Tax accountants are not just for medium-sized and big, established businesses. But, even if you’re just a small business owner, you’ll be better off — financially speaking and beyond — if you hire the services of a tax accountant Sydney.

Are you enlisting such a professional help? Here are seven questions you should ask.

What should my business structure be? Entrepreneurs who are in the early stage of their businesses should first classify their business. Whether it’s a sole proprietorship, partnership, corporation, or a limited liability company, your tax accountant will help you choose which one is most suitable for you — and explain what your legal liabilities are depending on the structure you’ll choose.

Which information do I need to keep a record of? This one of the most common enquiries of small business owners asking, "Where can I hire a tax accountant near me?" These pertinent documents typically include financial statements (e.g. Income statements, cash-flow statements), general ledger, bank statements, contracts, receipts, licenses and permits, payroll records, and tax returns.

What are my tax obligations? As stated, different business structures have different tax obligations. When discussing things with a tax accountant, make sure to clarify what are the tax liabilities you’re required to fulfill. These may include sales taxes, excise taxes, employment and payroll taxes, and personal income taxes. During the discussion, you should also ask about important dates to remember and how you should prepare for the tax season.

Do I consider my people as employees or independent contractors? A tax accountant Sydney frequently encounters this question. Unfortunately, if you misclassify the people working for your small business, you can encounter tax issues in the future. And what’s worse is that you may further be levied with penalties.

What are the things I can deduct on my tax return? There are different ways in which you can uncover tax savings. Depending on which industry you’re in, there are tax incentives that you can take advantage of. But generally speaking, the deductions that you can avail of include home office expenses, travel expenses, and charitable contributions.

Can I run personal expenses through my business? Many small business owners often charge personal expenses through their company credit cards. While running these expenses through your business is technically allowable, you have to keep in mind that you can’t write all of these off as tax deductions. A qualified business expense is something that is required for you to operate your business.

How can I manage my finances better? With the help of a tax accountant, you can perform better in the next tax season. Also, this professional can guide you on how you can manage your finances better, improve your cash flow, and weigh your financing options (e.g. Loans, investors, crowdfunding).

If you’re one of those asking, "Where can I find a reliable tax accountant near me?" ETax Sydney Accountancy can offer the accounting solutions you’re looking for. Taking care of many small businesses’ financial affairs, the company provides wide-ranging services covering tax registration, tax compliance, filing of returns, and more. Learn more about them here: https://www.etaxsydney.com.au. Forward your enquiries via 02 9987 1558 or [email protected].