Are you one of those business owners that moan and groan come tax time? Dreading that it’s almost time to file your taxes, but you still don’t know where you are with tax preparation. Most small entrepreneurs experienced the same thing about their accounting tax preparation. But this should not be the case. You can be better prepared and not get worried, come tax filing. How?
Hire the best tax preparation services provider that –Chicago Accountants. We can provide you with streamlined and modernized tax preparation services for your business growth. We will lead and guide you through the rudiments of tax filing. Here are the checklists.
Choose Your Tax Form
As a small entrepreneur, we’ll help you choose the appropriate tax form depending on your business identity. There is no standard form that all small business owners use. Don’t you worry! We are well-versed in all tax forms, and you’ll have your right business tax form come tax filing.
Know Your Tax Filing Date
Scheduling for tax filing is crucial in your tax preparation. We will provide you with the exact dates for your business taxes due. Your filing deadline depends on your business structure.
Sole proprietorships, single-member LLCs, multi-member LLCs, taxed as corporations, and corporations that end their tax year on December 31 must file by April 15. This is the same due date as personal tax returns. You have until the next business day to file if April 15 falls on a weekend or holiday.
Collect And Analyze Your Records
Our Certified Public Accountants using the latest accounting software, will collect and analyze your records. Enabling us to gather and evaluate your balance sheet, income statement, and generate accurate and timely financial reports. We will also collect your receipts, bank statements, credit card statements, and payroll records to back up our work. With our expertise and experience, all these processes are ingrained in our accounting system designed to provide you accurate and time-bound data and information.
Look For A Tax Break
We will help you look for a tax break. Your business tax credits and deductions are a great way to lower your tax liability. Depending on your business, you may qualify for a few.
Businesses can claim tax credits and deductions for qualifying expenses. You may qualify for tax credits such as small employer health insurance, disabled access, work opportunity, etc. Here are examples of expenses you might be able to claim tax deduction like a home office, business use of car, travel, among others. Before claiming a credit or deduction, we will ensure that you have the records to back it up.
Deduct Estimated Tax Payments
As a business owner, you will pay estimated taxes quarterly. By having estimated tax payments throughout the year, you can deduct these from your total tax liability. It is ensuring that you don’t overpay your taxes.
Avoiding The Need To Filing Extension
Filing a business tax extension may occur when unavoidable circumstances like getting caught up in other responsibilities, and you are rushing to file your tax return. With our professionals at the helm, this will never happen. We are dedicated and focus on providing efficient and effective tax preparation for your business. We will always be on schedule, and everything about your taxes will be properly taken care of.
Filing Your Taxes
We’ve come to the end of our small business tax return checklist. After all the important data, information, and documents have been thoroughly checked, it’s time to file your business tax return. Using the E-Filing process of the IRS system, which is faster, and with a quicker confirmation that filing went through successfully.
Now that we’ve discussed the important steps in tax preparation, it’s equally essential to know our excellent tax services designed to provide small businesses the ease of doing business.
We offer a proactive approach with our tax services. It is enabling us to be updated with new tax law and legislation. It helps us be able to identify essential tax planning opportunities that minimize both your current and future tax liabilities. We provide our clients with the expertise and knowledge that they deserve year-long.
We have significantly invested in automated tax preparation and accounting software, enabling us to accurately and efficiently prepare returns for various types of businesses such as corporations, partnerships, trusts, and individuals. We will ensure to lead and guide you every step of the tax preparation process from the before, during, and after-tax season.
Tax planning is crucial in the tax preparation process. With our experience, we’ll make tax planning an essential part of your overall business strategy and providing you access to the latest developments in the tax laws to minimize both your current and future tax liabilities.
Our professional accountants are well-versed in payroll services. Enabling us to streamline and modernize your Human Resource Department, which makes for an efficient and effective payroll system. Accurate and timely preparation of all necessary payroll tax returns will be done routinely.
It will be best for small entrepreneurs to have good IRS representation. Our professional accountants are experienced in dealing with various taxing authorities. Our high level of competence enables us to ensure our clients are properly represented before the different federal and state tax agencies.
Our comprehensive approach to tax preparation is what makes us a leader in the industry. We strive hard to stay in that position enabling us to provide the best tax preparation services you deserve. But wait; there is more good news for you! Our awesome accounting tax preparation services are very affordable. Professionals combined with the latest technology at a very modest price are something you don’t want to miss.
We hope we have provided you with good reasons why you need to trust our excellent accounting tax preparation services. We will help you grow your business. If you have other inquiries, feel free to contact us, now! Our professional accountants are waiting to have a conversation with you.