You’ve worked hard to start your own business and make it a success. You stay up late at night working out details, closing deals and building something you are proud of. Don’t let small business tax prep give you one more reason to lose sleep.
We provide smart, innovative, proactive experts that help you keep more of what you’ve worked so hard to earn. We specialize in making sense of complicated tax rules to get to the bottom line and help your business grow.
Even a seemingly simple small business tax return can leave you with more questions than answers and it is easy to overlook deductions and credits to which you are entitled. No software program is a replacement for the professional assistance of a small business tax specialist who has your best interest in mind.
What Is Business Tax Preparation?
Small business owners need a qualified financial partner they know and trust. Our tax professionals Breeden’s Bookkeeping do more than file paperwork once a year. When you work with us, we take the time to get to know you, learn about your business and look beyond the numbers to provide the accounting services that can meet your needs and help you reach your goals.
We understand that small business owners are busy, we keep our process simple so you can get exactly what you need without taking up a lot of time. We guarantee that filing your small business return has never been easier. All we need is a few simple items of information and we can take care of the rest.
- Income made
- Expenses paid out
- Mileage logs
- 1099 for contractors
- Deductible donations
It helps if we have access to your QuickBooks or other accounting software, but it is not required.
What Are the Benefits of Hiring a Small Business Tax Specialist? Why Not Do It Myself?
You may think that doing your own taxes is easier, cheaper, or more secure than opening up your books and financial information to a third party. However, most businesses that use tax preparation services end up significantly better off than those that do not. Just a few of the benefits of hiring small business tax specialists include:
- Maximize Your Deductions:
Did you know you can write off expenses incurred before you technically opened your business? If you started a business this year, this is a critical deduction. Mileage and vehicle deductions can also get confusing. Traveling for business is a deduction, but your daily commute is not. You may also be able to deduct other costs including gasoline, tires, insurance, car payments, tolls and parking fees. There are other expenses that most people forget about like magazine subscriptions, educational classes, and other little purchases that add up quickly. A tax accountant can also be sure you aren’t exaggerating your deductions, which can raise the possibility of an IRS audit.
- Maintain All Areas of Legal Compliance:
The IRS is often seen as the big bad wolf of the tax world, but they are just one part of the puzzle. Additional tax obligations for small businesses include property, payroll, local taxes, self-employment tax, etc. Maintaining compliance in all of these areas requires a lot of time and expert know-how from an advisor you can trust.
- Keep a Clear Separation of Personal and Business:
When you run your own home-based business, it is tricky to divide your time and attention between your personal life and your work. Likewise, dividing your personal finances and business expenses is even more difficult. A third party makes it easier to objectively look at your accounts and make clear distinctions between personal finance and business finance to ensure that your deductions are correct and your records are accurate.
- Consistent Access to Up-to-date Records:
Tax time always brings additional anxiety and pressure for small business owners. Maintaining clean and clear records reduces the stress of tax season and makes it easier to know exactly where you stand without a last minute panic for receipts, forms, reports and records.
Small Business Tax Preparation Services
- Partnership Return – 1065: Partnerships do not pay tax on their profits; their partners do. The nature of a partnership makes this form confusing and complex. It requires all the basic information of other business tax forms including income, deductions, credits and other items, but no tax is due based on it’s completion. Instead, the IRS requires this form as a vital piece of information to ensure that the partners pay their adequate taxes based on their piece of the partnership.
- S Corp Return – 1120S: If you are an owner in an S Corp, each shareholder is required to submit a form 1120S in order to identify income, losses and dividends of the percentage of the company shares owned by the individual during the tax year. Naturally, this can get complex depending on the status of the business, the number of shareholders, and how the company is divided.
- Schedule C – Sole Proprietor and LLC: Anyone who operates their own business must fill out a Schedule C along with their main tax form 1004. The Schedule C reports profit, loss, as well as expenses and deductions for the business. While this is the simplest of business tax forms, it is also the most important because it is where business owners report their tax-deductible expenses and calculates overall profit and loss to determine your tax liability.
Our fees for small business tax preparation start at $275, but may vary depending on the size of your business. Give us a call and come visit us for a no obligation consultation and customized quote for business and tax accounting support.