Tax Planning for Businesses
Once a business progresses past the start-up phase into increased profitability, it is important to employ strategic tax planning in order to protect the long-term well-being of the company.
We can help you protect your company by conducting ongoing tax planning for your business and implementing a system of bookkeeping that ensures that all business transactions are recorded properly and that their tax
implications are considered as they occur.
Our Tax Planning Process for Businesses:
- Review of prior three years of tax returns, financial statements, and business records to identify missed opportunities.
- Update prior tax returns, financial statements, and/or business records to take advantage of opportunities identified.
- Tax Projection and Estimated Tax Planning
- Ongoing Advice as Business Occurs
You will want to consult a professional if you have the following tax issues:
Increased Tax Liability
As your business income grows, so does your tax bill. If you are not financially prepared for an increased tax liability and are unable to pay, this bill can quickly grow out of control through compounded penalties and interest.
Eliminate the surprise of higher than expected tax liabilities and get prepared by contacting us for help in projecting the increased amount of taxes resulting from your growing business.
Business Losses
Given the current state of the economy, the story of businesses losing money is becoming all too common.
The good news is that there are tax benefits available for losing money in business. The bad news is that accounting for these losses is complex and it pays to consult a professional in this area to see if all of your business losses are deductible.
Business Use of Personal Property
A variety of complex tax rules cOme into play whenever personal property is used in the operation of a business.
Allocating the expenses associated with this property between personal and business use and sufficiently documenting this information in order to claim a tax deduction can be extremely challenging for a business owner.
Get the professional advice you need in this complex area of tax today.
Merited Deductions for Home Office
Business owners often make use of a home office in addition to a commercial address in order to do business. Allocating the expenses associated with having a home office between personal and business use has become a challenge for business owners since the IRS is currently scrutinizing tax returns that take the home office deduction.
Get clear on the IRS rules for claiming tax benefits associated with using a portion of your home for business by having us make sure that you meet their documentation requirements and correctly calculating your home office deduction.
Tax Notices from the IRS
All notices from the IRS always require immediate attention from a professional in order to resolve. The longer these notices go unresolved the more problems they tend to create.
If you receive a notice, don’t be afraid to get the help you need. We are here to help get you back on track and help you determine if you are required to take future action.