Why a second opinion on your taxes could save your bottom line
“If you prepared your own taxes last year, you may want to have your taxes reviewed by a second party,” advises Newcastle’s premier accounting and tax experts, Active Accounting Group.
A tax review will not only provide you with peace of mind that your taxes are correct but may also reveal new information that could make a difference to your bottom line.
It’s common for small businesses to use online programs or software to do their taxes. However, the information provided may not fully apply to your current financial standing. For example, if you add a deduction which turns out to be incorrect, you could end up being penalized
Even if you work on your accounts yourself, it’s possible to make errors and miss a few crucial details. So, getting a second opinion on your taxes is beneficial for optimising accuracy.
Fortunately, professional accountants have expert knowledge on every new rule, policy, and addendum. They will also check for other opportunities for deductions and other cost-saving measures. In fact, 6.8 out of 10 people who took advantage of Active Accounting Groups free tax review benefited from additional refunds for the previous year’s tax returns.
Getting a second opinion can also save you time next year. Asking an accountant to review your return this year means they can inform you of improvements for next year’s return.
If you find yourself at the centre of complicated tax matters, you might not have time or the patience to sort through taxes on your own. A professional tax advisor is so familiar with the system that they can effortlessly accomplish tasks that might take even skilled taxpayers’ hours of research and paperwork.
At the end of the day, a second opinion is only worth it if it’s provided by capable and trained professionals. Ensure that the tax professional or business you're consulting has a good standing as being educated, dependable, and well informed when it comes to current tax laws and trends.
If you are looking for tax assistance for your business, or if you are after a second opinion, contact the team at Newcastle’s top accounting and tax experts, Active Accounting Group. They are a team of Newcastle based accountants that want to assist businesses who want to grow both financially and personally.
Their clients enjoy responsive financial services covering tax planning, tax review, profitability and performance measurement, tax assistance, asset protection and structuring, self-managed super administration, assistance with sales, purchases and succession planning, and more.
Right now, you can get a free tax review from Active Accounting Group.