HOW TO SELECT A TAX STRATEGIST AS AN ENTREPRENEUR OR A SMALL BUSINESS OWNER
4/27/20241 min read
How to select a Tax Strategist as an Entrepreneur or a Small Business Owner
When small businesses decide to bring in a Tax Strategist, they should know what to expect and how to select a reputable practitioner.
What a small business can expect from a tax professional?
Tax Strategists are often able to advise a small business or entrepreneur on the most effective way to structure their business. For instance, they can help a business owner or entrepreneur decide whether their business interests would be better protected as a sole proprietorship, LLC, Partnership, S corporation, C Corporation or if another business structure would serve them better.
Many Tax Strategists inspect books and records to help a business make sure that it is reporting all income. They can also make sure the business claims all the deductions and credits available to them.
A Tax Strategist can help small business owners and entrepreneurs answer other questions as well, such as whether they are subject to excise taxes or need to file employment tax returns.
A qualified Tax Strategist may be able to represent the business if it’s contacted by the IRS regarding a tax matter.
A knowledgeable Tax Strategist is also aware of many tax-related scams, like phishing, unclaimed refunds, ghost preparers and others described on the Tax Scams and Consumer Alerts page of IRS.gov. A Tax Strategist knows that if something sounds too good to be true, it probably is, and they can help businesses avoid and report such scams.
How to find a small business Tax Strategist?
Taxpayers are responsible for all the information on their income tax return no matter who prepares the return, so it’s important to find a reputable Tax Strategist.
Remember, not every Tax Strategist is for every business owner and not every business owner is for every Tax Strategist. Choose yours wisely.
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