If you are thinking about starting an LLC or have already launched one, you are already aware that business owners tend to wear many different hats. From marketing to leadership, business owners often jump into these roles without previous experience or training. This trial by fire approach is sometimes necessary for financial reasons as business owners hope to reduce operating costs, at least in the beginning.
However, there is one area where the DIY approach may wind up costing you more in the long run – your taxes. Like the business owners themselves, Certified Public Accountants (CPAs) can also wear different hats for small businesses. Here’s a look at three important ways a CPA can help your LLC.
Tax preparation, advice and planning
With an LLC, the IRS allows choice in how you would like to be taxed. Experienced CPAs will answer questions about your status and state laws. They will guide you on whether you should opt out of default tax treatment. The right CPA can help your LLC uncover tax saving opportunities such as new deductions or overlooked tax credits.
At Miles Atnip, we not only help prepare our clients returns, we provide guidance on planning for future success as well. This includes budgets and financial risk management problems such as when to hire or when to sell. We are happy to provide advice to our clients on complicated financial matters.
CPAs can help sort out the paperwork you need to keep, the documents that must be filed and to whom they should be sent. Compliance details vary from state to state, which is why we are certified at both a state and national level.
Part of our job is to help you catch financial or tax problems before the IRS does. When tax codes change, we can help you understand how that might impact your LLC. If you are audited, we can prepare you for and guide you through the process.
As seasoned professionals, our team at Miles Atnip has spent years developing deep client relationships with local businesses. Whether you have a handful of questions or need a full suite of services, we can help you get your business in better shape.