Tax Services
Experienced Tax Assistance
Tax season can be a stressful time for business owners. However, with the help of the experienced accountants at Excellent Tax & Accounting, this does not have to be the case. We can assist in lowering your tax liability and resolving tax debt issues. Our services include quarterly and yearly tax preparation, year-round tax planning, and tax resolution services.
We ensure that you don’t end up paying more than you owe or put your business at risk of an audit. Get in touch with us today to schedule a free tax consultation!
Tax Preparation
Tax regulations tend to change frequently, which can make it challenging for you to stay updated with the latest changes and to determine which ones are relevant to your growing business. However, having a team of professional tax experts can significantly help ensure that your tax forms are complete, accurate, and submitted on time. Whether you need to file your taxes quarterly or annually, getting professional tax assistance will give you the confidence and peace of mind that you need to succeed both in business and personally.
5 Common Tax Filing Problems That Business Owners Often Encounter
Attention all small business owners! While you may be proud of your ability to juggle multiple tasks, you could be putting your business at risk if you’re not effectively handling your tax forms.Â
Don’t risk IRS audits and costly fines due to incomplete or inaccurate tax forms. Some common mistakes business owners make include:
- Mixing personal and business expenses.Â
- Failing to keep track of receipts and expenses.Â
- Mishandling payroll taxes.Â
- Missing out on potential deductionsÂ
- Claiming inaccurate deductions for a home office space.Â
Don’t let these mistakes jeopardize your business’s financial health. Seek out professional help and ensure your tax forms are completed accurately and efficiently.
Quarterly vs. Annual Tax Filing
Determining how often and when you are required to file taxes can be confusing. But don’t worry, we’re here to help you understand what’s expected of your business based on its size and industry.
The two main factors that determine your filing frequency are your entity type and your estimated tax liability for the year. We will estimate your yearly liability based on previous records and your projected performance for the year. Then, we will explain how your filing requirement will affect your overall financial situation.
Quarterly
Most common to LLCs, sole proprietorships, and small businesses that owe $1000 or more in estimated taxes. The corporate threshold for quarterly filing is much lower, at only $500 in projected tax liability.
Annual Filing
All businesses, regardless of filing status, must file an April tax return, which completes their yearly filing. This is the point when you balance your previous filings, determine your true tax liability, and provide the balance (whether you owe or are owed a return).
If you have to file quarterly, you may feel like you’ve gotten the short end of the stick, but there are benefits to be had. Filing in smaller installments throughout the year lessens the burden on your overall cash flow, so you don’t have as significant an impact as you would filing all at once. The most frustrating part, having to organize and file, you can leave up to our trusted team.
Tax Planning
If you only think about your taxes in the days and weeks before you have to file, you could be setting up your business to pay way more than you’d actually owe. We offer tax planning with year-round consulting so that you can make proactive decisions that help you qualify for deductions and lower your overall tax liability.
Put Your Taxes in Expert Hands
Whether you’re looking for someone to help you get your taxes in order, or you need help dealing with past tax debt, the team at Excellent Tax & Accounting is ready to help. Schedule your complimentary consultation with our office today!
