If there is one necessary task that most businesspeople would love to avoid forever, it’s paying taxes. Finding the information that is buried somewhere in the files (or shoe box…), figuring out the instructions on the tax form, filling out the form and submitting it with far too much hard-earned money — there isn’t anything good about this scenario. Even worse is the nagging thought that there are ways to pay less, new laws or strategies, but there is just no time to research and figure out how to legally pay less in taxes. Every hour spent working on taxes is an hour not spent on the business, making money, doing what he/she does best.
It’s hard to even be sure that all of the required taxes are being paid. Is someone from some tax authority going to appear at the door someday demanding some horrendous sum of money for unpaid taxes? What if a letter arrives demanding an appearance before them for an audit? They will inevitably ask questions with consequences. Even if everything has been paid to the best of your knowledge, that won’t matter if they disallow one or two deductions and declare that not enough has been paid.
The National Federation of Independent Business states that 24% of small businesses reported that as of January, 2014, the “#1 Single Most Important Small Business Problem” was Taxes. This figure was up from 21% only one year ago. The only practical recourse a business owner has is to use every legal tax strategy to reduce tax payments. Sitting down with an experienced tax account for a tax planning session, reviewing new laws and all eligible tax breaks, should be written into the day planner as an appointment that cannot be canceled. For every business owner to attempt to keep on top of all the new and changed tax laws would be as difficult as performing brain surgery on yourself.
Carmines, Robbins & Company, PLC is a full-service accounting firm providing Tax Preparation in Williamsburg, VA, Newport News, VA and the surrounding region. Their team of CPAs and consulting experts has considerable experience with financial and investment-related matters affecting taxes for both businesses and individuals. They keep their clients up-to-date throughout the year with tax advice based on current tax regulations. They attempt to make the entire tax process as pain-free as possible for their clients.