Lodging a Tax Return for Your Business: Why You Need a Professional Tax Accountant
Since we’re approaching the tail end of tax season, we’re sure many of you are starting to feel the stress of having to manage your own finances.
This is especially true for businesses as we know how much work needs to be done before the October 31 deadline. Unfortunately, we all know we can’t simply opt out of doing our taxes: it’s unavoidable. What’s even more unfortunate is that one tiny tax mistake can be very costly.
However, there are some things you can do to make tax time infinitely easier for you.
If you don’t want to experience the tax season stress you had last year, then it’s time to consider hiring a professional tax agent.
At 123 Financial Group, our professional accountants and bookkeepers can help you best manage your taxes and eliminate all the tax season stresses that prevent you from doing the things you love.
Outsourcing a professional tax accountant brings with it so many benefits. Here are just 5 of the most notable benefits that you can gain from a 123 Financial Group tax accountant:
1. It Saves You Time
The most obvious benefit that comes with hiring a professional accountant is the sheer amount of time it will save you. Individuals can spend dozens of hours working on their taxes. This is true even for people that are already making use of online tax tools or professional tax software! The truth is it just takes time.
When it comes to saving you time, nothing beats the convenience that comes with hiring an accountant. And while the time saved is great in itself, you also have to realise that you can reallocate the time you would have spent on taxes to other things in your business that need your attention.
This can mean more free time for you to enjoy your life or time that you can use to work on the other aspects of your business. Thanks to the amount of time that you’ll save, you can focus on improving your business. And while this may seem trivial now, the extra work that you’ll be able to put in will put your business in the best position to succeed.
2. It Takes Away Stress
Doing taxes isn’t necessarily difficult, but it can end up being rather stressful. This is true for both regular individuals and business owners, as there is a multitude of things that you have to consider when doing your taxes.
The most effective way to spare yourself from this stress is by delegating this task to someone else.
Enter: tax accountant – the person who is going to take all your tax-time worry away.
If you actually liked to do tax returns, you likely would’ve pursued a career in accounting. But you haven’t and there is a reason for that, so let the people who love crunching numbers take care of it for you!
3. It Extends the Deadlines
We understand that tax time can be super inconvenient for business owners and you’re likely already busy. Rushing to get your tax return done will only end up in mistakes that could cost you thousands.
And missing the deadline for doing your taxes will result in a hefty fine.
While the deadline for filing taxes is usually set to the end of October, utilising a registered tax agent and accountant moves this deadline until May of the following year.
Avoid the tight deadline and complete your tax return with ease by using a registered tax agent at 123 Financial Group.
4. It’s Less Complex
There’s a reason why professional tax accountants have to go through rigorous training and studying to be able to work in their field, as taxes can get quite complex at times.
Considering that one mistake can end up costing you thousands, it’s in your best interest to get this done right. And while we’re not saying that you aren’t capable of doing this yourself, you are more susceptible to making mistakes compared to a professional, qualified accountant.
Plus, it all comes back to the time factor. Do you really have the time to be doing your own tax return? Here’s an even better question, do you really want to spend your free time organising and filing your tax return?
Aside from getting things done the right way, hiring an accountant also allows you to make the most out of your finances. Thanks to their in-depth knowledge of taxation, you can be confident you will be receiving the maximum financial return. This can end up saving you even more money that can be used to improve your business.
5. It Helps with Improving Your Finances
Lastly, hiring a professional tax agent can help you improve your financial situation.
Nobody wants to pay more tax than they need to. It’s essentially just throwing money away and I don’t know many people that are happy to do that.
Claiming the maximum tax return you are entitled to can go a long way in any business. Our accountants in Newcastle can help you make sure you’re claiming what you can while staying compliant and maximising your returns.
Still need to complete your 2020/2021 tax return?
Hire an accountant and tax agent from 123 Financial Group to get the job done.
At the end of the day, it is in your best interest to complete your taxes effectively and efficiently.
If you’re looking for a professional tax accountant in Newcastle, 123 Financial Group has been providing expert financial advice for over 30 years.
We’re a team of trusted financial experts specialising in accounting, tax returns, and financial planning. We have an experienced team of advisers and professional tax accountants who will support and guide you through achieving your financial goals for the short and long term.
Book an initial consultation with our team today!