| Hiring a tax professional is money well spent. Tax rules | | | | - Some firms have expertise only in personal income |
| have become more and more complex. Using a pro to | | | | tax service. Make sure the company you hire has |
| prepare your taxes may save you from paying more | | | | enough experience in business tax services. Can they |
| tax than you should. It is probably less costly to hire a | | | | help you with business tax preparation all agencies |
| tax preparation service than a nasty tax surprise and | | | | including federal, state and the city? |
| a visit from the auditors of the taxing authority in your | | | | - It makes sense to interview specific consultants who |
| country, for example the IRS in the US. | | | | will work on your account. Do they have the requisite |
| Rather than hire a tax preparation service at the end | | | | skills and experience to work for your company? Are |
| of the financial year, consider making tax planning a | | | | they easy to work with and are they approachable? |
| part of your overall business strategy. It will help you | | | | Are they interested in working on your account? |
| maximize profitability and limit exposure to tax liability. | | | | - Ask the tax consultant for a few references. Call |
| Many accounting firms also specialize in tax planning. | | | | previous and current clients and inquire if they were |
| When they advice clients on how to structure a | | | | happy with the service. Did they gain from consultant's |
| business venture or a transaction, they help them take | | | | advice? Ask if the consultant is easily accessible. Does |
| advantage of tax savings wherever possible. A few | | | | she take enough interest in the engagement? |
| examples of such transactions are multiple-state | | | | - Before you make the hiring decision, ask the |
| operations, purchase or sale of business, business | | | | company to examine your business model and |
| succession planning, taxpayer dispute resolution and | | | | financial statements and provide some example as to |
| e-commerce transactions. | | | | how they can help you save money. |
| Tips on choosing a tax planning and preparation | | | | - If you use financial software in your company, make |
| service firm? | | | | sure the software used by the tax preparation service |
| There are several ways to find a suitable consulting | | | | is compatible with it or you will not be able to transfer |
| firm. Easiest is to search the internet and look for them | | | | any data back to your company. |
| on a B2B marketplace, Google or the Yellow pages. | | | | - As a small business owner you may need advice |
| You can also ask friends, relatives and business | | | | regarding capital gains taxes, estate taxes, real estate |
| associates for recommendations. | | | | taxation, incentive stock options, multi-state operations, |
| There are several things to keep in mind while hiring a | | | | e-commerce transactions, purchase and sale of |
| tax consulting firm. | | | | property, business succession planning, tax dispute |
| - Consider a firm that is similar in size to your | | | | resolutions etc. Can the firm offer you advice in these |
| company. Large companies tend to hire big four | | | | areas? |
| consulting firms. If you are a small company consider | | | | How much does it cost to hire a Tax planning and |
| one of the smaller companies that have the desire, | | | | preparation service? |
| expertise and resources to help your business. | | | | Fees for tax planning or preparation services vary by |
| - Preferably look for a tax consulting service that has | | | | country and the level of service. To get the best deal, |
| previous experience in your industry. | | | | compare price quotes from multiple tax planning and |
| - Ask the tax planning firm about the educational | | | | preparation service companies at a B2B marketplace. |
| background and experience of its professionals. Also | | | | Also ask your business associates and friends for |
| check if the firm is registered and licensed to operate | | | | recommendations. Tax consultants can charge by the |
| in your state or country. | | | | hour or based on the forms you need to complete to |
| - If you want to hire the tax planning service for a | | | | file your taxes. For example in the US, a simple |
| short term assignment, make sure they have the | | | | personal tax return with form 1040 may cost about |
| requisite experience in the area. Search on the internet | | | | $100 while complex business taxes can run into |
| for any articles written by the professionals of the | | | | thousands of dollars. |
| company. It can tell a lot about their area of expertise. | | | | |