Many small business owners try to file their own taxes. Typically, they do so to save money — hoping to save what a paid tax preparer would charge. Small business tax preparation, however, is not a job for the casual do-it-yourselfer. The complexity and time to accurately complete Form 1065, Form 1120 or 1120-S is simply not worth the risk.
Small business tax rules are complicated. For instance, the owner of a construction company needs to know not only the basic income tax rules but also how the tax code affects things like cost-plus contracts and materials inventory.
Small business tax preparation is time-consuming. You can’t put it off until the last minute. If you do, you might risk an audit — not a thing you want to happen to your business.
Business tax preparation is riskier than doing your own personal taxes. If you make an error on your business tax return, you will pay for it. Business tax filings are subject to an audit. So, you need to protect yourself and your business