5 Reasons Why You Should Outsource Your Company’s Tax Filing & Preparation Task
Many firms battle time constraints during the busy season and struggle with low utilization in the off-season.Tax filing and preparation outsourcing services knew there had to be a better way to address the challenges inherent in an increasingly condensed tax season.
With a successful tax outsourcing partnership can also increase productivity and profitability by freeing firm talent to focus on higher value client service and to achieve better work-life balance – contributing to improved client and employee satisfaction.
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Accurate tax processing and tax filing require in-depth knowledge of the various tax laws to mitigate risks involved in implementing different tax procedures.
Why Outsource Tax Filing/Preparation Services?
Tax filing & preparation outsourcing also allows you to realize significant cost savings, helping you boost profit margins. First, outsourcing returns through usually results in up to 30% to 50% cost reductions because our services are very competitively priced. Secondly, outsourcing allows you to meet workload demands during busy season without adding staff that will sit idle during the slower months.
Outsourcing tax filing services have experienced tax professionals can prepare returns while your in-house staff focuses on return review, coaching and consulting, audit, and other higher value services. The outsourcing team can prepare corporate, partnership, fiduciary and individual tax returns – both domestically and internationally. Tax outsourcing helps stabilize otherwise volatile staffing constraints by enabling firms to better utilize staff throughout the year.
Top 5 Reasons Why You Should Outsource Tax Filing & Preparation Services?
- One of the major reasons for which companies focus on accounting and tax preparation services is the growth of business. Similarly procuring new clients become easy when you outsource these services.When you outsource tax filing preparation services, you get more time to focus on the valuable needs of the clients.
- You might not have access to quality staff in your office and handling the recruiting task can be even more difficult. Instead of getting into such hassles, outsourcing these tasks is more convenient and conducive to the business.
- Losing clients is the last thing that a business wants and when you outsource accounting and tax preparation from the offshore companies, you can double your return by paying less. Moreover, you do not lose those precious clients as it might happen if you are preoccupied with critical tasks.
- Staying informed with updated status. All likely tax relevant information can be obtained on a regular basis from specialized service providers managing outsourced tax filing and preparation services.
- Professional outsourcing service providers can help organization look at made to order reports that can save a lot of time while taking vital financial decisions. Taxing can be fairly tiresome and an ongoing procedure consuming a lot of attempt and time in terms of keeping trail of the new updates. A skilled tax filing outsourcing organization can avoid such situation.
- Gain greater growth capacity without additional overhead
- Increase efficiency through a digital process
- More effectively manage tax season to reduce burnout and improve work-life balance
- Better retain talent by giving first year staff higher value work
- Enhance client satisfaction by focusing on higher value, personalized service
What All Tax Filing & Preparation Task Can Be Outsourced?
- Tax filing
- Partnership tax return
- Small corporation tax return
- Payroll tax return
- Intangible taxes
- Tangible taxes
- Charter/franchise taxes
- Individual income taxes
- Capital gains taxes
- Heavy equipment use taxes
- Non-profit corporation taxes
- Document management
- Refund tracking
- Tax history
- Post filing
What All Documents You Will Need For Filing Tax?
Important documents that one must have while filing tax returns are as follows:
- Form 16 – Issued by the employer
- Form 16A – Issued by bank wherever applicable
- Form 26AS
- Home loan or HRA receipts
- Documents of investments for tax savings
There are few more documents that will be applicable depending on the complexity of the return.
How Much Tax Filing & Preparation Services Costs?
First of all CA need to check complexity of the transaction of the Business and number of transactions in the Business, if huge amount of transaction with small amount held in business and accounting of such items are complex the CA should charge at least 15000/- for accounting and IT return filling charges Rs. 1500/- (provided no ST/LT capital gain transaction include ).
Otherwise for normal Nature of Business with minimal transaction CA should charge 6000–8000 p.a for accounting as it is very simple and IT return filling charges Rs. 1500/- (provided no ST/LT capital gain transaction include ). Audit will not applicable on T/o of Rs. 5,00,000/- in Sec 44AB, however u/s 44AD audit may applicable but in very rare case so audit will not applicable.
It’s that time of the year when people try to figure out all the paperwork associated with filing tax returns. Some can manage it on their own, but most approach a chartered accountant and try their best to appear as if they understand what is being said. If you are one of the latter, we have some good news – filing tax returns online is easier than you think.
The problem is that one look at the Income Tax Department’s e-filing website is enough to intimidate most people. The page has some simple links which can help you to find out how much tax you need to pay and how to file your returns, and even pay taxes online – it’s all overwhelming, particularly if you were feeling confused about taxes to begin with.
Luckily, there are some good alternatives like hiring an outsourcing tax filing and preparation services available which make the process simple.
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