Income taxes are one of the most complex and frustrating issues facing small businesses and small business owners. Since no business owner can escape income tax, business owners have to deal with it.
The first question any business owner will ask is should I use Atlanta’s small business tax services? This is a tough question to which there are often no good answers.
Every business is different and faces a completely different set of questions. A retail store for example faces a plethora of tax issues including sales, property, franchise, state and local taxes to name just a few. A freelance writer at home may face other issues such as whether income affects royalty fees or payments from foreign clients.
Consultation
The best advice for small business owners is to get some tax consulting. Some professionals including accountants and lawyers provide consulting.
Consultation means that a pro will look into your situation and recommend a course of action for you. Recommended actions can be things you can do yourself to reduce your burden. Professionals can also tell you about taxes you have to pay that you’re not aware of.
A professional will look at your tax situation and recommend what you should do. This will cost you some money (usually a few hundred dollars) but can save you money in the long run.
A good rule of thumb when dealing with tax matters is: when in doubt, ask an expert. If you don’t know what to do or are unsure about your actions, talk to a professional. The few hundred dollars you spend on Atlanta small business tax services now can save you tens of thousands of dollars in the future.
If a lot of money is involved it may be best to consult a lawyer. This can be expensive, but you should remember that the IRS can confiscate your bank account or property and even send you to jail for unpaid taxes. The state of Georgia may take similar action against you for unpaid state taxes.
Don’t Make These Tax Mistakes
The biggest mistake small business owners make is going to a storefront store run by a major national tax service for advice. This can be a big mistake because national service providers are not regulated to handle business taxes.
The big national chains specialize in doing individual taxes, they are very good at it. Unfortunately they don’t know much about business taxes. In particular, the employees at these stores are often completely unaware of the many taxes businesses face including sales and property taxes.
Instead of going to the chain, find a professional who specializes in Atlanta small business tax services. A professional may be more expensive, but he or she will be better equipped to show you what to do. The money, grief, and potential aggravation you save by going to a professional can be well worth it.