The use of online accounting programs has made it easier for New Jersey businesses to prepare for tax season. However, there are still some important steps before taking your records, both hard copy and electronic, to your tax preparation professional.
Ideally, start your tax preparation tasks as early as possible. In most cases, companies that work with their tax advisers and business financial planners throughout the year will already have advanced planning to save on taxes, but providing the required documentation is still essential for filing.
Talk to the Professionals
The closer as small business leaves the filing of their tax return to the deadline, the harder it is to find a New Jersey CPA with the time to get it in before having to file an extension.
Talking to your business accountant well before tax season gives you time to schedule an appointment and even discuss tax planning options for the upcoming year. It is also advisable if you are moving from one accounting advisory firm to another, or shopping around for a service offering tax and financial business planning for the first time.
Consider the Services Offered
As your company grows, and your business financial picture becomes more complex, it may be important to review the services your current tax preparation service is able to provide.
It is not uncommon for a business to outgrow a bookkeeping service and need a full-service CPA firm. This allows the business to take full advantage of tax planning services, tax advisory services, and even business financial planning all in the same firm.
Working with one service rather than multiple different financial advisors is a benefit to any growing business. It also provides a greater level of efficiency and coordination, helping the business to strategically plan the next steps in growth and expansion.