Business Taxes
Small Businesses have special tax needs and those businesses must do taxes correctly to avoid tax penalties and interest. Preparing tax returns for an LLC or S Corp requires a great deal of knowledge and expertise of business taxes. The tax franchises with inexperienced tax preparers are not equipped to handle the complications of small business income taxes.
Two of the most important considerations when looking for tax savings for your business profit include:
- Your business tax filing status - S corporation or LLC. This is one of the most important considerations when setting up the business and will dictate tax forms that you file with the IRS and the amount of self employment taxes that you pay. Whenever we prepare your business tax return, we always take a look at your filing status to determine whether you should switch from an LLC tax filing status to S corporation status.
- We go through the profit and loss statement in great detail. We are looking for income and expenses that are not classified properly to maximize your tax deductions. We also analyse the profit and loss to determine whether you missed some of your business expenses.
All small businesses need continuous business tax planning during the year.
You, as the business owner, will want to:
- start a company sponsored retirement plan
- buy a large piece of equipment
- purchase a new business vehicle
Such transactions have a meaningful impact on your business' finances and income taxes. We are always available to help our clients make such decisions.
