Many businesses only seek tax preparation services come tax time, but this is not the wisest course of action. While tax prep is important, tax and business consulting services can provide a number of benefits that tax prep alone cannot.
If you want to maximize the success of your business, tax and business consulting should be an ongoing part of your operation, not just something that you turn to once a year.
Why Tax Consulting And Not Just Tax Prep?
Many people think that tax preparation and tax consulting are the same thing, but there are actually some key differences between the two services. Tax preparation is primarily focused on completing and filing tax returns, while tax consulting goes a step further by providing advice and guidance on tax-related matters.
Tax consultants work with clients to identify ways to minimize their tax liability and maximize their tax refunds. They can provide advice on a variety of tax-related issues such as tax audits and appeals.
Tax consultants also work with clients to resolve tax-related problems and can negotiate with the IRS or state authorities on their behalf. In addition, a tax consultant can provide advice on estate and gift taxes, sales taxes, payroll taxes, and property taxes.
As a result, tax consulting can provide significant advantages over tax preparation, particularly for businesses and individuals who have complex tax situations.
What Do Business And Tax Consultant Services Include?
Business and tax consulting services offer a comprehensive approach to your tax needs and tax-related business issues. These services typically include tax planning, tax compliance, and tax reporting. Think of tax consulting as a year-round approach to managing your tax situation, rather than waiting until tax season is upon you to think about it.
The services can also include help with business formation, business operations, and business strategy. Tax consultants are able to provide advice on tax law changes and how they may impact your business. Tax and business consulting also provides valuable insights into how your business is performing and where it could be improved.
Are Tax Preparers The Same As Tax Consultants?
Tax consulting is a specialized field that requires tax professionals to have a deep understanding of tax laws and regulations. As we’ve mentioned, tax consultants work with clients to help them navigate the complex tax code and identify tax-saving opportunities. So while tax preparers can provide basic tax services, they typically lack the expertise and experience required to provide comprehensive tax consulting services.
Why Is Having A Tax Consultant For Small Business So Important?
Small business owners have a lot on their plate. In addition to managing day-to-day operations, they also have to wear many hats, from marketing and sales to accounting and HR. With so much to do, tax planning and preparation can often fall by the wayside, especially during busy times of the year. However, this can be a costly mistake.
A small business tax consultant can provide invaluable assistance in ensuring that your business is in compliance with all applicable tax laws. They will help you take advantage of any tax breaks or incentives that may be available to small businesses.
They can help to streamline your record-keeping, making it easier to stay organized come tax season. Tax consultants also typically offer additional services that are useful for small businesses such as bookkeeping and payroll.
So whether you are a new business owner or an established business, tax and business consulting can help you save time, money, and avoid a lot of headaches.
Looking For A Business And Tax Consultant Near Me?
If you’re looking for a business and tax consultant in the Hampton Roads region, we hope you will consider us here at Minton CPAs & Associates. We are a highly experienced and qualified team, who has been providing accounting and tax services for over 32 years.
We offer a comprehensive range of services from tax prep, tax and business consulting, bookkeeping, and payroll. We are proud to be a locally and family-owned business, which means we truly understand the unique challenges that small businesses face.
If you are looking for a business and tax consultant who can provide expert advice and support, contact us today at 757-546-2870.