tax preparation

As a small business owner, you wear many hats. You’re a salesperson, marketer, manufacturer, delivery driver, manager, and an accountant. Some of those roles you might fit quite nicely; others might take some work. Eventually, a successful small business owner will need to delegate some of those tasks, whether it’s to employees or an outside provider.

One of the areas in which many businesses look for help is taxes. It’s no wonder; the tax code can be complex, and mistakes on your taxes can cost you severe penalties (or at least a higher tax bill than what you ought to owe).

Here are some signs that you might need a tax preparation service Your business deals with inventory or large… Read more →

Just because you’re hiring someone to do your taxes doesn’t mean you want to pay them more than what’s necessary. If you show up at your tax professional’s office with shoeboxes full of receipts, she can absolutely turn that into a tax return; however, it’s going to take much longer than it would if you simply brought her a tax preparation checklist.

Preparation will save your tax professional time and will save you money. Here is a tax preparation checklist to help you streamline the tax process for your business:

Tax Preparation Checklist

1. Organize your expenses and your income.

This is a bit more complex when you’re running a business than when you work for someone else, but the … Read more →

As a hard-working honest business owner, you do your best to pay your taxes, but no more than you have to. You’re more than willing to pay your fair share, but you also know that you won’t be paying anything if your business isn’t profitable. So, you work with a tax professional to identify areas of potential savings, and to make sure you’re getting all of the credits and deductions to which you’re entitled.

Yet sometimes your tax professional puts you in danger. It could be that they’re being outright dishonest, and providing the IRS with false information. In other cases, it could be a case of simple ignorance or human error.

You need to be sure your tax professional … Read more →

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