Idea: Why An Entrepreneur Needs a Tax Accountant
Many tax planning ideas are built-in at the beginning, especially if you are an S corp or partnership, so you need to loop your tax accountant in while the partnership agreement or shareholder agreement.
The tax treatment of your expenses in the first year are not straightforward – some are deductible currently, some are not, and for others it depends on how big the expense is.
They know what taxes need to be paid and when, so that you don’t accidentally incur big penalties
They can help you get basic bookkeeping set up so that all of your deductions end up on your tax returns – The IRS is great about tracking your income, they don’t even try on your expenses. That’s up to you.
Avoid overpaying by failing to take advantage of available deductions
Accountants can help decide on what type of business you should be involved in. You should know the difference between S corporations and LLCs