An accomplished business accountant Highlands Ranch payroll expert can prove to be a valuable member of the staff by mainly making sure that the other employees are being paid accordingly and on time. Moreover, they continuously educate themselves by reading current publications to keep up with industry trends and regulations.
A payroll accountant can make sure that the staff is paid on time and can handle: legal compliance, adjustment for absentees and holiday leaves. The services of a payroll accountant can relieve the stress of managing all financial aspects of a small or large business. They are also known as a staff accountant because they look after the payroll and financial statement preparation.
However, they cannot take on the responsibilities of a tax accountant that is skilled in tax preparation and filing tax return. Tax accountants are the only ones qualified to provide financial advice regarding tax laws, annual tax returns, tax payments and regulations. Moreover, only a tax accountant can know what is taxed at an ordinary income rate and what is considered profit and is, therefore, taxed accordingly.
When tax return and short-term gain come into play, taxes can become unnecessarily complicated depending on the market value. In such cases, it is best to hire a tax accountant alongside a payroll accountant in order to have taxes filed and reported accordingly.