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Accountants are practitioners who keep and interpret financial records. They are well-known for their ability to record business transactions on behalf of companies and organizations and for having outstanding finance, law, math, and bookkeeping skills.
While you might know that you can rely on your accountant to assist with bookkeeping and financial analysis, you might not be aware that they can also help with some of the following tasks:
Filing Your Tax Return
The best tax accountant goes above and beyond for their clients, which can involve filing a tax return with the goal of reducing your tax liability and maximizing your deductions. Whether you’re unsure how to file your own individual tax return or you’re a business owner trying to reduce how much you have to pay in tax, an accountant can be your first port of call.
Typically, you only need to provide them with your financial information, and they can complete all the necessary paperwork, freeing up your time for more important business tasks.
Expanding Your Business
There might come a time when you start thinking about your business expansion opportunities. You might have outgrown your premises, or perhaps you’re finally making enough money to consider offering more products and services.
Accountants can be a source of wisdom for knowing if you’re financially ready to take the next step. They can also guide you through the expansion process by offering advice on the best financial decisions to make.
Planning for Your Tax Liabilities
The average small business pays between 10% to 37% in tax, which can equal tens of thousands of dollars over the financial year. This figure doesn’t even include payroll taxes, property taxes, and unemployment taxes.
These costs can add up, but an accountant can assist with planning for your tax liabilities ahead of time. With their knowledge and guidance, you should be able to operate your business in a way that allows you to take advantage of an abundance of tax benefits.
There may come a time when you have a financial problem that you cannot solve independently. Rather than letting the situation worsen, you can often discuss it with your accountant, who has years of experience managing similar issues with other companies and individuals. If they can’t help you solve the problem, they generally have a contact, such as a bank manager or local lawyer, who they can recommend to help.
Trusts are an effective way to protect your wealth and assets and minimize your tax obligations. However, establishing and managing trusts can be complicated, and there are stringent legal requirements you need to abide by. Thankfully, your accountant can probably assist with this process.
They can help you understand the risks, show you how to reduce your tax obligations, and ensure your assets are passed down to future generations. With their guidance, you can establish a robust and future-proofed trust.
Who knew that accountants could be crime fighters? While they aren’t hitting the streets at night, they do perform forensic accounting in an investigatory capacity. This means they can be tasked with the critical job of identifying troublesome financial data to uncover money laundering, fraud, and embezzlement. Often, they perform these tasks as part of legal proceedings that are already underway.
Accountants are the masters of filing taxes for their clients, but they can also do much more. Whether you’re an individual, business, or company, you might be surprised by the number of services available to you.