When it comes to filing taxes for a small business in New Jersey, working with a professional tax preparation service should be a priority. Trying to file taxes for business on your own creates an increased risk of making an error, which can trigger the need for further information from the IRS.
Making mistakes on a business tax filing, just like a personal tax filing, can also result in an IRS audit. These audits can be stressful and challenging, tying up the business owner and impacting your ability to simply work on growing your business.
Use Professional Services
Using professional tax preparation services that focus on working with small to large businesses is always the best option. While there are some companies that do seasonal tax work and can file for businesses, this is not the same as using a dedicated CPA firm.
Using the same firm year after year also has advantages. The CPA understands your company and your business model and can recommend options to consider to maximize deductions and credits in the current year as well as for future years.
Expertise and Experience
Not all professional tax preparation services offer the same type of professionals, even for those offering year-round financial and tax support for businesses. Ideally, working with a CPA provides the most comprehensive support and financial advice for both current and future business planning.
Take the time to consider the experience and expertise of both the firm as well as the individual handling your filing. The firm should have a top record with current clients and be recognized in New Jersey as a top accounting firm to work with from a small business perspective.
Keep in mind; not all CPA firms work with businesses of all sizes; some only have a significant background in working with larger corporations, which may mean they are not as well versed in small business tax law.