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Guide to Hiring a Tax Consultant
Professional tax advice can help set your mind at easeA good tax consultant can:
- Help you determine which business form will be best for your company, if you're just starting up
- Tell you which taxes are due when and set up systems that will automate the process.
- Help you determine what qualifies as "gross income," which is what the IRS cares about.
- Keep you updated on changes to the tax code and on which expenses qualify as business deductions.
Action Steps
The best contacts and resources to help you get it done
Find a tax consultant online
Whether you just want someone to double-check your tax forms once a year or someone to track every dollar that flows in and out of your business, a tax consultant can handle the job.
I recommend:
Search the National Association of Tax Consultants (NATC) Web site for consultants in your area, making sure that anyone you hire has experience working with small business. Search by city, state, Zip Code or area of expertise (construction, farming, daycare, manufacturing, etc.) Certified public accountants (CPAs) can also handle your tax consulting needs. Find one at CPAdirectory.com.
Tax software: Your “tax consultant” in a box
Today's sophisticated tax and accounting software for small business functions, in part, like a tax consultant. Most programs include information on common small business tax issues.
I recommend:
QuickBooks is the most widely used financial software for small business, but sole proprietors may be able to get away with using Quicken, which is geared mostly to personal use. TurboTax sells easy-to-use tax software that accommodates all types of businesses, and the software can import data from other systems. TaxExact, Taxsoftware.com, and Drake Software are three other popular tax software providers.
Consider the tax angles when choosing a business form
When you get started, you can set up your business as a sole proprietorship, a partnership, a limited liability company (LLC), or an S- or C-corporation. Do you know the tax advantages and disadvantages of each form?
I recommend:
Learn more about the different business entities and choose the one that fits your financial situation best. If you're not sure, ask a CPA for advice. Find one at CPAdirectory.com.
Avoid — or allow for — an audit
The most dreaded words for any business owner to hear are 'You're being audited.' Something suspicious has turned up in your tax filings, and now you have to meet with an IRS agent to go over your deductions with a fine-tooth comb.
I recommend:
Some business owners are more likely to be audited than others, with sole proprietors being the biggest targets. See 12 tips for preventing audits at AllBusiness.com. If you do receive an audit notice, a tax consultant can help you prepare and perhaps represent you as well.
Tips & Tactics
Helpful advice for making the most of this Guide- Open a separate bank account for your business so that you can keep those funds apart from your personal assets.
- Depending on your business structure, you can set your own tax year, which may make filing easier for you.
- Maintain a tax calendar so that you know which taxes are due when.
- Some industries have special tax incentives due to different state and federal government initiatives. Find a consultant with experience in your industry if possible.
- The bottom line: No matter who gives you advice, you are responsible for your tax return, so don't follow someone's shady advice if you can't accept the consequences.
