If there was a time of the year that everyone is thinking about the same thing it is April and tax season. For small business owners, tax season can be a stressful time to make sure everything is accounted for and your employees are all taken care of. Some business owners might be wondering if they can afford the extra help of accountants. Trinity business owners might be thinking about filing their own taxes on their own to save some money, while others might be considering a CPA because they do not want the stress of making sure their tax information is up to date and correct. Should a business owner use the services of a CPA or file their own taxes?
The Advantages of Hiring a CPA
One of the main reason why people seek to use accountants, Trinity residents do not feel comfortable with their own tax knowledge. They have the expert know how and advice on how to handle or file your taxes as well as stipulations and conditions that can be recorded to potentially claim more money. Another advantage of hiring a CPA as opposed to filing your own taxes is the amount of time you may save. Unless you are a tax expert, the more complex your taxes are, the more time it is going to take to file your claim. When you hire an accountant, there is also a chance that they will catch a stipulation that you did not know you even qualified for, making it possible for you to earn even more money.
The Advantages of Filing Your Own Taxes
One of the biggest advantages of filing your own taxes in the fact that you understand the tax code, which not many people know about other than CPA’s or accountants. Trinity business owners who choose to file their own taxes will be saving money by using a third party or software that can be pretty expensive depending on the extent of your taxes. If you have very simple taxes, then you can potentially save more time than instead of hiring a CPA. It is not uncommon for smaller businesses that are organized to complete their taxes in fifteen to twenty minutes on their own.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*