If you are an entrepreneur and you feel like your business could benefit from accounting help, you should definitely get a CPA to do your taxes for you. But, wait! The IRS says that all of us are “entitled” to receive deductions for our business taxes because we earned it! So, what does that mean? You can’t get a deduction if your business is not “operated.”
That was my original thought when I read the recent news story about Minnesota entrepreneur Joshua Girard appealing his state’s accounting tax liability of $2 million. As always happens, there were other factors that played into this decision. But, I think Girard probably had more to do with it than I did. In any case, it does make one wonder how many entrepreneurs and small business owners are relying on self-employed tax preparers to do the work for them when they need accounting tax legal issues in entrepreneurship. Is it worth the extra money to get an accountant to do it for you?
At the very least, it costs money. So, if you think that it’s worth it, then by all means sign up for the service. But, remember, if you’re serious about saving as much money as possible in taxes, don’t rely on your CPA to do it for you. It is your job to do your own taxes. If you have a personal accountant, great.
However, if you have your own CPA or an accounting firm that you work for, it’s your job to deal with them. This includes paying them, as well as the business taxes they prepare for you on your behalf. Your CPA can only help you so much. And, unless they are intimately knowledgeable about business taxation, you might find yourself worse off after the final bill.
If you are self-employed, it can be difficult to know what is and isn’t allowable in your state when it comes to self-employed accounting deductions. But, again, unless you are very familiar with the laws of your state, it’s probably better for you to pay the extra money to have someone else deal with the pesky accounting tax issues in entrepreneurship. This includes CPA fees, as well as taxes and payroll tax for you and your employees. Unless you are certain that you have an adequate understanding of your accounting transactions and records, it’s probably better for you to hire someone to do the heavy lifting for you.
Again, if you are a solo entrepreneur, then it may be easier and less expensive for you to save up all of the money you need to pay your CPA for the services they provide. You will have more leeway when it comes to deductions, as well as working capital and business loans. But, again, if you are self-employed you will be responsible for paying these taxes on your own. This is why it can be so difficult to take out a loan for an initial investment. You don’t want to put too much at risk, because you could lose your entire investment. This is why it’s important to take my accounting exam for me if you are self-employed.
Whether or not you choose to get certified in accounting, there are still tax credits and deductions you can claim on your personal income taxes. You can learn how to maximize your tax return or reduce the amount you owe by knowing the ins and outs of tax law and state tax codes. You can spend as little as $fcafdafd to take an online training course that will teach you all of the tricks of the accounting tax law. It’s time to start taking advantage of every available opportunity to save money, whether it’s on your personal taxes or on the business side of things as well. If you’re a solo entrepreneur or you work for a company that employs just one employee, it’s time to take my accounting certification course for me and discover the secret to financial freedom.