Whether you just filed your business tax returns or are thinking ahead for next year, taxes cannot be far from a business owner’s mind. Tax preparations should be an ongoing process throughout the year to ensure that the tax deadlines are not overwhelming. The team at Fricke & Associates, LLC understands the stress that a business owner faces each year just thinking about filing their taxes. We can guide you on making the best decisions for your company’s financial health year-round.
Tips for Savvy Business Owners:
· Hire a Professional—Not every person who claims to be a “tax preparer” has specialized education, training, or advanced certification. With a large tax preparation company, their associates are not required to undergo tax-specific training to earn their paid preparer tax identification number (PTIN). They can receive their id number by filling out a form which takes only 15 minutes. When hiring a professional, you should always ask about their specific training, qualifications, and expertise in the tax realm. A truly worthy professional should have years of experience with taxes and tax audits. You should never hire anyone who you question their capability to handle your personal tax situation. When you choose Fricke & Associates, LLC, you never have to worry about our qualifications because our staff are held to the highest standards in terms of education, performance, and professionalism.
· Choose a Firm with Tax Resolution Experience—If you get into tax trouble, you need a professional who can help you determine your options effectively. Not all tax preparers or CPAs have training in tax resolution. A professional with experience in tax resolution will be aware of the opportunities available to settle your debt without drowning in interest or fees. Also, a CPA offering tax resolution services will be adept at negotiating with the IRS on your behalf. Fricke & Associates, LLC offers tax resolution services so we can help you navigate the process with the IRS if you are experiencing issues with your taxes.
· Reach Out to a Professional if You Must File Amended Tax Returns—Millions of Americans each year receive letters from the IRS requesting more money or more information after their taxes are processed. If you have back tax debt, are under audit, or have multiple years of unfiled tax returns, it is especially vital to contact us. You do not have to talk directly with the IRS. We can advocate on your behalf. Also, we can help you find out about any IRS relief opportunities you may qualify for. There is no need to feel anxious about having to respond to the IRS or file amended tax returns. We will help you resolve the issue with the IRS so you can move forward.
· Consider Having an Audit—A financial statement audit may be a great decision to assist in managing your business. You can choose to have your business audited by a third party, like Fricke & Associates, LLC. An audit can highlight why your business is not as profitable or efficient as it should be. When your company is looked at with the scrutiny of a professional, you will gain valuable information to help keep your company on track year-round. Also, you will be less likely to miss issues when tax season comes around. If a bank has asked for an audit to secure funding, we can do that too. We have extensive experience with financial statement audits so you can trust that we will provide a thorough and useful analysis of your company’s financial health.
Regardless of your tax or audit needs, Fricke & Associates, P.C. can help. We can guide you in handling your company’s taxes and finances to keep your company healthy and in compliance with the government’s standards.