Tax filing and preparation has always been a challenging task for small business owners. Not only it is complicated riddled with many intricacies, but it also puts an extra burden on the workforce without any additional benefit. Add the slew of business tax updates and tweaks in the wake of COVID-19 pandemic, the complexity of whole tax filing and preparation is upped by a notch.
While keeping track of all the tax rules and regulations is a dense task in itself, disorganization and lack of proper resources to tackle loads of financial information and find the tax-saving opportunities can be tough with limited help. On top of this small business are usually marred by complex tax responsibilities that include quarterly estimated tax payments, reporting contractor payments, payroll tax filings and deposits, sales tax reporting, local and state licensing requirements and more.
Most small business owners often choose D-I-Y tax filings which also increases the risk of non-compliance. Incidentally, small business always suffers and a higher risk of IRS audit and according to IRS, small business happens to be the single largest segment of non-compliance taxpayers.
Tax Filing and Preparation Services by Outsourced Bookkeeping:
However, you can easily avert this risk by taking help from seasoned tax experts at Outsourced Bookkeeping by outsourcing tax filing and preparation services. Our accounting specialists have worked with hundreds of small and medium businesses to provide complete help in tax filing and preparation service that not just averts the risk of auditing but also help save their tax money by unearthing new opportunities.
If you are a small and medium business owner contemplating to outsource tax filing and preparation, then you have come to the right place. Here are 4 ways your business can benefit from outsourced tax filing & preparation services:
Easy access to experienced tax professionals:
Tax professionals and CPA are the experts in the small business taxes with in-depth knowledge in tax laws and regulatory frameworks. If employing a dedicated CPA or other tax expert is not practical you can access their services to ensure compliance and maximize tax savings by outsourcing your tax work to remote accounting firms like us folks at Outsourced Bookkeeping.
Our CPAs and tax experts are veterans in business tax filing and preparation services who can provide you deep insights on possible tax benefits, avoid common pitfalls and present you with tax-saving opportunities while ensuring you are compliant with all the rules and regulations.
Historically small businesses are prone to IRS audits owing to inaccurate tax fling and preparation and DIY procedure. As said, small businesses are often the most non-compliant lot attracting penalties and fines that put additional burden may also risk the trading licence in severe cases. Outsourcing tax filing and preparation to tax professionals who are well aware of tax updates, rules and regulation like their back of the hand, will ensure your tax filings are timely and meet all the compliance requirements.
Minimized cost, less work burden and increased productivity:
Hiring a dedicated tax expert or a full-time account for tax returns and filling can be very expensive and may not be practical for small businesses. The subscription model of remote accounting firms, when compared with the in-house dedicated team, proves to be a better option in terms of business cost at a basic level. Outsourcing tax filing and preparations services also minimize the burden placed on the employees who multi-task their way out in small business as the tax season arrives.
Outsourcing the tax filing also reduces their work burden helping them focus on their core responsibilities especially during this ongoing pandemic.
Improved scalability, security & flexibility:
As your business grows, you need not wait to hire and train staff to cater to the increased financial transactions and tax returns. You can simply provide more data and adjust entities according to your requirement and the accounting firms takes care of the rest. Outsourcing tax filing and preparation makes you reap rewards by decreasing the cost of scalability while benefiting reduces errors, risks, penalties at the same time.
Being one of the best remote accounting firms in the market we have also been offering outsourced tax preparation services for small and medium businesses for years now. With a team of experienced tax experts and CPAs, we house advances tax software and tools and employ stringent security measures to secure your financial data. If you are a small and medium business owner looking for outsourced tax filing and preparation services, you can contact our tax experts at Outsourced Bookkeeping here: https://www.outsourcedbookeeping.com/