As a small business owner, you may lack the time and skill to file your own taxes. However, you also cannot allow them to remain unfiled. You could risk losing your business to the IRS.

Instead of failing to file and pay your taxes on time, you can outsource them to an accounting firm. The accountant that you hire can offer professional tax planning services to ensure that you submit your returns and pay what you owe to the IRS.

Timely Filing

The primary focus on the tax planning services involves filing your taxes on time. As a small business owner, you may need to file taxes every three months. You must have your estimated taxes submitted by the last day of the quarter if you want to avoid being fined.

When you outsource your taxes to professional tax planning services, you can plan accordingly and make sure that your returns and estimated taxes are filed and sent in on time. You can make it a priority to send over your receipts, as well as other paperwork like invoices and earning statements so the accountant can compile and send in your taxes by the end of each quarter.

Using Deductions and Exemptions

You can also use tax planning services to take advantage of deductions and exemptions to which your business is entitled. You may qualify to take off money from your tax burden for expenses like travel or entertaining. However, you may not know for sure what exemptions and deductions to claim when you file your taxes.

To take advantage of them, you can send your returns to a tax planning service. The accountant who does your taxes can claim exemptions and take off deductions for you. You can lower what you owe to the IRS legally and avoid having to pay more than necessary.

Finally, tax planning services can assist you in determining what kinds of returns to file. You may not be sure if you need to file a Schedule C or a 1040A form. You do not want to file the wrong paperwork and have your returns rejected or delayed in processing. The accountant will know what types of returns to file for you.

Professional tax planning services can benefit your small business. The accountant can file your taxes on time and ensure you avoid missing quarterly deadlines. You can also legally claim deductions and exemptions and file the right returns.