In today's society, there are many small business owners saying, "I can do that myself." Simply put, it's not that you can't do it yourself, you WON'T do it and you SHOULD outsource as many tasks as possible to concentrate on your business. Many of the small business clients we encounter spend an excessive amount of money on clothing, shoes, dining out and entertaining friends, but don't see the value in hiring an accountant until they are reacting to a letter from the Internal Revenue Service (IRS). DO NOT misunderstand me, it’s the client’s prerogative on what they spend their money on, but the amount of money that will be spent fixing a problem that should have been proactively spent to alleviate any potential problems.
Do you know that worry and stress and worry take many years off your life? Well, it does not have to be that way!
Here is a judicious example. A small business owner grossing $1,000,000 or more a year receives Form 1099-Misc from companies he/she worked with and does not file a tax return in nine years. The IRS sends notices over these years by regular mail and certified mail and the small business owner continues to ignore them. There are contractors employed by his/her company who are actual employees without having payroll taxes withheld or remitted to the proper agencies. Soon, the business owner receives a tax court letter, which gets his/her attention. He/she screams, “I don’t want to go to jail!!!!!” Thereafter, fees from a tax attorney, an accountant, and a bookkeeper are produced, along with penalties, interest, etc. Now, the business owner realizes his/her business will suffer as he/she endure this ordeal. The small business owner has to re-create this situation, starting with the earliest dates going back nine years. The small business owner will miss some deductions and will not be able to verify other deductions. All the small business owner had to do, to avoid this nightmare, is hire an accountant and pay a monthly retainer for bookkeeping services.
There are a multitude of unique situations to expound upon, but this is one of the most common situations a small business owner may encounter through administrative and financial negligence. Whatever your situation is, we can help minimize any damage.
Remember, the goal is to have a prosperous business!