Tax preparation is the business activity that most owners know the least about. Why not get a professional to prepare your taxes. They are experienced in every aspect of business taxes, and they are probably familiar with the tax challenges you face. Regardless a tax preparation services will know how to research the tax laws and regulations to help you submit an accurate tax return. The IRS can be very harsh on businesses which do not file accurate returns. This is especially true when you make a mistake which results in under reporting income and taxes owed. More importantly for the business owner, deductions may be missed which would minimize the taxes owed.
A CPA experienced in the IRS rules and regulations can prepare your taxes accurately and maximize your deductions. They also are aware of tax credits which may apply to your business and these will save you money in taxes. The CPA will review your operating income and expense statement to find necessary information for your return. These accounts must be accurate or your tax return will not be accurate. The income is obviously important, but not all income is taxable so you need professional help in sorting this out.
Depreciation schedules are important at Tax Preparation time since depreciation is a tax deduction. However, the schedule must be prepared in accord with the IRS rules which vary with the item and the building. Maximizing allowed depreciation is definitely a way to save income taxes.
Employer FICA is a deductible expense as are employee health care payments and other expenses paid for the benefit of employees. Of course, wages are deductible and so are the expenses employees incur in the performance of their job.
Robert A. Woloshen CPA PC can review your accounts and find other deductions, but he can also find items which need to be in a different income or expense account. The CPA is very good at helping you structure next year’s tax filing by organizing your accounts and making sure that you properly account for every expense and all of the income. He can help you identify better methods of accounting so you will have an easier time filing your tax return with all of the deductions you are entitled to.
