If you're just getting started in a business of your own and you haven't hired a business tax accountant yet, now's the time to take care of that. You might not realise this, but a tax accountant is one of the most important team members you can have for your business. Unfortunately, many business owners don't think that they can afford to hire a tax accountant, especially when they're just starting out. If you fall into that category, it's time to change the way you think. As a business owner, you can't afford to be without a tax accountant. Here are just four of the ways that a business tax accountant can provide you with the assistance you need.
Get Started on the Right Foot
Now that you're getting your small business off the ground, you want to make sure you avoid any potential missteps. One way to do that is to hire a business tax accountant right away. Your tax responsibilities will begin as soon as you open your doors for business. This includes payroll taxes and business taxes, as well as any state and local taxes that might be due. Your first tax return might be scrutinised more closely. That's because they'll be looking for potential mistakes. That's where your tax accountant comes into the picture. Your tax accountant will make sure that your tax accounts are set up properly and that your tax records are accurate.
Prepare Your Quarterly Taxes
Now that you're the owner of a small business, you'll typically need to start paying quarterly taxes. You might think that you need to pay your taxes on an annual basis, much like your personal taxes, but that's not the case. As a business owner, you'll need to make quarterly or monthly tax payments. Luckily, your business tax accountant can help you stay on top of those payments.
Identify Areas for Future Growth
Now that you've invested in a business of your own, you want to ensure that your enterprise has the opportunity for growth. Unfortunately, that's difficult to do without the right assistance, which is why you need to hire a business tax accountant. Your accountant can help you identify areas that provide the best opportunities for continued growth and expansion.
Monitor Accurate Payroll Records
Now that you're responsible for your own business, you're also responsible for payroll records. If you're starting out with just one or two employees, you might not think that you need to maintain payroll records, but that's not the case. Payroll records are an essential part of being a business owner. Your business tax accountant will ensure that your payroll records are accurate at all times.
Contact a company that offers business tax accounting services to learn more.