Filing taxes is a stressful event for anyone, but especially for small business owners. If this is your first year filing taxes as a business owner, or you’re unsure of the process to follow, you’ll have some questions for prospective accounting companies. Let’s take a look at three big questions to ask your accountant, and the answers to these questions.
Question 1 – What Information Do I Keep?
Accounting companies need certain paperwork and receipts to help you fill out your tax information. This enables them to make sure you receive all the deductions you qualify for. If you are unable to produce this paperwork, it makes it so much more difficult to help you get the deductions due to you. It also proves to be problematic should SARS decide to audit you. To get a load down on the specifics for your tax – business and or personal, give Bullivant Accounting a call on (011)8964087.
Question 2 – What Direct Business Expenses Can I Deduct?
Knowing how many of your expenses can be deducted on your tax returns helps you when filing your taxes throughout the year. Often, you can deduct money that your business directly spends on rental space, services, equipment, and various other items.
As long as there isn’t a grey area, such as in the case of a home office or business, expenses usually qualify as deductible. When in doubt, always speak to your accountant for expert opinion and insights.
Question 3 – What Are Some Considerations I Should Consult with You About On An Ongoing Basis?
A seasoned accountant will get to know your business well enough to regularly keep you aware of, and swiftly react to, various factors that could affect your bottom line, for better or worse. They should also be open to assisting you in weighing the financial ramifications of specific decisions, such as whether or not to hire a full time employee, or to rather opt for an outsourced solution, or whether to buy or rent your office space, etc.
At Bullivant Accounting and Tax Services, we do more than just accounting. We’ve grown to become one of the trusted and leading accounting firms in South Africa, and it wasn’t by chance. At the heart of our business remains the desire and passion to provide a quality service to all our clients, regardless of their size or scope. Contact us to learn how we can help you throughout the challenging tax season.