Unfortunately it is that time of year again to start thinking about the dreaded taxes! Whether it’s the IRS in the United States or Revenue Canada here it’s never easy or fun to deal with these agencies. As small business owners my husband and I have gone through a dreaded tax audit and let me tell you there’s no way you can go through one unless you yourself have the professional expertise. If you don’t it’s well worth it to hire someone in my opinion, I know it was for us.
It is extremely frustrating to deal with an audit, the time, the stress and ensuring you don’t get dinged for things you shouldn’t. If it hadn’t been for the tax firm that we hired we would have had to pay a staggering amount of back taxes. Lucky for us the firm we hired proved that we didn’t owe that much but for the laymen like ourselves we never would have been able to figure it out on our own. It’s simply staggering the red tape and complicated rules that surround taxes that I’m amazed anyone can figure it out.
I know I was hesitant to have to put out money to pay accountants but the money that they saved us was well worth it. They also were able to negotiate for us a payment plan for what we did have to pay so that we didn’t have to pay a lump sum up front which would even though greatly reduced made things extremely tight for us.
I can’t say enough if you’re audited or if you have a more complicated tax return that it’s worth every penny to hire an expert to help you through it. What do you do come tax time?
I was compensated for this post however as always all opinions are my own.