Most business owners feel fairly confident when it comes to filing their taxes. After all, if you’ve been running your company for years and haven’t had any major issues with the IRS, it’s easy to assume everything is in order. But recent studies suggest that this confidence may be misplaced—and it’s costing business owners more than they realize.
According to Forbes, 93% of small business owners are overpaying their taxes. Let that sink in. Nearly all small businesses are leaving money on the table. And while many think they’ve done everything “by the book,” the reality is that overlooked deductions, misclassified expenses, and missing credits are quietly eroding their bottom line.
Most business owners didn’t start their companies to become experts in tax law or accounting. Yet, many are attempting to navigate these complex waters without the right guidance—either by relying on outdated processes, using a tax preparer who only steps in once a year, or simply doing their best with DIY software.
In fact, QuickBooks reports that 70% of small businesses don’t have an ongoing relationship with an accountant. This means many companies are making decisions without a trusted advisor helping them optimize for taxes throughout the year. By the time tax season arrives, it’s often too late to implement meaningful strategies.
It’s a common assumption: “I have a CPA file my taxes, so I’m covered.” But there’s a big difference between having your taxes filed and having them strategically managed.
Many CPAs are simply tax preparers, not proactive advisors. They receive your books, plug in the numbers, and file the return. If the bookkeeping is incomplete or inaccurate—or if no one has looked for tax-saving opportunities in advance—your CPA may not be able to do much besides report the numbers you give them.
And here’s the hard truth: If your books are disorganized or you’re not in touch with your accountant throughout the year, chances are high that you’re overpaying. Most missed deductions or credits result from poor recordkeeping, lack of awareness, or last-minute scrambles.
Tax law is constantly evolving, and the tax code is notoriously complex. Small business owners are experts in their fields—but they shouldn’t be expected to know every available deduction, credit, or strategy that could save them money. From energy efficiency incentives to overlooked home office deductions or retirement planning tools, there are countless opportunities that go unnoticed simply because no one is looking for them.
This is where outsourcing your accounting can make all the difference.
Working with a CPA who offers more than once-a-year tax prep can completely shift the financial trajectory of your business. When done right, outsourced accounting brings:
If you’ve always assumed your taxes are being done correctly, you’re not alone. But the numbers tell a different story. The majority of small business owners are unknowingly overspending—and that’s not just a tax issue, it’s a business issue.
Instead of leaving money on the table each year, consider partnering with Altruistic Accounting and Business Services who takes a proactive, strategic approach to your taxes. Outsourcing doesn’t just free up your time, it could also free up thousands of dollars you didn’t know you were losing.