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7.2.5 Manage Taxes

For your personal finances, doing it yourself could be a good idea, but as a small business owner, tax planning can be much more challenging. In addition to saving time, outsourcing tax planning and preparation to a certified public accountant (CPA) or other financial expert who may be assisting with your business may also lower your tax liability.

A CPA may provide you advice on a variety of techniques, including how to optimize qualified company costs and how much to pay in anticipated taxes so you don’t end up with a hefty bill. A CPA is well-versed in the tax regulations in your area.