Staying ahead of the curve with taxes continues to challenge businesses, especially with the changes in tax laws. Complex tax laws demand highly knowledgeable professionals.
Tax planning should take place all year round not just before tax deadlines. We help your business get the attention it needs to assure you of a strategy that will yield the best possible outcome, minimizing your tax obligation with every allowable deduction and an eye to the future of your business.
Why you need a tax consultant
There are many reasons why you may need the help of a tax consultant. Here are six key reasons:
To maximize your deductions: A tax consultant can help you take full advantage of the deductions available to you, ensuring that you pay as little tax as possible.
To minimize your audit risk: An experienced tax consultant knows what red flags the IRS looks for when auditing taxpayers, and can help you avoid any potentially costly mistakes.
To file your taxes correctly: Filing your taxes incorrectly can lead to penalties from the IRS. A tax consultant will make sure that your return is filed correctly and on time.
To resolve disputes with the revenue authorities: If you’re having trouble resolving a dispute with the revenue authority, a tax consultant can act as an intermediary and help you reach a resolution.
To get expert advice: Tax law is complex and can be difficult to understand. A tax consultant can provide you with expert advice on how to minimize your tax liability.
To plan for retirement: Retirement planning can be complex, especially if you have multiple sources of income. A tax consultant can help you devise a retirement plan that takes all of your assets into account.
Qualities of a Good Tax Consultant
Experience: The quality of a good tax consultant is experience because they are able to understand the client’s requirements and the laws in tax and their applications well. They are able to interpret financial statements, restructuring businesses and preparing business valuations. A good tax consultant should have knowledge of various laws related to taxes will also help advise clients appropriately.
Trustworthiness: Honesty, integrity, and discretion in dealing with clients’ sensitive financial issues are three important elements of a professional tax consultant. Confidentiality is another quality of note. A client’s privacy is assured under state tax records laws, but also relies on the tax accountant keeping a closed file on the client’s financial information. A trustworthy and reliable tax consultant is one who can provide relevant information about your financial situation, including any potential risks associated with handling your taxes through their firm. They should also be able to explain any fees, as well as the details of all of their services, in a professional manner that builds, rather than depletes, trust.
Easy-to-work with: A good tax consultant will be available to you when you need them. When you face a new venture or challenge, your tax consultant should be there to help you through the process. They should also be available if you discover errors or have questions about your taxes. Your accountant should continue to work with you after your taxes are complete, helping you plan for future taxes and utilizing their expertise to avoid complications in the future.
Accuracy and attention to details: Accuracy and attention to detail are critical skills in a tax professional. These skills will help you as you prepare and review returns, as well as other tax documents such as amended returns. If a tax professional gets one figure wrong—for example, transposing two numbers or misunderstanding the meaning of one question on a form—then your return could be rejected by the IRS or may contain an error that could cost you money.
Excellent interpersonal skills: A tax consultant with strong interpersonal skills will be able to reach out quickly to you should you have a question. Not only do they need good verbal communication skills, but they must also be able to accurately convey meaning through nonverbal methods like body language. It’s also important that your tax consultant be sympathetic and empathetic when interacting with clients. That way, you can trust that your deductions and credits are in the best hands possible.
Importance of Complying With Tax Regulations
When it comes to the world of business, tax regulations are one of the most important aspects to consider. Failure to comply with these regulations can result in hefty fines and penalties, which can be detrimental to your business. In this segment, we will discuss seven reasons why it is so important for businesses to comply with tax regulations.
Reason #01: Complying with tax regulations helps to ensure accuracy and completeness of your business’s tax return.
When you comply with tax regulations, it means that you are taking the time to properly document and track all of your income and expenses. This allows for a more accurate and completes tax return, which can result in lower taxes owed or even a refund.
Reason #02: Complying with tax regulations helps to protect your business from audits.
By complying with tax regulations, you are essentially putting yourself in the best position possible for an audit. Audits can be costly and time-consuming, so it is in your best interest to avoid them altogether by following the rules set forth by the IRS.
Reason #03: It helps to reduce your chances of facing penalties or interest on unpaid taxes.
If you fail to comply with tax regulations, it is likely that you will face some type of penalty for failing to do so. These penalties can range from fines for filing late returns all the way up to jail time depending on how severe your violations are and whether or not they were intentional in nature (i.e., if someone knowingly violated these laws). Not only could this result in costly fees but also potentially significant amounts of money owed back taxes which may have been avoided have compliance occurred sooner rather than later! This is why following through promptly when possible makes sense financially as well as ethically.
Reason #04: It can help you to stay organized and avoid potential conflicts.
By complying with tax regulations, you are essentially putting yourself in the best position possible for an audit. Audits can be costly and time-consuming, so it is in your best interest to avoid them altogether by following the rules set forth by the tax authorities.
Reason #05: It helps to ensure that your business is operating in a legal manner.
When you comply with tax regulations, it shows that you are taking your responsibilities as a business owner seriously. Operating your business within the confines of the law demonstrates that you have integrity and want to do things the right way – both of which are key qualities for any business.
Reason #06: Complying with tax regulations can help you to better understand your tax responsibilities.
By complying with tax regulations, you are essentially putting yourself in the best position possible for an audit. Audits can be costly and time-consuming, so it is in your best interest to avoid them altogether by following the rules set forth by the tax authorities.
Reason #07: Complying with tax regulations helps to maintain good relationships with government agencies.
When you comply with tax regulations, it shows that you take your responsibilities as a business owner seriously and want to operate within the confines of the law. This positive relationship with government agencies can come in handy if you ever need to reach out for help or guidance in the future.
Why You Should Choose FHC for Tax Consultation
The FHC team are professionals well-versed with tax planning and consultation needs to help you optimize your tax obligations that can be achieved through:
- Tax planning and advice for individuals, businesses and trusts.
- Preparation of income tax returns, including self-assessment.
- Reviews of your current tax affairs and providing recommendations on how you can save money on your taxes.
- Representing clients before Revenue authorities when in disputes.
Conclusion
FHC tax accounting professionals have the knowledge, the skill, and the years of experience to keep your business tax compliant and to give your business every possible advantage with tax planning strategies.
We have the highest degree of tax credentials, making them uniquely equipped to handle your tax planning and tax compliance needs.
We have many clients who rely on our experts to advise them on their personal financial situations, ensuring they make smart decisions around major financial transactions like buying a house or starting a business. We share our wisdom and insight at every step along the way. Take the first step to getting expert help with your taxes by contacting FHC today.
