One of the most important responsibilities no business owner can ignore is complying with the corresponding tax duties we are required. In order to make sure our company remains compliant with IRS laws and regulations, we need to hire a business tax advisor that helps us with these duties. However, many business owners tend to make the mistake of either hiring the cheapest advisor they find or hiring one only during tax season. These are some of the most common mistakes we can make when we hire a business tax advisor for our company, and unfortunately, not the only ones.
Don’t Hire the Cheapest Option You Find
They say that we get what we pay for, and when we look to hire a business tax advisor, this is very close to reality. Hiring the cheapest option we can find might seem quite appealing, especially when we have a tight budget. This doesn’t mean that a “good” tax advisor will necessarily be the best one, either. However, choosing a tax preparer solely based on the price can be a poor decision for our company. Instead, we should look for credentials, qualifications, experience, and of course, the reputation of a tax advisor.
Don’t Hire an Advisor Only for Tax Season
A very common mistake we see business owners make repeatedly is that they hire a business tax advisor only for tax season. In the case of many corporations, this means hiring a temporary advisor three or four times a year, and only for periods shorter than a week. Nevertheless, we should make sure we find a long-term advisor, as they will become a valuable asset to our company. Their experience with our company and their guidance throughout the year will help us make smarter tax-related decisions all year round.
Don’t Hire Someone Who Lacks Credentials
We cannot stress this enough, but it is important to pay attention to the word “professional” when we are looking to hire a business tax advisor for our company. Nowadays, this word has pretty much become meaningless, as anybody can call themselves professionals of their field. This means that we have to find someone with the proper credentials, with the right qualifications, knowledge, and expertise in the field. Besides, finding positive reviews and recommendations from our business partners can also be included in what we are looking for.
Don’t Hire an Advisor Who Ignores the Big Picture
As we mentioned above, hiring a business tax advisor for our company can become a very valuable asset. Therefore, we should look for a professional who is willing to collaborate with us in the long run. This includes looking at the big picture, developing strategies that will give us both short-term and long-term results. If our current advisor only works on fixing immediate problems but doesn’t provide long-lasting solutions, we might want to look for someone else.