Palm Beach offers immense business opportunities that one can exploit. Some of the businesses you can consider include and not limited to the following: vending machines, wholesale businesses, retail businesses, bread routes, building and construction, real estate, pool management, food and beverages, franchise, and repair shops.
Experts have predicted that the economy of Palm Beach is set to grow in the coming years. For example, the real estate market is growing in leaps and bounds. If the current statistics are anything to go by, then there is all the likelihood that the growth will continue. Similarly, the tourism industry in Florida will record tremendous growth in the coming years.
If you want to have a successful business in Palm Beach, you must seek to do business activities within the context of the law as prescribed by the state of Florida. One of the most critical responsibilities is to pay tax, and to pay the right amount of tax for that matter. In fact, you cannot survive in business without paying tax. Attempts to avoid tax lead to harsh consequences on the business.
Whereas you can do a Do It Yourself tax compliance, you are better off at the hands of an Florida accountant who will help you to handle your tax policy and compliance in a professional manner.
Why a Palm Beach Business Owner Should Hire a Tax Consultant
There are several reasons why a Palm, Beach, FL business should consider hiring an accountant for its tax purposes. To start with, the process of paying tax is complex and you may not understand it. At the center of this is the need to determine how much money one will pay for the tax. Failure to pay the right amount of money will expose the business to legal problems. For instance, one could be slapped with a tax bill covering several years, and one may not be able to pay it. Even if such an amount is paid at once, it could cripple the finances of the business.
In West Palm Beach, tax is governed by two main statutes: Florida Statute Chapter 205 and the City of West Palm Beach, Ordinance, Chapter 82. The tax processing is done at the City Hall and one can reach the tax office through the email firstname.lastname@example.org. It takes 7 to 10 days to process the tax application. The main documents required for the tax application include the following: the application form complete with signature, the social security number, the business registration number and the business license.
As you can see, the application process is long and complex. It requires attention to detail, and you cannot miss out on critical requirements. It is better done by a Palm Beach accountant understands the process and can take a shorter time on the same.
When doing business, it is very possible to legally pay less for tax. However, you have to be aware of such tax opportunities. A study that surveyed 400 small businesses reported that 52 % of the small business believes that they over-pay their tax. You will not get any benefit by over-paying your taxes. But when you pay less tax or no tax at all, then you are going to be in a big problem.
Using an accountant for tax purposes will help you make informed decisions, decisions that are not based on misinformation, but rather, on facts. Some of the information sourced from the internet is either out rightly false, or outdated. If a business makes a decision on misinformation, this will hurt the business in the end, and it could lead to costly mistakes.
The tax regime is fluid. An accountant is going to help you be conversant on the latest legislation governing a certain type of tax. Almost all American local jurisdictions will have a deadline for payment of tax. However, if you work with an accountant, you are going to prepare for taxation year round, and this enhances compliance. It also helps you to avoid preparing your tax documents in the last minute.
The year 2017 is a watershed moment in the history of American business. The Tax Cuts and Jobs Act was signed into law. It was one of the most pronounced efforts by the American government to reduce the tax burden facing American businesses. Today, businesses are taking time to think about exploiting such tax opportunities, and this is otherwise known as tax planning.
Section 179, IRC, allows a tax deduction on personal property which is used for the purpose of the business. It should be noted that some property may qualify for bonus depreciation. One of the best practices employed in the modern business environment is the use of green products and green practices. If your business is green and energy efficient, then you are going to benefit from a tax deduction.
Having discussed the deductions, an accountant will help you identify the legal opportunities for reducing your tax bill. The point of emphasis here is that such opportunities have to be legal. If the business participates in an illegal activity in the name of tax deductions, the health of the business is going to be at stake.
Hiring an accountant is going to save you time, energy, and give you a peace of mind. Business experts advise the business to focus on the core competencies. Tax compliance needs research and organization, and you better leave this at the hands of the professionals. An IRS audit will definitely check on accuracy, and you might not be the right person to do this.
It should be noted that some of the tax math are simply difficult for one to do, and one should seek the help of a professional. If one tries to do such a difficult assignment, then one would do it inaccurately. Accountants have gone through the appropriate business education that includes finance and accounting.
In the case that IRS contacts you for one reason or the other, do not reply immediately. This is because the issue could seem simple in the surface, but it could, as a matter of fact, be complicated. The best thing to do is to contact an accountant, and let him or her draft a letter of reply. In other words, some answers are best given by the experts who understand the tax language and the dynamics shaping the field of taxation.
A common challenge in the American system is that there are different rules on taxation at the local, state, and federal level. The business community has cried foul over this phenomenon and has called for streamlined tax operations. The argument is that a multi-layered tax regime is going to hurt the business.
Unfortunately, you just have to comply with the rules and regulations, irrespective of the origin of the laws. It is your accountant who is best placed to demystify the tax conflict at the various levels of the government, and will know what to do in order to ensure that you are compliant to all authorities. The accountant will help you avoid situations of double taxation.
By developing a strong relationship with your Florida accountant, you are going to benefit from other benefits too. In most cases, the accountant evolves to a trusted financial advisor. For example, your Palm Beach, FL business could be in debt, and you want to know the best way of coming out of debt without compromising on the quality of your business.
In the case you are faced with a lawsuit on the issue of business tax, your accountant could be part and parcel of the legal team defending you. Your lawyer will consult the accountant on the history of the problem and what to do in order to help you in the case. In most cases, IRS can only initiate a lawsuit after the appropriate warnings and interventions. Your accountant can help you negotiate with IRS prior to the escalation of the problem. As a matter of fact, IRS wants you to accept a mistake and show interest to pay.
How to Choose a Palm Beach Accountant
There are several factors when you are choosing an accountant to handle your taxation matters. When you want services in book keeping and preparation of financial statements, you do not necessarily need a certified accountant. However, when you want tax done, then the safest way is to look for a Palm Beach certified accountant.
When you are looking for an accountant, be sure to check the level of experience and the exposure of the professional to the market. This is more so if your business needs a certain specialty. Some accounting firms which have been in the market for long have the privilege of networks in the industry, and this will benefit you in the end.
A stable Palm Beach accounting firm should have invested in the right resources in order to offer the best accounting services. Of particular importance is the need to have a strong human resource. This will enable the firm meet the expectations of the clients. What you want, by the end of every year, is to have the right tax calculation in order to ensure a guaranteed survival of your business in both the short and the long run.
It is important that you hire an accountant who is based in Palm Beach. A local accountant is best placed to understand the local business environment. Again, should there be an urgent need; the accountant will not lead to make travel plans.
You need to consider an in-house Florida accountant or outsource your accounting services to an agency. Either way, the tax purpose is fulfilled. However, if you have a large business, it is better to consider a full time and in-house accountant. This is more relevant if you have a high sales turn over. If your business is a start up or small business, then you can outsource for accounting and perhaps pay less than an in-house professional.
You should definitely look up for an accounting professional with desirable qualities. An accountant should have excellent organizational skills. Because accountants deal with strategic decisions, time management is a a skill of paramount importance. Ideally, it is expected that the accountant will have an attention to detail. Accountants should think outside the box, should come up with fresh input, and should be creative in solving both simple and complex problems.
There are some red flags which can help you shy away from a certain accountant. For example, an accountant should not promise you a big refund prior to making a comprehensive audit of your financial situation. Again, when the accountant promises many deductions, it is time to re-think your engagement with him or her. If you do not get the right accountant in time, do not risk the tax process. Instead, contact the tax authorities in Palm Beach and give justifiable reasons on why you are not able to file your returns on time.
One of the best ways of getting the right accountant is through referrals. Ask your relatives and friends, and they will give you first-hand information of the professional in question. You can also visit the listings to check out for a Palm Beach, Florida accountant. If you use the internet, be sure to do a background check of the accounting firm and be sure to check out Google Reviews. Perhaps, reading the reviews is not a bad way to start.
Hiring an accountant comes with cost, but it is worth it in the end. By hiring an accountant, you will have a competitive advantage in Palm Beach, and you will have the advantage of standing out among your peers. Hiring an accountant carries a high rate of return on investment, and an accountant will help you save a lot of money per year.
Being in a good standing with tax authorities and IRS is a matter of paramount importance. This could be a determining factor in the success of your business. In fact, you cannot afford to ignore payment of tax as this will lead to harsh consequences. Overall, a Palm Beach accountant will professionally handle your tax matters in the best way possible.