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What to Consider When Hiring a Tax Accountant
One of the major factors to consider when it comes to deciding whether or not to hire a tax accountant is security. Having a qualified professional in your corner to present you to the IRS in the event of an audit is an attractive feature- especially when the alternative is facing them alone. If you could save time, extra money in deductions and even gain some important business information by hiring a tax accountant, then why not do so? Here’s what to consider when hiring a tax accountant for your returns.
While you may understand that some accounting companies close their doors mid April and only reopen when it is time for the tax season to restart, it doesn’t mean that you won’t need their services year-round. If you are an established business and have some experience with doing your own taxes, you may be able to deal with any issues that may arise- but if you are a small business or start-up you may need a tax accountant in a much more permanent capacity.
2. Knowing your clientele
It is important that a potential tax accountant understands both your type of business and the clientele that you work with. Certain factors about where and how you operate may better explain or affect your financial incomings and outgoings, so it’s important that your accountant understands your particular industry.
3. Who will be working for you?
It’s no secret that some accountants outsource their work to a third party. While this is not a huge issue if both the accountant and the third party are fully qualified, it might not be an ideal set-up if you may want to communicate directly with your book keeper down the line.
6. Billing requirements
It might not seem like billing is an issue that you need to consider before you hire a tax accountant, but as accountants can charge in different capacities, you really need to know how you will be paying, before you have to pay. Some accountants are payable by the hour and others bill a flat rate, so deciding on how often you will use your tax accountant will help you to choose which billing requirement will suit you.
For example, if you are planning to take a hands-on approach to the processes of bookkeeping, an hourly rate billing capacity will make sense as you won’t need a tax accountant as often as other businesses. If you wish to let the tax accountant to take the bulk of the work, a flat rate will work out cheaper in the long run.
You should also consider standard fees for potential tax accountants too, and providing a copy of previous tax returns when you discuss possible employment will give them the opportunity to familiarize with your business and typical financial standing, which will allow for a more educated quote.
7. Working with multiple entities
This is a particularly important factor if you have more than one entity under your name. You will need a tax accountant who will be able to manage, coordinate and track money moving between those entities, and this is not a skill that all professionals have as standard.
If you would like more information on what to consider before you hire a tax accountant, please feel free to contact us at http://www.tacticapartners.com.au