The latest tax reform has brought many changes to the filing of individual tax returns. Filing your personal tax returns may have become easier under the new reform. It lowered tax rates, increased the standard deduction, doubled the child tax credit, and created a new “other dependents” credit.
However, some individuals still choose to hire a professional for personal tax services in Clearwater.
Should you also consider doing the same?
As contemplate that question consider…
1) A tax professional knows all tax laws and procedures.
Even if you done your personal tax returns on your own in the past, the most recent changes to the US tax code were the most dramatic in a generation. Not only were there numerous changes, but some of them are confusing and complex.
Just as you are an expert in your field because you spend 40+ hours at it every week, tax professionals are familiar with the tax laws and all the recent changes because we’re working with them every day.
2) A tax professional can make your complicated tax situation better.
If you own rental properties, a small business, or if you have a high net worth, filing your personal tax return may not be simple. A tax professional can help you in complicated tax situations.
Consultants, freelancers, and people with a side hustle can also benefit in hiring a tax professional. Self-employment taxes can get tricky, and with our help, you can take advantage of many deductions and write-offs.
3) A tax professional can help you save money.
A tax professional who understands the tax code can not only accurately prepare your tax returns, but can also show you ways to reduce your tax burden saving you money.
4) A tax professional can you save time.
Even if you use tax software to prepare your personal tax return, it can still take many hours to go through the entire process and answer all the questions. Is that how you want to spend your precious time?
Tax professionals are also familiar with errors that cause tax returns to get rejected and red flags that can lead to an audit. They can prepare your tax return in a way that prevents you from having to go through the hassle of refilling to correct errors and reduces the chance of having to go through a time-consuming audit.
5) A tax professional can give you peace of mind
Speaking of audits and correcting errors, wouldn’t it be nice to have the peace of mind that comes from knowing that your chances of getting audited or having to file corrections are extremely low?
And in the unlikely event that you do get audited or have to file a correction, you have a tax professional on your side who can guild you through it.
We’re not saying every individual should have a tax professional prepare their tax return, but now that you know the benefits, you can better make that decision for yourself.
If you are interested in personal tax services in Clearwater, Largo, Dunedin, Oldsmar, Lutz or , contact BAAP C.P.A. to schedule a free consultation.
One of the main things we do here at BAAP C.P.A. as a part of our tax services in Clearwater is help businesses reduce their tax burden
So, in this article we’re going to share with you our top 3 business tax tips for 2019.
As a business owner, you deserve to get compensated for everything that you do for the business. There are many ways with which you can pay yourself as the owner of the company. It can come in the form of wages, distribution, rent, allowances, and royalties, among others. How you pay yourself will also differ based on the structure of your business. How you compensate yourself will be different if you are a sole proprietor, S corporation, C corporation or LLC.
As part of our business tax services in Clearwater, we teach clients the right level and tax-efficient wage to pay themselves. We also teach our clients what are the tax-efficient ways to draw money from the company. If not done right, business owners can be taxed as much as 40% of the income they make. We help business owners minimize this tax exposure and lower the tax that they have to pay.
As a business owner, you can take advantage of retirement plans to minimize your tax burden. Contributions you make to a 401(k) can be deducted, saving on taxes. On the other hand, with a Roth IRA, you pay taxes on the money you contribute now, but it grows tax-free and can be withdrawn during your retirement without paying taxes on it then.
There is no retirement solution that is best for all businesses and business owners, so it’s good to sit down with a business advisor who can help you understand the pros and cons of each option and choose the solution that’s best for you and your business.
Many business owners hire their children to work for their company. Turns out, it doesn’t just teach your kids responsibility. It also helps reduce your tax exposure.
Income shifting allows transferring income from a high taxpayer to a lower tax bracket.
For example, instead of buying your children a car and making their car insurance payments for them, your company can hire them, and they can pay for their own car and insurance. Their wages are a business expense that will reduce your tax burden. Meanwhile, your children will be taxed at a lower rate or not at all, resulting in a net tax savings for your family.
Of course, your children have to actually do the work they’re being paid for. 🙂
If you are looking for business tax services in Clearwater, Largo, Dunedin, Oldsmar, Lutz or , to help you with accounting, tax preparation or business advisory services, contact BAAP C.P.A for a free consultation.
Business owners are sometimes tempted to do their accounting and tax preparation themselves. You might think this could save money if you do not pay someone else to do it.
It’s true if you do your own accounting and tax preparation that you won’t have to pay someone else, but that does not necessarily mean you save money. You may be wasting more by choosing to do your taxes and accounting in-house.
Hiring a reputable CPA firm in Clearwater, FL is one of the best things that you can do for your business. It will definitely save you time. And if you prepare your tax returns yourself, you may miss some tax-saving opportunities.
BAAP C.P.A. can help most business owners gain 1-5% of additional deductions they themselves overlooked or weren’t aware of. This small percentage can translate to significant savings for your company. We can help you maximize your tax deductions. The more eligible deductions you have, the larger the tax refund you receive.
Hiring an experienced Clearwater CPA firm is not an expense, it is a wise investment. You need someone who has a deep understanding of good accounting principles. You need someone knowledgeable in tax laws.
BAAP C.P.A. is a team of experts with years of experience in tax compliance and accounting. We know what are valid, acceptable, and reasonable deductible expenses that can lower your business tax burden.
We at BAAP C.P.A. have spent many years mastering our craft. We did not become experts overnight. We spend a lot of time learning and mastering the tax code. We spend time and money on our continuous professional education.
Tax compliance and accounting are what we have been doing every day, for years. Ultimately, it is not just the service you are paying for but our knowledge and expertise as well. This expertise will greatly benefit your growing business.
Having experts and professionals deal with your accounting and tax compliance gives you more time for your business. You can focus on growing your business while we take care of your books and cash flow management.
With BAAP C.P.A. you get more than basic accounting and tax services. We will help you grow your business. We will look into your numbers and give you sound business advice on how you can improve your cash flow.
If you are looking for a CPA firm in Clearwater, Largo, Dunedin, Oldsmar, Lutz or , to help you with accounting, tax preparation or business advisory services, contact BAAP C.P.A for a free consultation.
