Small Business Tax Planning & Preparation

Whether you run a sole proprietorship, a partnership or a corporation, planning and preparing for tax season should be an area of year-long focus.

Many business owners tend to leave tax preparations until the last minute because it’s not their area of expertise, and it can get pretty confusing. You certainly don’t have to be a tax expert to prepare your own taxes, but especially as a business owner, the tax filing process can become long and complex, so it’s best to have help. That’s why it’s so important to work with a trusted CPA to prepare your taxes. Our team will help you minimize your tax payout, uncover all appropriate deductions, implement business strategies to maximize your post-tax income, and ultimately save you a lot of time, money, and hassle come tax season.

Tax Preparation

For many individuals and small business owners alike, it’s simply too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program that claims to do it all for you, there’s really no substitute for the assistance of an experienced tax professional. Plus, by utilizing the experience and know-how from a CPA expert, you not only release the burden of all the time that preparing those taxes will take, but you’re also able to uncover and take advantage of additional deductions you may not have been aware of before.

When you utilize our Tax Preparation services, here are the benefits you’ll receive:

• Your tax return will be checked and rechecked by both our computer software and our experienced staff, identifying potential problems or issues with the calculations before a red flag goes up at the IRS
• Our staff will show you how to adjust your payroll withholding to get more money back each week
• We will show you all potential deductions as well as commonly overlooked deductions to limit your tax liability for next year and forthcoming years
• Your tax return will be filed electronically enabling you to get a refund back faster

If you own a small business and haven’t kept up with your bookkeeping lately, don’t worry! We’re here to help. We’ll prepare your bookkeeping for the year, prepare a full Schedule C for your business, filed with your personal income tax return. Then we’ll help you set up an easy system that allows you to keep your books in tip-top shape throughout the year so you’re ahead of the curve when next year’s tax season rolls around.

Tax Planning

While preparing your taxes accurately is a critical step in the tax filing process, so is planning for your taxes throughout the year so you always have an understanding of your position and can proactively make changes if that becomes necessary. Planning is the key to successfully and legally reducing your tax liability. It allows you to minimize your payout by preparing your business from its inception through the year, and in looking ahead to the next year. With our Tax Saving Strategies, we go beyond tax compliance to proactively recommend tax savings strategies to maximize your after-tax income.

We make it a priority to maintain our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars. For someone without the years of experience and understanding of tax law, it’s nearly impossible to be aware of all the intricacies that you need to understand when planning and preparing your own taxes. It also takes a lot longer!

When working with us, businesses and individuals pay the lowest amount of taxes allowable by law because we’re continually on the lookout for ways to minimize your taxes throughout the year, not just at the end of the year when it’s time to file.

Here are just a few of the Tax Saving Strategies we use:

• Take advantage of small business tax credits, including employment, energy, and others
• Maximize depreciation of assets to mitigate your tax liability
• Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans
• Using certain investments to produce income that is tax exempt from either federal, state, or potentially both tax entities

The bottom line is this: we work for you, and not for the IRS. Often our clients save many times the cost of our fee in reduced tax liability through careful planning and legitimate tax strategies. You work hard to make money in your business, and we want you to keep as much of that hard-earned money as possible.