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Small businesses calculate their business profit or loss for income taxes, then include this information on their personal tax returns. Whether your business is a C corporation, S corporation, multiple-owner LLC, Partnership, or Sole Proprietorship, our knowledgeable accountants can help with your business tax returns. We have filed thousands of business returns over the years. Since small businesses file their business tax returns with their personal returns, the due date is the same as the personal income tax return. The due date is April 15th.
Contact us about tax preparation or for a free consultation.
The goal of tax planning is to arrange your financial affairs so as to minimize your taxes. There are 4 basic ways to reduce your taxes, and each basic method might have several variations. You can reduce your income, increase your deductions, and take advantage of tax credits.
1. Reducing your income - Adjusted Gross Income (AGI) is a key element in determining your taxes.
2. Increase Your Tax Deductions - Taxable income is another key element in your overall tax situation. Taxable income is what's left over after you have reduced your AGI by your deductions and exemptions.
3. Take Advantage of Tax Credits - Once we've tweaked our taxable income, we are ready to focus our attention on various tax credits. Tax credits reduce your tax. There are tax credits for college expenses, for saving for retirement, and for adopting children.
4. Increase Your Withholding - You can avoid owing at the end of the year by increasing your withholding. More money will be taken out of your paycheck throughout the year, but you will get a bigger refund when you file your taxes.
Give us a call today to see how we can help you with all of your tax planning. We can assist you with long-term, annual and mid-year tax planning. We can also help with tax forecasting for the next year.
One of our core specialties is the preparation of tax returns for individual taxpayers. Over the years we have prepared and filed thousands of Federal and State returns. Let us take care of your taxes so you can relax knowing they are in good hands.