Tax Planning for Small Businesses
Do not worry, there is still time to tackle this year’s taxes for your small business. But as the tax deadline approaches, it is especially important for small business owners to spend some time and effort on annual tax preparation. There are many variables for small businesses to consider including payroll taxes, sales tax and income tax. In many cases, small business tax preparation can be confusing, difficult and complicated. One of the most helpful steps you can take is to hire help from a reputable tax firm to partner with you to get this done.
A tax firm can take the pressure off of your shoulders by helping you in numerous important ways:
Accuracy: As a small business, you are subject to fines, penalties and other fees if your taxes are done incorrectly or inappropriately. The IRS has a high expectation for all business tax returns and does not take kindly to errors. Tax firms are equipped to review your taxes for accuracy and help you be confident that what you submit is RIGHT!
New or Changing Tax Laws: Tax laws change each and every year and often these changes can impact your business’s return, often in a positive way. For example, beginning in 2014, small businesses that offer health coverage to their employees may be eligible for a small business tax credit to help offset the cost of premiums. A tax firm stays on top of all new tax laws so that they can pass this information on to all of their clients. They keep an eye on you so you do not have to.
Deductions: There are thousands of possible deductions that a tax firm can help you identify that will help reduce the total amount that your small business owes the IRS. Many deductions ask you to deduct business costs from your gross income (i.e. home office deductions, automobile deductions, travel deductions).
Classification: The way your small business is classified significantly impacts your tax rate. A tax firm can review all of the possible options with you and help determine the best fit for your business. Some of the more common options are Sole Proprietorship, Partnership, S-Corporation, C-Corporation, and a Limited Liability Corporation.
Payment Plans: If paying your annual taxes in one lump sum is not feasible, a tax firm can help you negotiate a monthly payment plan so that you can spread out the debt over time. As you might imagine, these payment plans are not always approved, so your best chance of being granted one is to submit a strong application with the help of an experienced tax firm.
Success Tax Relief: Extensive Experience working with Small Businesses
Success Tax Relief has over 30 years of experience working with small businesses all over the country on routine tax preparation as well as other tax issues. Our tax professionals are standing by right now and understand that now is the time to get started. Give us a call at (877) 958-6638 and we can provide you and your small business with a free tax consultation. Do not wait any longer….April 15th is just around the corner! Small business tax planning can help take the stress off when preparing and filing your taxes.