Business Tax Preparation

Spend Less On Accounting and Save More On

Business Taxes

We understand running a business is tough enough without adding the complication of filing taxes each year. What is vital according to experts, is to work with an accountant and a tax strategist throughout the year and not only when you prepare your tax return. Making financial decisions without consulting an accountant or a financial adviser can put you in jeopardy and cost you

extra money.

Here are the reasons why when it comes to tax preparation for small businesses, working with an accountant or financial professional is a must:

• Make sure you hire the right Accountant. Your accountant should be able to do more than just formulate your financial statements and do your taxes. Your accountant should work with you throughout the year to track your income and spending, to make sure you don’t have a cash flow problem, and to monitor your gross and net profits. Working with your accountant from day one of opening your business, not just in March and April for tax season. The problem with the small business industry is the fact that most small business owners don’t understand the importance of accounting for the survival and growth of their businesses.
• Make sure to claim all income that is reported to the IRS and the states. Not reporting all income can raise a red Flag to the IRS.
• Keeping detailed and accurate records throughout the year will ensure your tax return is correct. With inadequate record keeping, Blake says, you could be leaving deductions on the table or, worse, you could be putting yourself at risk for an audit. Blake recommends every business invest in a basic version of accounting software because it is user-friendly, inexpensive, and helps you keep track of all your income and expenses.
• We make sure to separate your personal from your business expenses.
• A good accountant gives you advice on how to efficiently save on taxes and grow your business. It is important to seek their advice to determine how much to contribute to your retirement fund and whether you should take a bonus or delay it a year. Your accountant can tell you if buying a small space for your store or business - rather than renting - could save

        you money.