Making a profit in business isn’t just about the amount of money you manage to bring in. It also depends a great deal on how much of that money you are able to keep. A lot of small business owners end up not getting all of the profit they’ve worked hard for because they tried to handle all of the financial decisions on their own and didn’t take advantage of opportunities to reduce their tax burden or to get access to tax credits. It makes sense even for small businesses to hire an Accountant who can help them to make the right decisions.
Having an Accountant makes it a lot easier to be sure that all of your financial information is being properly cataloged over the course of a year. This is critical, because that information is what you need to use when filing taxes to claim any deductions that may be available. If you buy furniture for your offices and then lose the receipts, you can be missing out on a deduction for business expenses and therefore paying more than you would have otherwise. By having someone who’s actually in charge of tracking your finances as his primary duty, you can feel confident that everything is being properly tracked.
A good accountant can also help you to make business decisions that will help you to minimize your tax bill. He may be able to suggest, for example, that your company would benefit from taking advantage of the rehabilitation tax credit. This could lead you to realize that renovating your building is a lot more affordable than you had thought, so that you can improve your location and make it more efficient, more suitable for your needs, and more attractive for customers. You may also be able to take advantage of tax credits for job creation and to help you provide health care to your workers.
Robert A. Woloshen CPA PC works with both individuals and businesses to help them keep as much money as possible when doing their taxes. He can help you to keep track of the necessary information and to use that information to make decisions that will benefit your company.
