What You Need To Know About Small Business Tax Preparation

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As a small business owner myself, I know it's tempting

, especially at start up, to want to be in charge of your own accounting and tax preparation. You're aware of, and possibly even familiar with one or more of the many software programs out there designed to help you with all of your accounting needs. But let me tell you (from personal experience, I might add) that just because you can do something doesn't necessarily mean you should. Let's say you start off with QuickBooks, for instance, and you have two loyal employees set up with simple payroll. Everything is all fine and good. But as your business (hopefully) grows, you take on a larger staff, more product, etc., you get the picture.

You want to focus on, say, marketing your venture, however you find yourself getting bogged down by an increasing amount of accounting-related issues that are distracting you from attending to other, more important business matters. It's not until a few missed opportunities have passed you by that you realize you need help, and it's something that you should have done from the get-go. But no need to fret and cry over spilt milk! It's never too late to start outsourcing and handing off your bookkeeping and tax preparation needs to a qualified, full-service professional.

Small business tax preparation professionals often include much more in their proffered services than just the obvious. And you will get the most benefit from your chosen tax pro if you are able to interact with him/her throughout the season, as opposed to just during the "crush time" of tax season. There are a variety of planning issues that can be set into place that will benefit you, your employees, and your business overall. One of the key things your tax pro can provide you with is advice - on everything from how much to spend on new assets to employee benefits, retirement plans and Savings Incentive Match Plans and so much more.

Before you enlist the services of someone to handle your small business tax preparation needs, you will have to ensure that your books are well-kept and organized. As the owner, you may just feel that you can take this on yourself. Don't. It's best for you to just remember your focus. What you need is a skilled bookkeeper that can handle the demands of the job and maintain a good line of communication with your tax pro. Many full-service accounting firms offer assistance that encompasses all aspects. This may be something you should look into if you are unwilling or unable to secure someone in-house. In any case, your tax pro and your bookkeeper should work together to provide you with the best possible tax scenario for your business.

Together, they basically serve two main functions:

1) to keep you in good standing with all government and outside agencies that monitor your financial standing; and

2) to allow you "the ambitious business owner" to do your primary job of running, expanding, and proliferating your enterprise.

by: Kevin Rockwell

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