Signs Your Company Could Benefit From a Tax Professional
There are several signs your company isn’t performing as well as it could and would benefit from a tax professional.
If you attribute more than half your income to a single client, you fall under the category of “independent contractor,” more so than “SMB owner.” While it can be tempting to work exclusively with a lone client who pays well and on time, it puts you in the subcontractor category, even if you have other employees. This category will be reflected at tax time. For example, while subcontractors may be eligible for certain tax breaks, they have to be deemed essential for the company. ..
Stress And Fatigue
Not surprisingly, many SMB owners put in far more hours than do their employees. And many resist taking time off for fear the business will falter while they’re away. This feeling of stress is exacerbated come tax season. If the mere thought of completing your company’s taxes causes stress, then you won’t be in the right mindset to think about business growth.
Business failing to thrive or expand
There are several variables associated with a lack of growth in a company. Many SMBs falter once they actually start to make a profit. That’s because increased profitability— and the boost in clients and employees that come with it —means more complex books come tax time. For some business owners, this can be a deterrent to further expansion.