by Donald Phillips | March 23, 2019 7:03 am
If you recently started your own business, you may be skeptical about whether you need a tax advisor — or in the very least you figure that it’s something you’ll invest in way in the future. But when you should think about hiring a tax advisor for your small business?
First, let’s talk about what a tax advisor can do for you. While you may think a tax advisor is only helpful during tax season, many providers are available to help year-round with everything from payroll management to business strategy. They can help you develop a financial plan, apply for small business loans, or prepare for a tax audit (just in case.) You can never be too prepared when it comes to your business.
A tax advisor will help guide you as you move through various stages of your business, so there’s really no wrong time to hire a tax advisor. If you’re just thinking about starting your business journey, know that starting a small business doesn’t necessarily cost a lot of money. Think about it in terms of a basic economic exercise — cost-benefit analysis. You may think you can’t afford to hire a tax advisor, but if you’re spending hours or even days dealing with your business’s finances it may be time to invest in some help. Those are precious hours you could be spending on your business or doing the things you love like spending time with friends and family. So when deciding whether it’s time to hire a tax advisor, take into account how much of your own billable time is being used toward the non billable tasks of bookkeeping or preparing your taxes.
A tax advisor is a smart investment if you want to take advantage of any tax breaks, minimize your tax liability, and/or do everything you can to plan for the future. Over time, you’ll build a relationship and they’ll continue to provide more and more value to your business and overall business strategy. If you’re starting to come around to the idea, find a tax advisor that you trust — preferably local, if possible. The team at Denver Tax Advisor is a great resource if you’re in Denver, CO or the surrounding area.
Source URL: http://www.financeadvicelive.com/when-is-the-right-time-to-hire-a-tax-advisor-frequently-asked-questions-to-get-your-business-off-to-the-right-start/
Copyright ©2019 Finance Advice Live unless otherwise noted.