Selecting a tax consultant is an important task. You want to ensure your money is going to a trusted and respected individual who can offer your business the most return on your investment. To begin the journey of evaluating the right tax advisor for your business, consider these steps:
Step #1: Define Why You Need a Tax Consultant
There are a variety of reasons to seek out the expertise of a consultant. Some of the most common reasons include:
- Taxes have become too stressful or time-consuming
- Confusion about tax laws and filing because of a complex tax situation
- A tax issue arises; examples include an audit, tax debt or filing back taxes
- Seeking cost-savings and an increase in cash flow
Step #2: Find The Right Consultant For Your Business
After you know why you need a tax consultant, the journey to selecting the right one begins. You should begin by looking for someone who has experience with a similar tax situation to your own. Often times, referrals can be a valuable resource to finding the right consultant for your organization. Keep in mind you should remain cautious of anyone who quickly over promises big refunds because of massive deductions. You want someone who will give you realistic and honest advice regarding your specific tax situation. Take the time to evaluate several different advisors to see who it is you are most comfortable sharing your confidential company information with. Remain cautious about retail tax franchise companies, as not everyone working in chain offices are seasoned tax advisors. Many aren’t educated or certified to handle more complex business tax issues, and they could end up costing you more money in the end.
Step #3: Ask Questions
The tax world is constantly evolving and it can be exhausting to try to keep up with how your business could be impacted by the changes taking place. Your tax consultant should be able to answer your questions about how changes and regulations will impact your specific tax situation. When you are evaluating advisors, consider asking them these questions to gain a better understanding of how they will service your business:
- What are your certifications and designations?
- What are your tax specialties?
- How will you service my business beyond just our tax filing?
- What is included in your fees? Can I get a break down of what you charge?
- Do you perform the work or do you outsource it?
- Will you share my tax information with anyone else?
- How long have you been in business?
- Do you have testimonials available from satisfied customers?
- Can I request a background check on your services?
Your goal when selecting a tax consultant should be to find someone who is experienced and trusted with the specific tax areas that your business needs help with. You want someone who understands and believes they can help to minimize your taxes or help you respond most accurately to a tax problem or audit.
Contact Acena Consulting today to see if we are the right fit for you and your business. Or click below to get a free review of your R&D tax credits.