When it comes to business there are plenty of places to glean free advice on the best way to run your business entity, especially with the access to the internet. Not all advice is good advice however, and following the wrong suggestions when it comes to your business can get you into some real trouble.
One thing you are well aware of is the many responsibilities that you have concerning your business and your business tax obligations are one of these. Hopefully you are using a qualified and experienced small business accountant to assist your with your tax filings.
Most likely the first year you use services of an expert such as this you are not quite sure what to expect. You know that you have to provide him with a ton of financial information in order for him to complete your tax returns efficiently.
What you may not realize is the added value that this professional can provide you with concerning your business.
You may be thinking of obtaining some company financing to help you with the expenditures you are presently facing, or perhaps you want to expand.
Your accountant learns a lot about your business through the financial information that you have provided him with. This is the person that can tell you exactly how strong or weak your business is. Based on this information he will be able to give you his opinion as to how the financial institutions will view your business.
You may not be totally aware of what your assets and liabilities are until you actually see them on your financial sheets, and this is what the financing institutions are going to look at.
Based on these figures and having an understanding of what your personal tax situation is your accountant can often guide you as to what changes you can possibly make in your business or even personal tax situation to gain more tax advantages.
Even if you are not sure that it is your accounting professional that may be your best resource for advice it doesn’t hurt to run your business ideas by him. If he is not able to offer you assistance concerning the matter he will let you know.
If you don’t have a trusted accountant for your business or personal tax as yet, I would be pleased to assist you. Just give me a call here at 416-398-1700.
