You’re a business owner, and you have a lot on your plate. In fact, you try to do a little bit of everything each and every day. The result? You’re spread way too thin, and the growth of your business is bottle-necked at you.
If you want to grow your business, it’s time to delegate. One of those delegations is your taxes. As a business owner, you need help from a tax consultant in Maryland so that you do not end up with one or more of the civil penalties assessed by the IRS every year. Did you know that in 2016 the IRS assessed 5.9 million civil penalties that amounted to over $6 billion additional dollars owed by businesses?
8 Questions To Ask Your Tax Consultant
#1. What Is My Cost Basis?
Increasing the original cost of an asset you purchase due to upgrades or renovation can reduce the taxes you owe on revenue via the business. Ask your tax accountant about this to discover where you can save money in investing more into assets.
#2. How Does My Business Compare To The Industry?
Your tax consultant should be able to compare you to the national average for your industry. Knowing this can help you grow your business.
#3. Am I At Risk For An Audit?
Your tax accountant will be able to tell you the state of your books at a glance. This prepares you for any unexpected audits or for known incoming audits.
#4. What Is Your Pay Structure?
Too many clients jump into a relationship with a tax consultant before asking about the pay structure. Ask and figure out what type of relationship would work best for you and your business.
#5. Which Metrics Would You Use To Measure Business Success?
Cash flow, revenue, profits are all metrics that many business owners focus on to measure success. Ask your tax consultant how they would measure success in your business. This will give you insight on where you need to focus your attention as you grow your company.
#6. Do You Set Up Accounting Software?
Make sure that your software and the accountant’s software is compatible. Using the same software is always a great option, but, in most cases, you can use different software and simply share documents and spreadsheets back and forth.
#7. How Do You Secure Financial Documents?
You want to know that your tax accountant is doing everything they can to protect your information. Expect encryption for digital security and paper documents to be behind lock and key.
#8. Can You Provide Tax Reports?
Instead of spending hours going through every single line item, request a tax report. Your accountant will be able to give you a high-level view of what to expect for your taxes each quarter.
Your Maryland Tax Consultant
It’s time you got control of your books. Don’t lose money each quarter because you’re inaccurately filling your taxes. As your tax consultant in Maryland, I have 15-plus years of experience saving businesses a ton. Call me, now!