In the day and age where information is at the tips of our fingers at any moment, it is vital to be aware of where that information is coming from. Since 2001, there have been an average of over 225 changes to the tax code – that’s a lot to keep up with. It can be tempting to search the internet for answers to your tax and accounting questions, but it is so important to make sure those answers are being given by a qualified tax professional. Especially before you implement any changes to your business.
As with most professions, there are many different facets of accounting. With hundreds of different business niches, each one comes with unique tax laws to be familiar with. What one accountant might be extremely experienced with, another might have limited knowledge on. As ecommerce and the online space continues to evolve, tax laws are evolving with it. You have to find a tax professional who has experience and understands your specific financial needs as an online business owner.
Deductions can be complicated. Entity structure is not something to be taken lightly. Proper bookkeeping can be the difference between a successful and unsuccessful company. This all needs to be carefully thought about when getting tax advice from anywhere.
From our experience, missed deductions and planning opportunities amount to much more than it costs in fees associated with those services. It is worth every penny to make sure you are getting quality tax advice and services.
CPA On Fire is an online accounting firm for online entrepreneurs. We have extensive knowledge on working with entrepreneurs who have businesses in the ecommerce, coaching, and other online business communities. If you are looking for a highly qualified and experienced accountant, schedule a free Financial Review with us. We will show you what we can do for your business to help you grow exponentially.