TAX PREPARATION FOR BUSINESS
Growing a business is no easy task. Having a CPA with over 30 years of experience assisting Individuals, sole proprietors, LLC’s corporations, and partnerships will add valuable experience to help your business. Our helpful insights to help you stay on top of tax issues affecting your industry and find ways to legally reduce your taxes while keeping more of the hard earned profit from your business or self-employed endeavor.
No surprises. You determine the level of service you would like us to provide at a cost you know ahead of time.
Understand what goes into preparing your tax returns will help you determine the best value and level of service to choose.
We prepare all returns with an eye toward paying the least tax legally required.
he chart below will give you an idea of how your Tax Preparation Fee is determined. Value drives Cost – the more valued added services requested the higher the cost will be.
Examples of value added services we can deliver
| Time & Complexity | Level of Personal Service | Personal Preferences |
| Type of Tax Return (1065, 1120 1040 Sch. C) |
Face to face tax appointment | Hard copy paperwork to and from Tax Preparer |
| Number of Forms & worksheets needed | Assistance gathering tax records / organizing documents | Hard Copy of final tax returns |
| Quantity and complexity of data | Assistance with working trial balance and financial reports | Requires in person interview instead of tax organizer & checklist |
| Requires in person interview instead of tax organizer & checklist | Valuation of inventory, amortization, depreciation, cost of good or services sold | Next year tax planning & estimated taxes |
| Timely responsiveness to tax questions | Reconciliations and adjusting journal entries | Review of prior year tax returns |
| Research of tax basis, prior carryforwards, tax regs. | Choosing the type of business entity (LLC, Scorp,etc.) | Hard Copy of final tax returns |
What we need for your tax appointment
Below is a summary of the information and documents we need for your tax appointment. Here are some of the important categories:
1 – Personal and business identification documents
While this might sound basic, it’s important to bring identifying documentation to your tax appointment, such as your Social Security number. Also bring your business Employer Identification Number (EIN).
2 – Download your books
We will need you to bring your tax and financial records, like a copy of your prior-year tax return and information about your business assets, liabilities, and equity. In addition, bring your profit and loss statements and balance sheets if you have them.
3 – Expense information
One of the best ways to reduce your taxes is finding every possible expense to reduce your tax obligation. As Tax pros we can help to identify small business tax deductions you might have missed, but you can help them by being prepared with proper documents and receipts.
Have all stash of receipts in a shoe box? You’re not alone. Don’t worry if your expenses aren’t documented in a spreadsheet. We’ll help you sort through it all.
Have all stash of receipts in a shoe box? You’re not alone. Don’t worry if your expenses aren’t documented in a spreadsheet. We’ll help you sort through it all.
4 – Sales totals and cost of goods sold
If you buy or sell merchandise for business use, inform your tax preparer of these amounts.
The cost of goods sold is the cost of producing goods produced by your business, including the cost of labor and materials used.
5 – Income
Create an income statement to track all revenue sources of your small business. This could include income from your day-to-day operations as well as any investment or secondary income.
6 – Contractor or employee information
If you have contractors or employees, this is important information to bring to your tax appointment.
Anything you paid to your contractor or employees for services rendered must be reported. This includes health insurance and other benefits.
In addition, we will need your federal and state payroll information (Form 940 and Form 941 as well as your state payroll reports).
Get organized and use a small business tax checklist which we are happy to provide when you hire us as your tax preparer.