Small Business Owner in Nashville? Why You Should Forge a Partnership with a CPA

In 2016, small businesses in Tennessee accounted for 96.8% of businesses in the state, making the sector a major contributor to the rising growth and employment rates in the region. More recently, Nashville in particular has taken the lead on this economic high streak for small businesses, garnering a perfect score on business optimism and topping the nationwide chart for small business health.

As a small business owner in the city, this should be music to your ears. It should also herald a time where all your decisions must position you for maximizing the success and growth projected for your business sector. To do this, it helps if you have a CPA firm by your side.

Having an expert in charge of your tax preparation, bookkeeping, payroll, and other business functions is only the beginning. Your partnership with a CPA firm also has many other benefits, like potential savings, business focus, and financial advice regarding risks and opportunities.

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CPA Firm Names Top Three Signs That You Are Doing Your Tax Preparation Wrong

It has been said that ‘to err is human, to forgive divine’. However, some people have found out the hard way that the IRS is less forgiving when that mistake involves a person’s tax return. Though the government might offer some kind of leniency to those who take the necessary steps to fix the mistake immediately, it can still invite an IRS Audit, especially if your total income is between $200,000 and $1 million. The IRS is even stricter with those who run their own business since there are some who wrongfully declare their business’s income and expense to claim exemptions.

Despite the fact that hiring a qualified tax preparer from a reputable CPA firm does not guarantee that your return will be 100% error-free, it can still greatly reduce the probability that you’ll be committing these tax filing mistakes. It will also help you avoid the possibility of seeing the IRS on your doorstep.

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