Now's the Time for Small Businesses to Select a Tax Preparer | FBC, Canada's Farm & Small Business Tax Specialist

Now's the Time for Small Businesses to Select a Tax Preparer

Nationwide, millions of small business owners - including farmers and truck owner operators - are now preparing to wind down their operations for the year.

We're into the holiday season, and many are now looking ahead to 2016, but a big part of that preparation for a successful new year should include making sure all loose ends are tied up for 2015.

Typically, that is going to include taking the time to do all the right things when it comes to planning for tax season, including finding a trustworthy tax professional who has a longstanding familiarity with the ins and outs of the industry in which an owner's company operates.

That kind of legwork can go a long way toward not only increasing the value of tax prep, but also bringing a potentially larger amount of savings into the fold for the enterprise in question.

Why Is That The Case?

When it comes to the best tax preparers for a farmer or truck owner operator in particular, they're going to have the knowledge and experience that comes with working in those fields in particular.

Because of this, they will likely also have the knowledge of the best ways to both reduce liabilities and increase potential tax credits and deductions, which can add up to a significant value when they're all combined.

The benefits of this kind of work should therefore be obvious, but there are ways in which farm or business owners may be misled or simply make a mistake in selecting the best possible tax professional.

As such, learning the difference between good and bad in this regard - and doing a decent amount of homework to find out which preparer is going to work best for an individual company's needs - can go a long way.

Many small business owners may experience stress about their tax filings, but some homework can help.Many small business owners may experience stress about their tax filings, but some homework can help.

When Should This Process Start?

Owners who are looking to identify the best possible tax professional for the job when it comes to filing season would probably do well to start looking at least a month or two before the end of the year.

Typically, it's wise to have a tax pro chosen for the entirety of the year, simply because that can help significantly when it comes to the planning process, so owners can set themselves up for as much success as possible as far out as they can.

However, many companies may not be able to operate like that except in ideal situations, and those that have had difficulties with other tax preparers in the past may be particularly wary of choosing a new tax specialist.

But it stands to reason that the more tax preparation that can be done prior to the few months before the filing deadline, the more prepared any small business owner will be when it comes to any potential hiccups they face over the course of the year, which can then be corrected more easily.

That also helps to avoid any possible rushing that many business owners might have engaged in over the past several years just to get everything ready in the few weeks right before the deadline.

What Can Be Done?

The first step when it comes to finding the best possible tax preparer for the job of handling all the important documents from a farm business or truck owner operator is to research a number of candidates.

This will help owners to identify the tax prep firms that have the most experience in the industry and can demonstrate it with sparkling ratings online, and with organizations such as the Better Business Bureau.

That kind of legwork can also go a long way when it comes to identifying potential tax preparation scams, which aren't that common, but still end up impacting enough small businesses and individuals each year that preaching caution here is necessary.

In addition, once you identify a potentially suitable preparer, a little more work should probably be done to make sure everything is as it should be.

That kind of effort could include asking them about the fees they charge and identifying potential red flags in the promises they make.

Preparers that charge fees based on the size of the return a company ends up getting from the government, or that promise the get their clients larger returns than competitors would, may likewise just create problems down the road.

What's Next For Small Business Owners?

Once you've done all that work and identified a great tax professional, the next step for a farmer or truck owner operator is to start making some efforts to ensure your filing goes as well as possible.

That should include gathering up all the financial documents that are going to be pertinent to the filing this year, and making sure they are as accurate as possible.

As a result, the tax specialist should be in better shape when it comes to being able to prepare a farm or truck owner operator's filings in the best possible way, which would potentially maximize their returns and help them avoid any potential issues that can crop up later.

Indeed, those who were able to choose their preparers months ahead of the filing deadline will have the likelihood of a potential issue diminished - simply because having that extra time allows them to dot all the Is and cross all the Ts necessary.

But if something does arise in this regard, tax pros and their clients that have had more time to prepare will likewise also have a better base of understanding and more documentation to which they can refer back to in order to deal with any questions the federal government may still have about their filings.

What Does All This Mean?

If there's one takeaway a farm owner, or truck owner operator, should have here when it comes to getting their taxes ready for the filing date early next year, it's that the more effort they put into preparation, the more they're likely to get out of the process as well.

It's not always easy for owners to justify that kind of time commitment to themselves - after all, they have a business to run. However, it's usually more than worth it, in terms of the monetary benefit that often comes from getting taxes done early and right, as well as the peace of mind and lack of stress as the deadline approaches that many such owners will feel.

Therefore, those worried about being able to get their taxes done correctly, on time, and with as little stress as possible, would be wise to seek out the best possible tax specialist to handle their filings, and that should include coming to the understanding that a little bit of work now can go a long way in a few months.

It can also lead to a beneficial business relationship that can end up helping any operation, regardless of size, grow and prosper for what could be years to come.

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