The new year is almost here. It's time to start gathering your tax documents. If you're a business owner, you may want to work with a tax preparation service. This is especially important if you have tax issues that could cause problems next year. If you're planning to do your own commercial taxes next year, read the list provided below. Here are four reasons to hire a tax preparation service instead.
You're a New Business Owner
If this will be your first year filing commercial taxes, now's the time to hire a tax preparation service. Commercial taxes can get confusing, especially for first-time filers. Unfortunately, even minor mistakes can increase your risk for a tax audit. Make sure you get the right tax advice. Hire a tax preparation service for your commercial taxes this year.
You Work From a Home Office
If you work from home, it's a good idea to hire a tax preparation service. You might think you can claim any area in your house as a home office. That's not the case though. The IRS is strict about the space you can claim for your home office deduction. That's why you need advice from a tax preparation service.
If you rent co-working space in an office complex, you also need help from a tax preparation service. That's because you can claim co-working space for your home office deduction. A tax preparation service can help you get the deductions you deserve for your office space.
You Get Third-Party Payments
If you get third-party payments, you need to get help from a tax preparation service. This is especially true for the upcoming tax year. The IRS has changed reporting requirements for third-party payments. If you don't claim those payments, you could end up owing fines and penalties. Before that happens, contact a tax preparation service. They can walk you through the changes to your third-party payments.
You've Been Audited Before
If your commercial taxes have gotten audited in the past, don't try to file your own taxes next year. Previous audits can set out red flags for the IRS. That means they'll pay more attention to your tax returns. Any mistakes could result in another audit. Luckily, you can reduce that risk. You can have a preparation service handle your commercial taxes. If you do get audited again, your tax preparation service can explain your return to the IRS. That can help keep you out of trouble.
Share