Being unprepared is the number one issue that gets people in trouble with the Internal Revenue Service (IRS). At Xpert Financial Services, our team is highly experienced in helping small and large business owners with their tax preparation strategies and even business tax resolutions if you find yourself in trouble with the IRS. Here are some tax planning tips and tricks to help you better prepare for the upcoming tax season:
How Preparing Your Taxes Beforehand Can Save You From the IRS
How Preparing Your Taxes Beforehand Can Save You From the IRS
How Business and Personal Taxes Differ
While your business and personal taxes are typically filed separately, it is important to recognize that your business structure will dictate when and how you can file your personal taxes. Xpert Financial Services’ business tax services can help you best determine your tax preparation strategy making sure you hit those important deadlines for both your business and your personal tax return.
Strategies to Keep Your Taxes in Order
The key to business tax preparation is the planning stage! Here are a just few of the strategies our team can work with you to implement:
Keep business and personal accounts separate
Keep track of expenses
Know what is (and isn’t) tax deductible using the IRS website
Use accounting software to simplify the bookkeeping process
Budget for tax payments throughout the year
Use The Correct Forms & File Them On Time
The type of business structure you have in place will dictate which form you need to use and the deadline. Using the incorrect form could result in an IRS audit or business tax resolution.
Sole Proprietorships/Single Member: Schedule C
Partnerships/Multi-Member LLCs: For 1065 & Schedule K-1
Corporations/LLCs Taxed As Corporations: Form 1120
S-Corps: Form 1120-S
Tax Resolutions: What You Need to Know
If you do find yourself in trouble with the IRS Xpert Financial Services offers professional business tax resolution services to help negotiate on your behalf with the IRS to come up with a solution. But remember, the key to avoiding issues when filing your business tax return is to seek the help of a business tax professional.
Are you ready to face an IRS audit? Let us help you better prepare with our expert business tax preparation services today!