Nobody wakes up and thinks… getting an accountant sounds fun! It’s one of those things, like going to the doctor or getting a lawyer that no one is excited for. However, actually making the change and hiring a new accountant has far too many benefits to ignore.
In fact, if you don’t hire a top accountant, you’ll be leaving money on the table, and creating a world of unnecessary stress for yourself as you’ll see below.
- They Save You A Ton Of Time
Using the wrong accountant is a nightmare. On top of all the usual paperwork and number crunching, it is very time consuming to keep up to date with the latest changes in the tax code. That means lots of homework, research & Technical skills. By hiring a great accountant, you know they’ve already done their homework and know the latest changes which will save you a ton of headaches.
- They Can Reveal Legal Loopholes To Save You Money
There are more write-offs available that you might think. And it’s all legal.
By choosing a top-level accountant, you could be putting a lot more money back in your pocket through your reimbursement at tax return time.
Everyone’s situation is different so you’ll want to ask a great accountant.
They’ll happily fill you in on any beneficial legal loopholes. Plus, they’ll be able to dive into your personal and business expenses to hunt down any missing deductions that you’re missing out on (that you probably wouldn’t have been able to find yourself).
3. They Will Tell You What’s Not Deductible
While being self-employed has its many perks, including write-offs, there are some things to be careful of. The fact is, not everything’s a write-off.
It’s not always easy to know. Especially if you work at home, there can be some lines blurred between “home” and “office”. Something as small as allowing your child to use your “work” printer for homework could disallow you from writing the printer off 100% as a work expense.
Not only can a top accountant tell you what’s deductible… They’ll tell you what’s not deductible, and fill you in on any potential mistakes you could be making that will cost you a lot of money come tax time.
- They Can Prevent You From Becoming An Accidental Criminal
Running a business is not an easy game. There are thousands of moving parts. And the financial aspect is just one of the many facets of a business.
Needless to say, finance is quite possibly the most important aspect of any business. Especially considering there are more opportunities for illegal activity without even knowing it’s happening.
When you have a lot going on, you may forget the cash in your PayPal account is actually income. You might have forgotten the “junk” you’re selling on Facebook Marketplace is really inventory.
A top accountant makes sure any seemingly small activity is accounted for, legally. Accidental tax evasion is one of the easiest ways to break the law.
A good accountant will make sure you stay on track, preventing unnecessary problems.