Business Tax Preparation

We strive to educate our clients by providing more than just your tax report but helpful tax planning tools. Like Sole Proprietors, the business and its owners are treated the same. These partnerships will divide their share of assets and liabilities according to their percentage owned. Partnerships can be great for tax purposes when done correctly. Generally speaking, Business Tax Preparation expenses for meals you have with your customers and clients are only 50% deductible. However, certain meals—such as those purchased while you are traveling—might be 100% deductible. Additionally, meals you provide for your employees for the business’ convenience—let’s say, pizza you order so your team can work through lunch to meet a deadline—are also 100% deductible.

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We help business owners save thousands of dollars through restructuring and reclassification. Learn how to pay yourself a salary without getting taxed twice. Business tax audit support does not include reimbursement of any taxes, penalties, or interest imposed by tax authorities. Your team of local small business certified tax professionals is ready to help.

Last Year’s Business Tax Return

For your protection, take a moment to carefully review their policies and procedures, as they may not be the same as those of H&R Block. You’ve come to the right place—you can also use this as a self-employed tax checklist.

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Underpaying can be a more serious issue. Interest and penalties can apply if the underpayments are too large, and even in the best case, you may find yourself having to come up with a lot of money all at once to pay your tax bill.

The whole call should only take minutes. Year-round support from small business tax experts, proactively planning for tax savings. Accounting for everything small business. From entity formation, to tax filing, and beyond, we have small-business paperwork and financials covered. Get help with all things accounting – bookkeeping, payroll, entity formation and more. Taxes, bookkeeping, payroll, entity formation and more – all in one place and provided by experts.

How Much Should Tax Preparers Charge For Their Services?

Every year business owners must report their revenue, expenses, and profits to the Internal Revenue Service to pay their fair share of taxes. Many tax preparation services are offered, but having your taxes done incorrectly can cost you severely, especially if there are tax laws to follow. LYFE Accounting is made up of tax professionals who can properly prepare your taxes for tax season. We prepare your tax returns accurately while guiding to save you time and money. Valid for 2017 personal income tax return only. Return must be filed January 5 – February 28, 2018 at participating offices to qualify.

Beginning January 1, 2016, this is the only authority they have. They have no authority to represent clients before the IRS .

Find A Business Mentor

Fees apply if you have us file a corrected or amended return. We offer business and personal tax return preparation for our monthly business accounting clients in the Raleigh area. This gives our small business owners one point of contact and creates a consistent relationship for both the business and personal tax returns.

Most CPAs are boring and are not forward-thinkers. We have attempted to articulate business entity tax return complexity in the form of dollars. In terms of Colorado, we would say green squares, blue circles and black diamonds. Form 1099-K is also issued when a payee receives payment for more than 200 credit or debit transactions in a year, regardless of the annual dollar amount. Record all personal expenses paid for from your business accounts.

The Small Business Community Is Now Small Business Resources

After tax return preparation, we will schedule a minute meeting with you. This truly helps everyone understand each other better, and makes for an accurate and complete tax return. For your business tax return preparation, which encompasses partnership tax returns and corporation tax returns including the Section 199A calculation and deduction.

  • These financial statements include income statements, cash flow statements and balance sheets.
  • As your business needs change, your tax plan should change along with them.
  • A holding company partnership is typically a business that owns real estate, either single-family homes or commercial.
  • If a partner leaves the business, or if you offer a stock option to your employees, your tax preparer needs to know about it.

This might be especially important when you start out. As for the cost of office space, that can vary dramatically from region to region and even from one part of town to another. You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state.

Call Us Today About Our Small Business Accounting & Tax Preparation Services

If you classify all meals as “Meals and Entertainment” expenses, your tax preparer will only deduct 50% of the expenses as a business expense. Take a little extra time to subcategorize these expenses as Travel or Employee meal expenses to maximize your tax deduction. Review your personal account activity for the previous year, and isolate any business expenses you find in them. If you act before the end of the tax year, you can write yourself a reimbursement check from your business bank account and capture the expenses that way. Rest easy knowing our business tax software is keeping your company’s information secure, encrypted, and tax-signer authenticated. Your Ignite Spot tax consultant will keep careful track of what you owe and how much you need to pay.

What is better LLC or sole proprietorship?

Most LLC owners stick with pass-through taxation, which is how sole proprietors are taxed. However, you can elect corporate tax status for your LLC if doing so will save you more money. … However, due to the combination of liability protection and tax flexibility, an LLC is often a great fit for a small business owner.

Great… let’s talk about each of these business entity tax returns in turn starting with Partnerhips who file Form 1065. Our prices are based on forms and complexity. Generally, our prices for a simple small business tax service return starts at $400. The tax filing and payment deadlines for most business types fall on either March or April 15 . If you don’t think you’ll be able to file on time, don’t hesitate to request a filing extension from the IRS. You can e-file for an automatic tax-filing extension, giving you until the fall to file your return.

Refund & Payment Options

Here are nine best practices for small business when it comes to tax preparation and small business accounting, and working with an accountant or financial professional. FreeTaxUSA includes a maximum refund guarantee and 100% accuracy guarantee.

What states require a license to prepare taxes?

Four states — California, Maryland, New York and Oregon — were at the forefront of tax preparer regulation. For years these states have been requiring their tax professionals to be licensed. Slowly, and with varying degrees of oversight, other states have also boarded the tax preparer regulatory train.

Consult your own attorney for legal advice. By authorizing H&R Block to e-file your tax return, or by taking the completed return to file, you are accepting the return and are obligated to pay all fees when due. Enrolled Agents do not provide legal representation; signed Power of Attorney required. Audit services constitute tax advice only. Health insurance – Whether you’re a sole–proprietor who is covering their family, a partner or you have S corporation shareholders, you’ll want to account for premiums paid on behalf of those individuals. Also, you should gather information on your spouse’s employer provided insurance if applicable. We hand select only the most experienced, knowledgeable and friendly professionals for our team.

We’ll make it easy so you can get back to business. Bookkeeping Let a professional handle your small business’ books. File with a tax pro At an office, at home, or both, we’ll do the work. All deposit accounts through MetaBank are FDIC insured. The Tax Institute Our experts share insights on the latest tax topics. Comparison based on paper check mailed from the IRS.

You can pay extra during your tax preparation process to add audit support with their third-party partner Protection Plus. A full 80% of people who used tax preparers never asked about the preparer’s credentials, according to the survey, and about 75% never asked if the preparer would represent them in a tax audit.

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant. One of the greatest resources an entrepreneur can have is quality mentorship.

Business Tax Preparation

And these areas of your corporation’s financial records are critical in terms of accuracy. In these situations, we’ll advise you on the best course of action, the fees and the risks involved. Most problems involve the balance sheet and specifically equity accounts, which are rarely important until it is time to sell, close your doors and / or get a loan.

Business Tax Preparation

H&R Block prices are ultimately determined at the time of print or e-file. Rely on your team of Block Advisors certified small business tax pros—a part of H&R Block—to get your taxes right and keep your business on track. That starts with understanding your small business’ taxes. This flexible structure allows us to find the most experienced accountants and professionals, regardless of where they live and also helps us to better serve Americans living abroad around the world.

  • Full BioEric Rosenberg is a finance, travel, and technology writer.
  • Keeping thorough and accurate records throughout the year will ensure your tax return is correct.
  • Compensation may impact where products are placed on our site, but editorial opinions, scores, and reviews are independent from, and never influenced by, any advertiser or partner.
  • Get up and running with free payroll setup, and enjoy free expert support.
  • Sole proprietorships use Form 1040, especially Schedule C, to report business income and expenses.

These financial statements include income statements, cash flow statements and balance sheets. We help small businesses of all shapes and sizes with their tax returns.

Business Tax Preparation

All tax situations are different and not everyone gets a refund. Fees apply if you have us file an amended return. The IRS allows taxpayers to amend returns from the previous three tax years to claim additional refunds to which they are entitled. Applies to individual tax returns only. Specifically most errors center on general balance sheet issues, retained earnings and payroll.

Our goal is to make the filing process as easy as possible and your accountant works one-on-one with you throughout the process to ensure your complete satisfaction. So if you’re searching for help, here are seven tips on how to find the best tax preparer or tax advisor for you. NerdWallet surveya few years ago, but hardly any of us know much about them — or how to find the best tax preparer. Having a support network in place to turn to during tough times is a major factor of success for new business owners. The U.S. tax code contains 73,000 pages. Eighty-two million individuals file annually and the complexity of the process discourages most people from preparing their own taxes. While politicians from both parties promise simplification of the tax code, the reality is that the process only grows more complex.

Author: Matt Laslo

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