When you run your own small business it can be filled with all kinds of responsibilities and obligations that you have to take care of personally. After all, you are the boss and if you do not do whatever has to be done, no one else is likely to. Just keeping a small business operating in this day and age can be a day to day challenge in itself and the last thing you want riding on your shoulders along with everything else is the burden of dealing with the IRS and tax issues.
If a business owner has the time aside from running the business and more importantly the know how that tax preparation and book keeping requires, then many times people will take care of their own tax related issues and books. If you do not have the knowledge or time it requires to keep up with them, then it will be best for you to hire a regular accountant to do your books and taxes each month each month.
This will be an added expense that might be a little difficult for you to afford, but believe it, it is worth it. When you have a good accountant that has plenty of experience, then you will be saved many sleepless nights. When you have someone reliable to keep up with and file any of your tax obligations and will keep your books balanced for a certain fee each month, then that gives you more time to concentrate on the business itself.
For most accountants, they will want you to keep up with all your receipts for the month whether it is income or expenses. They will need any tax related mail that you get and any banking and credit card statements. Some accountants may have slightly different systems, but they basically operate the same way. If you provide the information they ask for, they will take care of your book keeping and tax obligations, provided you provide the money of course.
Uncle Sam can be a real stickler when it comes to making payments to him on time. The IRS does not hesitate to charge you interest and will even shut your business down if they are not dealt with in a timely manner. If you have any doubts as to your ability to handle that end of things, get that accountant. They will be responsible to go with you when and if you are ever audited and that is a plus. When you have an accountant in good standing that is one less red flag for the IRS.
