One of the biggest challenges for small businesses is finding a trusted, reliable tax planning service that provides great advice. Small business owners don’t always know what is most important to look for in their accounting providers, and it’s often tempting to go with who is offering the lowest fees. But handling business taxes involves making all the right moves to save on taxes while avoiding mistakes that lead to penalties. It involves smart planning ahead, which means finding a service that has expertise in small business taxes.
At Shockley Books, our team is experienced and savvy about handing small business taxes, advising you on effective tax planning, and providing financial insights to help your Oklahoma small business thrive. We believe in working with local businesses because we are a local business too, and we know it matters to get your taxes right so you can have peace of mind about your finances.
We want you to be informed so you can make the right financial decisions for your small business, so here are some signs to help you recognize when your current tax planning services aren’t adequately satisfying you.
1. Little to no experience with small business taxes
Just because a financial service or tax planning company handles taxes doesn’t mean they are prepared to handle your needs. Small business taxes are unique in that they can have many elements to address, depending on factors such as whether you are a solopreneur, an LLC or an S-corp, whether you have employees, whether you offer services or products or both, and other concerns.
Find out what your tax preparer’s specialty is. If they don’t specialize in your type of business, or if they don’t have much experience in it, they may not be well equipped to help you find the best ways to reduce taxes legally.
2. Doesn’t provide year-round advice
It’s common for many tax preparers to tackle returns between January and April 15, and then vanish for the rest of the year. But small businesses in Oklahoma need more than just a tax return. They benefit from small business tax planning services that address all your needs year-round. So, if your tax company is hard to pin down after April 15, it’s time to find someone who will be there whenever you need them.
3. Won’t walk you through important processes
There are many budgeting and tax-related questions that come up when you’re running a small business. You may wonder how to handle your estimated quarterly payments. Or perhaps you’re not sure if you’re required to prepare certain forms, like W-2s, 1099s, and K-1s. Or you may have received a letter from the IRS that has you concerned.
The truth is, tax-related questions are likely to come up all the time for your business. And when you need to file documents, update accounts, and other aspects of handling your business finances, you want to be sure you’re doing it properly, so you avoid hassles and don’t end up owing money you didn’t need to owe if things had been submitted properly from the beginning. This kind of assistance is what a good tax planning service is for. If you’re not able to get help walking through processes that matter, you may want to find a company who can reliably provide that assistance to you.
4. Fails to communicate clearly
A lot of problems can crop up simply due to a lack of effective back and forth between your financial firm and your business. It’s fair to expect a call back from your tax and accounting services company within a reasonable amount of time. A good standard to shoot for is 24-48 hours. And remember, your willingness to communicate quickly as well is much appreciated by your tax person. Smooth communication goes both ways.
Beyond that, anyone who is assisting your business with taxes, financial planning, accounting, payroll, and similar services should be able to clearly explain how they approach determining the fees they charge. Some services will be more complicated and take more time than others, so charges will vary. But the approach to their fees should be transparent. A good tax planning service is one that is willing to answer your questions as they come up.
5. Doesn’t offer ways to make planning easier
Ultimately, the tax form you submit to the IRS on April 15 is just one of many financial elements that go into an effective approach to your business finances. Beyond filing your tax form, it’s smart to plan ahead for your taxes and more with planning services that take into account the needs of your Oklahoma small business.
The right tax planning service will be able to come alongside you and assist with making the most of current tax laws so you get the most benefit from them. And they’ll help you with related tasks such as ensuring payroll is handled correctly, and setting up your QuickBooks so it’s easy for you to navigate. Planning ahead is a smart way to make the most of everything you do, so your small business runs smoothly and avoids tax problems.
Small Business Tax Planning that Gives You Peace of Mind
Owning a small business in Oklahoma requires a lot of time and dedication. But handling your taxes properly shouldn’t be complicated, frustrating, and costly. At Shockley Books, we provide tax planning services that help you chart a clear path with your business taxes so you can be confident they’re done right.
Simply contact us to get started with a free consultation and quote to discover your options and get peace of mind about your small Oklahoma business taxes.