SMALL BUSINESS TAX PREPARATION
We can help you with your small business tax preparation
When it comes to taxes, it can be an overwhelming subject for small business owners. There are so many things to remember about small business tax preparation that you, as a business owner, can get lost. The main reason to hire a CPA is to ensure that you are managing your tax obligations properly and in line with current tax laws and regulations.There are many similarities between individual tax preparation and small business tax preparation. In both cases, the tax regulations are ever changing and when your returns are not prepared correctly, you will hear from the IRS.
Although working with a CPA is the safest option, there are some tools out there, which can help small business owners with their tax management. One of resources that is useful is the IRS’s small business tax calendar that they provide each year. The calendar helps you understand various aspects of your small business taxes and reminds you about important due dates. You can view the calendar at http://www.tax.gov/calendar/.
Having access to this resource and other resources which can be found at www.tax.gov or www.irs.gov is great, but the time it will take you to utilize these resources and fully understand your tax situation is going to be substantial. Having a CPA on your side will allow you to have more time to do what you do best.
Some business owners, like individuals, may think that their bookkeeping is so unorganized or their tax documents are in such disarray that they are beyond help. If you find yourself thinking this or similar thoughts, then take a deep breath. A CPA is here to help you, no matter where you are at, with your small business tax preparation. It is important to note that if you do need extra help with your tax preparation and organization, it is more than likely going to cost you more money up front. This additional cost comes from the added time a CPA will need to spend with you. On the other hand, if you are in this situation, the amount of money and time a CPA can save you will fair outweigh the cost of the CPA’s service.
Tax preparation experts agree that the most common mistake made by small business owners is not keeping accurate records. A CPA will not only help you with your small business tax preparation, they can help you plan for the future. A CPA’s main goal is to help you understand what to do to make the tax filing process a lot less painful.
Frequently Asked Questions
One of the first things people want to know about CPAs is how much does their service cost. Unlike other professional services, there is no set amount. It varies on how organized and prepared you are, the complexity of the return, and the overall time it is going to take to prepare your taxes. It is important to remember that you are hiring an expert who can save you a lot of time, questions, frustration and money. This should be factored into your decision to hire a accountant or CPA, because your savings will likely be larger than the initial cost.
When you are faced with an IRS business audit, you are most likely going to be stressed and overwhelmed. Hiring a CPA to help you is the best decision you can make. IRS auditors are trained at asking the right questions to get the most money from you. During this stressful situation, play it safe and smart– have a CPA on your side. They have the experience you need.
When is the best time to hire a CPA? The simple answer is now. Establishing a relationship with an experienced CPA can significantly help you with your personal and business tax preparation, financial and business planning, and help you plan and maximize your financial goals. It is also better to hire a CPA early on, rather than after you get a notice from the IRS (“love notes” I like to call them!).
Knowing what to have prepared before meeting with a CPA or accountant is important. Being prepared will save you on preparation fees, and potentially increase your deductions. Although it may take you a little extra time to get prepared, it will only help you in the end. Gather any medical documents for medical deductions and also items like property tax documents. Bags of grocery receipts (which you don’t need) and important tax documents (which you do) all jumbled together will only be a costly and time consuming waste–separate and organize!
Knowing how often to meet with your CPA will help you maximize your CPA’s services. Many people look to CPAs as a kind of history service that goes back and reviews, and then prepares. This is somewhat true, but you need to be aware of the fact that you will benefit more by understanding how a CPA can help you with preparation and timely decision-making. By only meeting in the crunch time just before April 15th, you miss out on any potentially beneficial tax and financial decisions that can be implemented during and prior to the end of the year.
EVANS NELSON & COMPANY, CPAS
160 West Huffaker Lane
Reno, NV 89511
Phone: (775) 825-6008
Evans, Nelson & Company has been my firm’s Accountant for over 10 years. Not only have they prepared our taxes, but they have stepped in when we needed book keeping assistance. Tim, Emily and their staff are extremely competent and have made me and my staff feel valued as their clients.
I just want to give a shout out to our CPA @ENCPAs!! If you need an awesome CPA give Tim a call at (775) 825-6008. He Know His Stuff!
We have worked with ENCPA’s for 15 years. They are highly professional, organized and excel in offering smart strategies for your business and personal finances. We wouldn’t use anyone else! They are the best!
I give them 5 Stars! Evans Nelson & Company CPA’s are fast and reliable. They are up to date on all tax code and have helped me save money on my past several returns, as well as plan for future tax implications.
Evans, Nelson & Company has been our CPA firm for many years. A trusted advisor who is always looking out for my best interest…I give them my highest recommendation!