Avoiding Boulder County Tax Mistakes

The Small Business Administration, or SBA, defines a small business as those with less than 500 employees. Recent census information reports that Colorado has just over 550,000 small businesses and that those companies employ almost a million people. Boulder County businesses are part of the top Colorado cities attracting startups. If your business is one of the growing ones, you may be quickly learning there is more to know about bookkeeping, payroll and Boulder County tax than you can keep up with.

You didn’t go into business to be a bookkeeper, nor do you likely have time to stay up to date on tax codes. This is where outsourced bookkeeping services and tax services in Boulder come into play. Many times, the time you save and the errors you avoid are well worth the accounting services you pay for.

Boulder County Tax Planning’s Biggest Mistake

Worried about overpaying taxes? Poor business record keeping is the number one mistake small business owners can make. By reviewing your books on a monthly or even quarterly basis, you can stay on top of tax liabilities so you aren’t surprised when you file your business taxes at the end of the year. Additionally, waiting until the last minute to prepare documents means you likely are missing deductions and information, and that ends up costing you more.

Complicated Small Business Taxes

Boulder County tax reporting on sales and payroll taxes can be really complicated and small business owners usually make the same mistakes, simply due to it not being their primary focus. Outsourcing bookkeeping services will pay for themselves in better tax preparation, better accuracy and timeliness in remitting taxes and avoiding penalties.

A local Boulder County CPA firm is aware of all Federal, State, and local tax laws when they prepare your small business taxes. By staying on top of annual changes, they can help you plan better and get all the deductions you are entitled to. Engaging with your accounting firm monthly or on a quarterly basis is the recommended solution to avoiding costly mistakes. Don’t wait too long to find a Boulder County Tax professional to help you sort through your bookkeeping and tax planning. To learn more about ScherGroup Certified Public Accountants and Advisors visit us at https://schercpa.com/ or call 1-303-443.9001.

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