organizing your online sales finances for taxes

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organizing your online sales finances for taxes

Running an online sales business has opened a lot of doors for my family. It has provided us with the additional income that we needed to get through some hard times. My wife has been taking care of this business from the beginning and has done quite well with it. The one thing that she overlooked was the bookkeeping aspect of it. She has done her best to hold onto receipts and track spending, but she didn't do very well putting it all into a spread sheet for tax season. If this is something that you are experiencing, this blog can help you reclaim the organization you need to optimize your finances for tax season.

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3 Tips For Hiring The Most Appropriate Certified Public Accountant For Your Small Business

As the new year begins, it is time to plan for filing taxes for your small business. Given the complexities of current tax codes, it is a good idea to speak with a certified public accountant to be sure that you are not accidentally paying too much in taxes or skipping deductions that you are eligible for. Fortunately, the following advice will allow you to choose the most appropriate person for your needs. 

#1-Choose Someone Who Is Pro-active When Planning For Your Tax Needs

It is important to note that in today's world, finding someone who is qualified to help you file your taxes is not difficult and in fact, each year, many people take a short class and do just that. However, merely being able to file your taxes is rarely sufficient for complicated tax returns and business filings.

Therefore, it is a better idea to choose a CPA who will anticipate problems before they occur. In addition, certified public accountants are also required to access on-going education, so they will be aware of changes to current tax laws before they actually go into effect. Almost anyone can fill in blank tax forms, but a CPA can often help you save money.

#2-Hire A CPA That Is Available Year Around

A common mistake that many people have regretted is choosing a certified public accountant whop works almost exclusively between January and April of each year. Although tax season is usually the busiest for any tax specialist or accountant, you could be audited at any time of the year.

If you cannot easily speak with the CPA outside the tax season, it is often a good idea to look elsewhere.

#3-Choose An Accountant With Experience Working With Companies Like Yours

Just as you would see a cardiac surgeon for heart surgery, even if another surgeon was available, you should be sure to choose an accountant with experience working with businesses similar to yours. This is particularly important if your business is new or this is your first year as a small business owner and if expenses are a big concern right now.

For instance, you may already know that many small businesses fail within the first few years. Therefore, your CPA should be experienced not just with small businesses, but with new small businesses, as their knowledge on deductions, financial planning and saving money can improve the likelihood of your long-term success. 

In conclusion, there is no doubt that filing your taxes and making use of all the deductions your small business is entitled to can be very challenging. Fortunately, by complying with the above tips, you can be sure that you have chosen the most appropriate professional (such as one from Carmines Robbins & Company PLC) for your needs.