Tax & Accounting solutions designed for business owners
As a business owner, you probably agree that dealing with taxes and accounting can be a headache. It can be stressful to sift through tax paperwork and determine the right forms that need to be filled out. Plus, you need to worry about cash flow, tax payment deadlines and more. One of the best investments you can make is hiring tax and accounting services, so you don’t have to get caught in the busy work.
Today, we’re sharing detailed information that you need to know about tax filing for your business. If you have questions, you are always welcome to reach out to our team here at TaxFo Accounting. Our goal is to support your small business so you can focus on the processes and systems that will set you up for success in the future.
Hiring a pro team will take the stress off your shoulders. Not only will the accounting team do your taxes, but we can also support your business throughout the year by advising and reviewing your bookkeeping or even prepare books for you.
We will guide you Step-By-Step
Here is an overview of the step-by-step process that should be followed if you are setting up your financial system and preparing for taxes in the future.
How is Your Business Structured? The type of entity used for your business will impact the way your taxes are filed. It is important to know your entity in advance so that you can choose the right tax and accounting services to match your needs. The most common types of small businesses include a Sole Proprietorship, Partnership, S Corporation, C Corporation or Limited Liability Company (LLC).
Record Your Transactions: Don’t wait until tax season before you start working on the preparation for the filing. The truth is that tax preparation should be happening throughout the year. As transactions come through your business, you need to be tracking the money that is flowing in and out of your accounts. Records are the foundation of a successful tax filing. You need to have these records ready to go when it is time to prepare your tax filing.
Choosing the Right Tax Forms: One of the complicated aspects of tax preparation is the variety of tax forms used by the IRS. You don’t need to file every available form! Instead, talk to an experienced tax and accounting services provider so you can choose the forms that apply for your business entity. For example, certain forms need to be filled out for an LLC that aren’t required for a Sole Proprietorship. Tax forms might include self-employment taxes, FUTA taxes, Individual Income Tax Return, Profit or Loss from Business, and more. If your business is set up as a Corporation, then you might need to file forms regarding Shareholders, Schedule E, among others.
Why should you hire us?
In the beginning, paying for professional tax preparation support might seem like a big expense, especially if you are pinching pennies to get your new business venture off the ground. But it is worth the investment to hire an accounting team from the beginning.
Tax and accounting services for business will give you the foundation needed that will help your company flourish. A good financial and accounting system gives you a clear picture of the financial health of your company. This information is essential, helping you see potential areas of growth and other ways you might be spending in the wrong categories. An accountant can help with much more than basic tax preparation, which is why it makes sense to start with these services right away. Also, our services are tax deductible.
Our team at TaxFo Accounting offers years of experience helping business owners like you. We have hands-on experience with various tax and accounting services, including tax preparation, payroll processing, and more. You can choose from the variety of services that we provide that fits best to your business needs.