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Let’s explore why failing to understand the intricacies of tax law and liability can be costly for small business owners.

Managing your own small business tax preparation can prove to be daunting at best and quite expensive at worst. Complying with federal, state, and local tax laws, taking advantage of deductions, and utilizing credits accurately requires a thorough understanding of tax law. Taking advantage of a tax preparation service to ensure your business conforms to the law and is represented in a timely and accurate fashion by trained tax preparers could save you more than just a headache. It could save you a substantial amount of money as well.

It’s the law

Your local, state, and federal tax laws aren’t negotiable. Understanding tax intricacies could save you costly mistakes and prevent the burden of penalties. There’s nothing more ominous as a small business owner than finding yourself on the receiving end of an unexpected audit. Avoid feeling alone during tax preparation by securing the help of a small business tax preparation service.

Benefits and deductions matter

Pay what you owe and not a penny more by enlisting the assistance of tax preparers well versed in deductions and credits. Do you know the difference between the two? Small business tax preparation services do and they will skillfully apply that knowledge to not only make sure your taxable income is accurately calculated, but that any applicable credits are applied as well. Make sure that Uncle Sam doesn't get more than his due by enlisting tax preparation services.

Time better spent

Your peace of mind and financial security depend on the accurate maintenance of your finances, but are you managing them with precision?  As a small business owner, you already know that the bottom line is a top priority, but energy spent on your company’s overall growth rather than bookkeeping might be time better spent.  Consider tax prep from a service designed with your small business’ successful tax preparation in mind.  You may free up a substantial amount of time, and not just during tax season, to focus on your company’s short and long-term goals.

Next Steps

The tax preparers at KPMG Spark provide managed, online bookkeeping with real-time support and not just at tax season. You’ll have year round support, data, and guidance from accountants dedicated to your small business’ success. 

In addition to providing tax preparation that ensures your returns are compliant, filed accurately, and on time, KPMG Spark tax preparation services may also help you make the most of your financial data. Once more, you might actually have the time and energy to devote to your company’s goals and growth projections armed with precisely prepared and targeted data.

From compliance issues to missed deductions and credits, you don’t have to tackle your tax preparation on your own. KPMG Spark can provide the bookkeepers and resources to support your business during tax prep and throughout the year. Contact KPMG Spark today and visit with an accounting specialist dedicated to your small to medium sized business success and tax preparation.

 

 

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

KPMG LLP does not provide legal services.

KPMG SparkMarch 4, 2022Posted In: Tax Tips

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Recommended

Tax Deadlines for Small and Medium Businesses

What You Need to Know About Form 1099-G When Filing 2021 Taxes

Five Tips for Filing 2021 Taxes as a Small-Medium Business

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