Busted! Don’t Believe These Accounting and Tax Myths!
Accountants serve as professionals who help businesses maintain their finances by keeping track of different accounts, transactions, and reports. These experts assist in identifying how to improve your business through systematically recording financial data so that your business stays compliant and profitable.
However, in today’s world, with rampant misinformation, it can be difficult to distinguish fact from fiction. Also, the notion that accounting is only relevant at tax time is bound to cause confusion and lead to poor financial outcomes.
Myth 1: Your CPA gives your business the biggest refund possible
Not true! Your tax preparer’s job is to do just that! Prepare your taxes! And not to get you the biggest refund. Businesses need an in-depth tax plan before tax prep to take advantage of every tax break and tax credit for their particular business. If you just rely on tax preparation, you could be overpaying thousands, even tens of thousands of dollars.
Myth 2: Accounting services are an unnecessary cost to just grit and bear
False! proper accounting and bookkeeping, in fact, save your business money by making sure there is a careful financial roadmap in place to make sound financial decisions with your business. Remember that accounting services are an investment in your business, not a cost!
Myth 3: I might as well trust friends or family to deal with the bookkeeping, accounting, and tax services of my business
This is a huge blunder a lot of customers make. Do not take these services lightly since this is the very financial framework of your business. To handle complex situations tailored to your particular business, you will need to find someone who is a certified, experienced professional.
Is your business incorporated properly? Are your books set up properly? Are you taking advantage of all tax breaks and credits? All these situations can only be handled by experienced, certified professionals.
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