code — which is thousands of pages long — can assist you with navigating new laws and regulations, maximizing business returns, preparing and filing taxes, and recordkeeping.
While there are many tax advisors in your area vying for your attention, you must properly vet each one of them. Choosing the wrong tax professional could prove disastrous for your business in the long run. It’s always best to do your research on the tax advisors in your area before seriously considering any of them for your business.
What to look for in a tax professional
While there are plenty of tax professionals in the market today, not all of them are right for your business needs. Finding an expert who can advise you properly on your taxes takes time; however, knowing what to look for can save you a lot of time, money and resources in the long run.
Not all tax professionals work with businesses, so find someone with experience in preparing business taxes. Also, more than likely, you’re going to be working with your tax advisor throughout the year, especially if you’re paying estimated tax payments. Look for someone who’s available throughout the year to answer any questions you may have.
If you’re not sure where to begin your search, look no further than the people closest to you.
Where to find your next tax advisor
One of the best ways to find a tax advisor for your business is by reaching out to the people you trust. Use whatever resources you have available to you. For example, if you’re involved with peer groups in our industry, ask around for referrals. Someone should be able to provide you with a recommendation or two.
Even though taxes typically come to mind during tax season for most people, you as a business owner should always be investigating how you can keep more money in the bank by lowering your tax bill. Working with a good tax professional can help you do just that.
