Business tax services go through constant changes that are driven by governmental regulations, financial markets and emerging technology. You should keep up with tax preparation companies' issues to remain competitive and make sure you’re getting the most up-to-date information on changing tax codes for your clients.

Follow the trends that are affecting tax services for small business by reading accounting and tax service publications that keep you updated with news as it affects the industries your serve. Subscribe to small business tax prep newsletters to learn about the latest developments in accounting codes, government incentives for business and tax exemptions. Look for tax services news and trends from a variety of sources to keep up with the rules.

1. Get email alerts and tax preparation newsletters for immediate news advisories.

2. Subscribe to publications for tax services that go beyond the headlines.

3. Participate in associations for accounting and tax services to build a strong resource network.

Action Steps
The best contacts and resources to help you get it done

Accept emails from tax services for small business that closely follow the daily news

Get accounting and tax service email alerts, RSS feeds and industry newsletters that will send you news as it happens. Businesses can save a lot of money when they have the current information about how to frame their investments and purchases as well as what kinds of services and products are receiving tax breaks. Keep your clients informed of changes as they happen so they can make the proper adjustments and decisions.

I recommend: Keep up with the latest regulatory information around the world as well as breaking news that affects the industry through Deloitte tax alerts. And you must bookmark and check daily the headlines put out by the IRS.

Read articles that cover business tax services news and trends in detail

Subscribe to tax planning reports that cover the industry further than the headlines. Look for analysis and reports that give you a glimpse into tax-saving strategies and industry-specific guides for the companies that you serve. Read the latest small business tax consulting trend pieces so that you can advise your clients about upcoming changes and how they can take advantage of incentives and tax write-offs for small businesses.

I recommend: Federal, state and international tax news is available through Tax Analysts. Keep up with important events and news that drives the industry at the Public Company Accounting Oversight Board.

Join tax preparation groups that provide members with current information

Associate with other tax preparation professionals who can provide you with an inside track to news, often before it hits the press. Get involved with your trade association and take advantage of the networking opportunities to develop relationships with other tax preparers that can lead to new accounts and new ways of making your own business more efficient. Read the group's newsletters to get the latest updates on members, regulatory affairs and new tax processing software applications.

I recommend: Members of the National Association of Tax Professionals can get trend reports, updates and news through participation in the trade group that serves its members with research and networking opportunities. Join the National Association of Tax Consultants for updates on current events, marketing options and meetings with other tax professionals to keep up with the industry trends.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Find relevant news about tax services for small businesses through mainstream sources such as the Wall Street Journal and Forbes to put the industry news in perspective with other financial trends that will ultimately affect your business.

Digging into tax matters is like pulling tissues out of a box — each paper you grab has another one connected to it, and before you know it, you're up to your knees in paper and feeling sicker than ever. While some business tax situations are straightforward, at other times you're better off relying on an expert for advice and know-how.

A good tax consultant can:

1. Help you determine which business form will be best for your company, if you're just starting up
2. Tell you which taxes are due when and set up systems that will automate the process.
3. Help you determine what qualifies as "gross income," which is what the IRS cares about.
4. 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.

All businesses will need tax services at some time. If you are able to provide tax services for small businesses, you'll provide a valuable service to many business owners.

Tax services education and training is necessary if you want to take care of business taxes. You need a good understanding of tax law and businesses in order to properly do your job.

If you have tax services education and training:

1. You can advance your career. As you get more training in business tax services, you'll be able to handle more clients and take on more responsibilities. You'll also be able to handle more complex tax situations.

2. You can avoid mistakes. Making a mistake when providing tax services for a small business can be costly. Proper training will ensure that you make fewer mistakes.

3. You can assure your clients that you have the skills needed to provide the best tax preparation services. Customers want to know that you understand tax law and can file their taxes right the first time, making sure that they get as many deductions as they can.

Action Steps
The best contacts and resources to help you get it done

Take tax classes to do your own small business tax prep

Not all small business owners need to have a professional do their taxes. If you feel that your tax preparation will be fairly straightforward, you may simply want to take a tax class to increase your knowledge. Once you know how to take care of your own taxes, you can save money.

I recommend: H&R Block offers tax courses that are ideal for service providers that have their own business. The Tax Prophet offers a special class for small business owners.

Join associations for special training for your business tax service

Professional organizations offer a unique way to gain training for your career. They offer seminars and other training programs to their members on a regular basis.

I recommend: Join the National Tax & Accountants' Association for access to their training seminars. The National Society of Accountants also offers training seminars, including ones that focus on tax issues, such as "PASC Individual Income Tax Update" and "IAAM Jennings Business Tax Blitz Seminar."

Keep your tax services up to date with seminars

Seminars are a great way to learn about tax preparation. Whether you're new to taxes for small businesses or a seasoned veteran, a seminar can offer valuable insight.

I recommend: Accountant's Education Service (AES) offers tax update seminars to teach about changes to the law. Vern Hoven Tax Seminars offers online self-study courses.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Tax laws can change on a yearly basis. When you provide business tax preparation services, it's important for you to stay up to date on these changes. Look for local workshops or associations that can let you know of changes.