5 Ways Your Tax Preparer Can Help You Year-Round

Did you know that most tax-preparers offer more than just tax services? Yep, that guy that does your taxes also works in finance and can help your business year-round. Shameless plug aside, it's true. Tax filing season isn’t the only time you should be thinking about taxes, in fact, many tax-preparers double as accountants and can be helpful to you all year.

Tax season has come to an end. Most are glad it's over, saying sayonara to their tax preparer, but it may be a good idea to keep them around. Many tax preparers work in crossover roles as an accountant, bookkeeper, or both. Having taxes prepared by a cousin who does the family’s taxes every year is great, but for business owners and high-income earners, it’s smart to work with someone year-round.

The reality is, if you only think about taxes at tax time, you’re already behind. Taxes are a part of life and an even bigger part of business. As a business managing your own payments, sometimes it's necessary to set money aside for taxes throughout the year. It’s also important to know when to tax clients. These and other factors affect a person’s annual tax return. It only makes sense that the person who prepares your taxes should be involved or, at minimum, have some knowledge of your finances. Whether for personal use, business, or both you should work with a certified public accountant (CPA) to ensure financial success year-round, NOT just at tax time.

Check out these five ways to utilize your tax-preparer all year-round.

Estate & Trust Tax Preparation

Part of the reason we say trusted CPA is because finances are an intimate part of life. Not only is this person involved with sensitive information but sensitive moments as well. Estate & Trust are very important matters. Often overlooked, too many Americans die every year with will or testament in place. If a person has not set up any financial plans for their money it the family is at the mercy of the state for any assets left behind. On the other hand, the unfortunate loss of a loved one could place you in the position of executor.

This is a delicate process that takes place at a tough time and we can help guide you through it. Taxes are required to be filed on an estate. All assets such as stocks, bank accounts, IRAs, real estate, and any other financial entities are taxed.  Laws vary by state when it comes to paying final taxes for the deceased. CPAs work alongside the family’s attorney to make the process seamless for clients.

IRS Representation

Every American taxpayer's worst nightmare is a tax audit. Even when it's due to an innocent error, the process and stress of having to deal with the IRS is something nobody wants to deal with much less do alone. Every taxpayer is entitled to representation whether it be self-representation or a hired third party. IRS representation is one of many services we offer.

Essentially IRS representation allows a Certified Public Accountant (or other recognized entity) to stand in for you in proceedings with the IRS. Not only does this save you the hassle of having to deal directly with the IRS, but a CPA’s knowledge and specialized training make them equipped to communicate with the IRS to correct any errors, or reach a comparable solution for both parties to any problem. IRS representation is one of many ways your tax preparer can work with you to manage your finances throughout the year.

General Business Consulting

Look at a bookkeeper/accountant/tax-preparer as a financial tool. It makes a business run smoother while decreasing your task load. Like other accounting and bookkeeping service providers, MATS also offers services that fall under general business consulting. A business's financial health is a key indicator of a business's overall health. Business Entity Selection, Financial Analysis, Financial Statements, Sales Tax Services, and Notary are tax-adjacent services offered by Madison’s Accounting and Tax Services. However, many CPAs offer similar services to their clients because the services work together.

The core function of an accountant is to maintain or increase one’s financial health. Therefore, by offering services that complement one another, your accountant sets you up for optimal financial success.

Bookkeeping and Accounting

If your tax-preparer is a CPA she/he possesses a specialized skill set to advise in financial matters. Bookkeeping and accounting are two different tasks, both aimed at documenting finances and using that information to make decisions that promote financial growth. Both should be monitored year-round. For convenience, it makes sense to use the same person/agency for bookkeeping, accounting, and tax preparation.

Not only does it save you time, but it’s the more secure option. When it comes to finances, most people are selective with whom they share that information, and rightfully so. By hiring one person or agency that handles all of the above, you decrease the risk of fraud, theft, or unsecured financial documents.

Payroll Services

Payroll is directly related to bookkeeping and accounting. Where employees and wages are involved comes an added layer of complications. Constantly changing federal, state, and local laws and tax regulations make payroll management an ongoing challenge for business owners. Financial service professionals are well versed in these laws and regulations. We proactively alert clients to material changes that will affect business and employees, while keeping payroll running smoothly.

Tax time isn’t the only time to think bout taxes when it comes to finances. Work with an accountant/bookkeeper regularly to manage and forecast finances. If you still hire multiple people or agencies for these services, why haven’t you switched over to MATS yet? Financial analysis should be done regularly. Another set of eyes is also extremely helpful in making sure there is no error in the books. We take pride in carefully handling these matters for our clients.

Thanks for reading. Madison’s Accounting and Tax Services is a financial service provider that specializes in helping beauty brands control and grows their financial power, while also passionately providing financial knowledge and resources to communities in local Midwest communities. If you enjoyed this blog please subscribe and share.

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