As a small business owner, what should I look out for concerning tax preparation?

Laciak Accountancy Group, P.C. | CPA Services | Northwest Indiana | Chicago > Business Finances > As a small business owner, what should I look out for concerning tax preparation?

Anyone can enter numbers on the lines of a tax form. That’s why we encourage you to find an accountant who is more than a scorekeeper. Business owners need to make sure that they are working with a professional who is proactive in planning for the end of the tax year so there won’t be any surprises. If you do not have some idea of the amount of tax you will owe before December 31st, then your accountant did not adequately do his or her job. You must also make sure that your accountant communicates to you the adjustments that he or she made to the business’ accounting records in preparing the tax return. Otherwise, your business records will not properly reflect what was reported to the IRS. Remember, the accounting records in the current year affect the accounting records in all future years. That’s way it is imperative for your accountant to provide you with the correct and final numbers. You need to make sure that all future business decisions are based upon accurate information so that next year’s tax preparation will not be hindered by an incorrect starting point.

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