Navigating your way through the United States and Utah tax code can be complicated for anyone. But if you’re running a business, it’s even more confusing. We may feel a slower paced way of life here in Southern Utah, but we are subject to the same regulations as everyone else.

As important as it is for every individual to file their taxes accurately, businesses must be even more careful. As a business owner, you’re more vulnerable to audits. It doesn’t matter if you’re a sole proprietor or large corporation; the way you file your taxes can either make or break you.

How do you know you’re in the clear?

Filing your taxes accurately can mean much more to you than staying out of trouble. It can actually mean a lower tax burden, including paying less throughout the year and getting more back. But how can you be sure you’re including all the proper income, deductions, and documentation to ensure accuracy and avoid overpaying?

Unless you’re an accountant yourself, doing your own business tax preparation is inherently risky. The IRS has a staff of 90,000 who specialize in catching mistakes. Shouldn’t you have a staff (other than yourself) of at least one to ensure there aren’t any?

Trust the professionals

The best way – and likely the only way – to make sure your tax prep is done correctly is to get some professional help. Many people, even businesses, tend to resist this idea because of the perceived cost. However, as many who have hired a CPA or tax preparer can tell you, it’s worth it, and usually ends up saving you money by reducing your tax burden. Your CPA can catch extra deductions, ensure proper business structure, keep you on top of ay tax code changes, and more – all in the name of helping you pay less. And who doesn’t love that?

Choosing the right accountant

Once you’ve made the wise decision to get some help, do some homework on accountants in Southern Utah. Make sure any tax preparer you work with has the proper credentials. They should have their own PTIN (preparer tax identification number) and plenty of experience. Even better if they offer e-filing options. Tell them about your business situation, and ensure they have the right knowledge to file your type of return.

Your biggest hurdle in business tax preparation may be asking for help. Once you’ve done that, you’ll see how much easier it is to let a professional handle the job for you.

They say only two things in life are certain: death and taxes. Unfortunately for all of us, there isn’t much we can do about the first one. However, when it comes to taxes, it’s pretty easy to get help when you need it. Perhaps the more difficult part is deciding when and where to find that help.

For personal tax preparation services in Cedar City, there are plenty of resources. But how do you know when it’s time to let a professional take over? What if you feel like your tax return is simple enough to handle on your own?

Not So Fast

Did you know the United States tax code is more than 74,000 pages long? And that doesn’t even count the Utah state code. That’s not only complex, it’s downright crazy. No matter how savvy they are, few people without professional training are well-equipped to file their own taxes. And it doesn’t matter whether it’s the “simple” 1040-EZ, Schedule D, or Form 8582.

Many Americans flock to tax software or online guides to help them file their taxes before the April 15 deadline. While these methods may be a little better than paper forms, nothing is as fool-proof as a pair of well-trained human eyeballs.

• No guesswork
• Much lower risk
• Bigger returns
• No missed deadlines

Want to Save Money?

Everyone wants to save some green, especially at tax time. But what few people realize is that hiring a living, breathing professional usually results in getting more money back. If you’re going to owe this year, your tax professional could help you pay substantially less.

Accountants and tax professionals in Cedar City know every deduction and advantage in the book. They understand how to legally reduce your tax liability, so you keep more of your own money. Usually, what you’re able to save on your taxes is more than enough to pay for their fee and it probably doesn’t cost as much as you think.

How About Peace of Mind?

If you’ve ever been audited by the IRS, you know what a sticky situation that is. After that experience, chances are you were more than willing to hire a tax professional. Ask anyone who has been audited, and they’ll tell you – having your taxes professionally done is worth it. Wouldn’t you sleep better knowing your taxes are in order and you aren’t overpaying?

April 15 is coming up quick. When it comes to dealing with the IRS, you can never be too careful or too accurate. Speak to a Cedar City tax professional today about your situation. You’ll learn more about how to enjoy less stress and more money in your pocket this tax season.

Like it or not, tax time is always looming. Whether it’s April, December, or somewhere in between, it’s vital to keep your tax records up to date and filings accurate. When deadlines approach, nobody wants to scramble for documentation and submit a sloppy form.

Fortunately, you can stay ahead of the game by staying on top of your taxes all year long. But how do you make sure you’re doing it right? Especially if you own a business, are self-employed, or have a more complicated return, how do you know you’ve dotted all your i’s and crossed all your t’s?

There is a way to rest easily, knowing your taxes are done properly and legally.

When you hire a professional tax consultant, you don’t have to worry. There will be no searching for documents the day before a deadline. No guesswork on your tax forms. No wondering if your filings pass mustard with the IRS. When you hire an accountant or certified tax preparer, they’ll take care of all that for you.

Working with a tax professional saves you hassle. Over time, you’ll also save money by reducing your tax liability. Best of all, you can avoid the little mistakes that can cause big problems. As food for thought, here are some common mistakes you can avoid by hiring a Southern Utah tax consultant.

1. Mathematical goofs
   It seems simple enough to add everything correctly, figure in credits and deductions, or estimate payments. However, each year, math errors are the most common type of mistake found by the IRS on tax filings. Your tax professional is keenly aware of this, and takes special care to check and re-check every digit, greatly decreasing the likelihood of human error coming back to bite you.
2. Missing income
   Did you do any work on the side this year? Did you get paid for an odd job or freelance project? Forgetting to include this income or not claiming what you made correctly can end up costing you. With your documentation, your tax preparer will know what to claim and how to document it, so you don’t end up paying penalties or increasing your risk of an audit.
3. Incorrect filing status
   You have several options when claiming your filing status. Are you single, head-of-household, filing jointly or separately? What status(es) can you legally claim, and which will benefit you the most? What about dependents? Your accountant can clarify everything for you, and ensure your filing status fits your situation.
4. Inaccurate charitable donations
   If you’ve given money or goods to any non-profit or charitable organization, such as a homeless shelter, church, or animal rescue, make sure you get the proper deductions. Always ask for a receipt and give it straight to your tax professional. They can make sure each donation is certified tax-exempt, and even help you estimate the proper market value of any tangible materials you give.

To avoid these mistakes and many more, consider hiring a tax consultant to handle everything for you. You’ll survive the deadlines without the dread – and quite possibly with more money in your pocket.

When your business finally hits the milestone of hiring employees or contractors, nobody would blame you if you feel like celebrating. After the party, however, you’re faced with one problem: handling the payroll. While hiring extra people doesn’t necessarily create a problem with cash flow, it can present an organizational hassle. But it’s a hassle that – fortunately – can belong to someone else.

Naturally, payroll processing can come with a lot of unanswered questions for any Southern Utah business. Some of the issues that need to be considered are:

• Determining appropriate wages
• Withholding the right amount of tax
• Calculating and tracking PTO
• Insurance premium deductions

So, how should you handle the newfound joy of payroll processing? The answer is up to you. However, you basically have two choices. You can hire your own payroll manager, or let a professional accountant or other service handle it for you.

But isn’t that expensive?

No matter how you choose to do it, there is some expense involved in payroll. If you hire someone in-house, you’ve got to pay their salary, plus provide benefits, office space, etc. If you decide to out-source the job, you’ll be paying them just like any other service you might use.

The fact is, using a third-party payroll service – such as a professional accountant – usually costs a lot less than hiring a payroll manager. And since you won’t have to handle the task yourself, you can focus on training essential employees and growing your business even more.

Aside from what it can save you in time and resources, letting a professional accountant handle your payroll has some other nice advantages:

• More complete service – When you let an accountant do your payroll, you’ll usually have access to many other related services. For example, they can usually help with things like retirement plans, reporting, W2’s and other documentation. These other services can save you even more time, and don’t usually cost much more.
• Greater accuracy – A professional accountant can easily stay on top of changing laws and regulations that affect payroll and tax withholdings. If you want to ensure compliance and avoid penalties, an accountant is your best bet. They understand your need to have everything done right, and have every incentive to keep their clients happy.
• Reduced risk – What happens when your payroll manager decides to move on? They can carry a lot of sensitive financial information right out the door with them. This can present increased risk for you and your other employees, not to mention the hassle of having to train someone else to do the job. If you use an accounting professional for payroll, this won’t be an issue.

You can’t beat the convenience of using an outside accountant to handle payroll. Instead of doing it yourself or hiring an extra employee, you get worry-free and accurate processing without unnecessary expense. And that makes watching your business grow and flourish that much sweeter.