When should you start working with CPA or tax professional for your business?

As a business owner, you have a lot on your plate. From managing employees to creating marketing strategies, it can be overwhelming to think about all the different aspects of running your business. One area that often gets overlooked is taxes. However, it's important to start thinking about taxes early on in the process. Here's when you should start working with a CPA or tax professional for your business.

When You're Starting Your Business

If you're just starting your business, it's a good idea to work with a CPA or tax professional from the beginning. They can help you choose the right business structure and ensure you're set up for success from the start. They can also help you understand your tax obligations and how to keep accurate records.

When You're Growing Your Business

As your business grows, your tax situation will become more complex. You may need to start collecting sales tax, hiring employees, or dealing with international tax issues. A CPA or tax professional can help you navigate these challenges and ensure you're in compliance with all relevant laws and regulations.

When You're Facing an Audit or Tax Dispute

If you're facing an audit or tax dispute, it's important to have a CPA or tax professional on your side. They can help you prepare for the audit, represent you in front of the IRS, and negotiate a settlement if necessary. They can also help you avoid future disputes by ensuring you're in compliance with all relevant tax laws.

When You Want to Maximize Your Tax Savings

A CPA or tax professional can help you identify tax deductions and credits you may be eligible for. They can also help you plan your finances in a way that minimizes your tax liability. By working with a professional, you may be able to save thousands of dollars on your taxes each year.

Conclusion

Many business owners think their business needs to be at some magical number before they’re “worthy” of meeting with a CPA.

If that is you, PLEASE change that mindset right now as it could be costing you thousands of dollars!

The answer to when you should start working with a CPA is this: the day you DECIDE to start your business.

There is so much that can be done upfront, in terms of entity setup, accounting systems, and more that will help your business start off on the right foot. Don’t wait until you’re five years in and suddenly haven’t filed your returns that entire time or have thrown away thousands from not tax planning.

You’re never too small to meet with a CPA. If you’re years into operating your business and still have never gotten the financial side of it in order, it’s never too late.

Working with a CPA or tax professional can help you save time, money, and stress when it comes to your business taxes. Whether you're just starting out or facing a complex tax issue, a professional can provide the guidance and support you need to succeed. Don't wait until it's too late to start working with a CPA or tax professional - reach out today to see how they can help you.