We’re debunking myths about accountants in our final video of this series! One of the most common assumption about accountants? We do taxes. Or more specifically, that we’re tax experts.
It’s true that CPAs (Certified Public Accountants) are required to learn about taxes, but accountants are not required by law to maintain that knowledge. In fact, there are probably more accounting jobs outside the tax industry than there are in the tax industry. While many accountants may be smarter than the average bear about the IRS and it’s effect on your biz, not all accountants will be able to give sound tax advice. Surprised?? You’re not alone!! Most of our clients are surprised when we tell them we don’t prepare taxes for our clients.
Tax law changes each year and even without those changes, the law is COMPLEX. You ever try to read those IRS documents?? Whew! They make me cross-eyed sometimes and I LIKE learning about taxes! Keeping up with the changes and knowing how all the regulations intertwine with each other is practically a full-time job on its own. If an accountant isn’t doing his or her due diligence when it comes to taxes, they could easily lead a business owner astray with some poor advice. In fact, it might be downright dangerous if the wrong accountant gives them tax advice. Plus, we really think it’s smart to have two sets of eyes on your business records – a set to prepare the books and a set to help with the taxes. It offers a kind of check and balance that helps keep your business safe.
No matter who works with you on business bookkeeping and tax filings, be sure they know their stuff. The success of your business may depend on it!
While we love concentrating on helping you simplify, we also LOVE sharing our silly side with you. Keep watching to the end to see our favorite outtake. #BFBloopers