Ensure you are taking all deductions and credits you are eligible for
One of the biggest mistakes that small business owners make is waiting until the year is over to start making tax planning decisions. By that time, it can often be too late and opportunities can be missed. Involving an accountant in your bookkeeping and financial situation throughout the year will result in more strategic tax decisions that can save you money. Here are some of the ways that year-round tax planning can help your business:
Receive timely information about tax credits that you qualify for as soon as they become available. Many businesses don’t apply for tax credits because they simply aren’t aware of them. Our year-round tax planning services will help you stay informed about tax credits as soon as they become available.
Use up to date financial information to make decisions about depreciation and asset purchases before year-end. Many businesses immediately take as much depreciation as possible each year without really evaluating the decision. We can help you understand the implications of taking bonus depreciation and section 179 depreciation. This allows you to plan your large deductions for years with greater tax liability, helping you save money at higher rates.
Improve your business’ cash flow by being informed about future tax liabilities well before any cash outlays. Many businesses operate all year without thinking about potential tax liabilities. When the end of the year comes, they often find out that they did not put enough money aside for taxes. Let us guide you through the year and inform you of your potential liabilities before it is too late. Use that information to strategically plan your borrowing and repayment of business debts.
To prepare your taxes, our team will need an income statement, balance sheet, detailed general ledger from your accounting software, and a copy of your prior year return. If your books aren’t in good shape, you can always engage our bookkeeping clean-up services to get things in order.
Yes! We will prepare and electronically file all federal and state tax returns for your business. E-filing is a secure, fast way to get your tax returns processed.
Our team can provide a tax projection to any client. Common requested documents include financial statements (or access to your Quickbooks file), recent pay stubs, and a copy of prior year business and personal tax returns.
Since all businesses are different in size and complexity, pricing varies. However, you can book your free consultation today to get more pricing information and know what to expect.
If you are a monthly bookkeeping client, your tax planning services are generally included in your fixed monthly price. If you are looking for stand-alone tax planning services, these are simply billed by the hour for the work completed.
Yes! We specialize in S-corporation tax planning, but can help C-corporations, partnerships, LLC’s, and sole proprietors with their tax planning.
Tax planning is one of the most important services you can engage in when working with an accountant. We can help you understand where your tax liabilities come from, how to minimize them, and how to plan for years to come. Book your free consultation today to learn more about our tax planning services and how much they can help your small business!