The end of the year is coming fast! Business & Accounting Solutions urges Gresham business owners to make sure they are prepared for the business of year-end reporting. For any Gresham business owner, the end of the year brings an opportunity to look back at the trajectory of your business over the past year and plan for the future. However, there are things that need to be made current and reconciled before jumping too far ahead. Taxes need to be properly completed and filed on time, and the best way to make sure your business’s taxes are filed correctly is to hire an accountant. An accountant has the training, experience, and know-how to make sure your Gresham business’s taxes are done right the first time. Here are a few more reasons why hiring an accountant to help file your Gresham business’s taxes this year is so desirable.
1.Save on Deductions. There’s no way around it – running a Gresham business keeps you busy. Busy business owners sometimes find themselves waiting until the last minute to compile a list of deductions. However, this doesn’t allow you enough time to review all of your possible expenses. In fact, a majority of business owners don’t think to include certain deductions like donations to charity. Some other deductions to consider include advertising, property rental costs, depreciation, contract labor, and even business lunches. A tax return accountant can keep track of all your deductions during the year. This helps Gresham business owners avoid from scrambling at the end of the year. Having an accountant also ensures that your business will benefit from every deduction that is available to it.
2. Concentrate on Your Business. Doing taxes is hard work. Keeping track of receipts, expenses, and trying to decipher tax laws is enough to make your head spin. On top of all of that, Gresham business owners still have to keep track of their regular day-to-day business operations. Why not hand the task off to someone else instead? Having an accountant will give you enough time to concentrate on running your business and providing customer satisfaction. When someone keeps track of your finances for you, you can be worry-free.
3. Less Stress. When you do your own taxes, there’s always the risk of something going wrong. The stress stays with you from record-keeping to filing of the return. If you often stop to question whether you’re doing something right, you should know that this type of stress isn’t worth it. Reduce your stress! Have a professional accountant handle it for you. When you find an accountant that you trust, you’ll feel a huge weight lift off of your shoulders.
4. Tax Loopholes. You don’t always get the full benefits of tax loopholes just by using tax software. Successful businesses often save thousands of dollars by taking advantage of legal loopholes. For example, someone who works in a home office can receive a huge tax break on certain business expenses. When the home office takes up a portion of a home, the business owner can deduct these costs from property taxes, mortgage interest, and even insurance premiums. Deductions can even be taken off of utilities like heat, water, and electricity. In addition to all of these savings, a person who works from home can also get deductions from anything related to their business, such as travel, office supplies, and marketing campaigns. An accountant will know how to help you take advantage of these possible loopholes.
Get The Best Outsourced Accounting Services in Gresham With Business & Accounting Solutions. Looking for a professional bookkeeper and accountant to support your Gresham business? Business & Accounting Solutions offers a wide range of outsourced CFO services to businesses in Gresham. We bring knowledge and capability to Portland businesses with our bookkeeping, payroll, cash flow, finance consulting, financial reporting, QuickBooks consulting, and other services. Contact us or call us today at (503) 710-6213. Know someone in need of CFO or Accountant services? Consider our referral program.