We’re just a month and change past that most ominous of days on the United States’ government calendar. I’m talking about tax day, the day that we all have to pay our ounce of flesh to the government for whatever benefit it is that we see from it (I know it isn’t roads, because the roads around me are in such disrepair and they never actually fix them, but rather they put a little bit of gravel in them and cover it with asphalt and then the tenth time it rains afterwards, the whole thing is gone and the pot hole has returned).
Now, for some people, tax day is the day that you just cut a check and send it off to the Internal Revenue Service, or that you spend a couple of hours doing the math required to figure out how much money the government owes you back in all the money that you’ve sent in. However, it isn’t quite that simple for everyone. For quite a few people, in fact, there’s a lot more work to be done than simply sending in your tax return.
For example, think about people who are the owners of sole proprietorships or who are paid on a contractual basis. These people, they aren’t going to be having their taxes, their payroll taxes, taken out of their checks. Instead, they’re going to have to calculate their own taxes, and to do so based on the amount of money that they brought in versus the amount of money that they spent on business expenses, or, rather, on things that could possibly be called a business expense, whichever the case may be. Then, of course, there’s all that math you have to do to ensure that you’re paying the correct portion of your payroll taxes in order to be in keeping with the IRS and their demands concerning how much you have to pay them and whatnot.
Tax services are especially important for anyone who runs a business. In fact, the estimates for how much we, as a country, spend on filing our taxes every year run somewhere in the hundred and fifty-seven billion to five hundred billion dollar range, depending entirely on who you ask and what they’re doing to account for the amount of man hours spent on doing such things, but the majority of that expense is related to businesses and their tax filings. Filing taxes for a person, or as an individual, is something that is extremely simple. On the other hand, filing taxes for a business requires understanding thousands of pages of tax code, and can take hours or days of work for everything to be completed, and that’s assuming that you don’t make a mistake. For a business, hiring some sort of Certified Public Accountant who is offering tax accounting services either on staff or on retainer to handle your finances is basically essential. Without them, you’re going to be looking at literally thousands of pages of legalese that you will have a hard time comprehending, out of some seventy thousand odd pages of tax code that changes every year. It’s a nightmare!
An oft forgotten benefit of having someone do your tax accounting for you is that you have peace of mind and support. You see, every so often, you’re going to mess up in your filings, or the IRS is going to disagree with what you filed, or maybe you’ll just be the unlucky person who gets randomly audited by the IRS (they randomly audit something like one out of every ten people every year, even without them doing anything wrong. When they do so, there is nothing better to have at your disposal than a CPA firm, except for, maybe, a tax lawyer, but, interestingly, most tax firms keep one on hand for just such an occasion. It’s a great thing to have when you’re going up against the IRS, believe me, and they’re experts on everything that has to do with tax law). Whatever the case may be, you’re very likely to be able to benefit from the help of the certified public accounting firm that you’ve hired, and they’re almost always worth every single cent that you paid for them.
So, basically, if you’re not an expert on tax laws, you’re going to find yourself profiting in numerous ways from hiring CPA firms. Doing so can give you peace of mind, and it can make sure that in every way, you’ve done your best to cover yourself when you deal with the IRS and with the paying of your taxes.