As a corporation owner, you have a lot on your plate. Between managing operations, employees, and growth, corporation taxes can fall through the cracks. Not staying current on your corporation's taxes can lead to headaches, penalties, and wasted money down the road. Bringing on an experienced bookkeeper is the best way to stay compliant and maximize write-offs year-round.
Track Transactions and Income Streams
Having an extra set of eyes monitoring cash flow is hugely beneficial for corporations. Bookkeepers log every transaction, payment, and invoice and keep these organized by income stream. This gives you clarity on where money is coming from and going out on a granular level. When tax season rolls around, your bookkeeper provides comprehensive documentation that your accountant can directly use to file taxes properly.
Reconcile Accounts and Verify Deductions
Consider your bookkeeper a deduction watchdog. They diligently reconcile bank and credit accounts to surface any discrepancies. More importantly, they validate every deduction opportunity in real-time to substantiate claims. Having this validation throughout the year makes filing taxes less stressful compared to the scramble most corporations face. Audits become less intimidating when all deductions tie back to solid verification.
Remain Compliant With Government Requirements
Staying compliant looks different for every corporation depending on the legal structure, industry, location, and more. Determining which forms need to be filed and payments made to stay in good standing is complex. Your bookkeeper becomes your compliance partner by managing requirements across local, state, and federal agencies on your behalf. Never miss a deadline that could put your corporation at risk of increased corporation taxes and penalties thanks to a bookkeeper keeping you compliant.
Leverage Historical Data for Improved Planning
Your bookkeeper is not just focused on the day-to-day—they are building a financial story that shapes future planning. By benchmarking historical tax and cash flow records year over year, they provide intelligent recommendations for managing taxes better next year. You can make strategic growth decisions that align with tax incentives in a way that saves money over the long term. Having the past tell a story paves an optimal tax path forward.
A bookkeeper provides immense value beyond balancing the books. According to Intuit, managing general accounting ledgers, recording journal entries and transactions, and generating financial statements are a few of the tasks a bookkeeper completes. If you're ready to get help with your corporation taxes, reach out to Claremore Advisors today for a free consultation.