Get Help Preparing Taxes in Charlotte. We can help prepare taxes and developing a better tax plan for your business that reflects your tax needs for an all-in-one unmatched service. Contact Basta + Croop now.
Why You Need Help to Prepare Taxes
Tax preparation can be quite daunting for some businesses, especially those that are always busy. It takes a lot of time and planning to gather tax documents and file taxes. It’s not something you can do overnight. One mistake can cause your business all kinds of problems and perhaps even an audit.
Filing taxes yourself can result in you paying more than you owe or not paying enough. Getting help from a tax agency can transfer the burden of tax planning to professionals in accounting services, allowing you to use your time to run your business.
Filing Taxes When Multi-Owners Are Involved
Some tax returns are more complex than others.If you formed a corporation or are part of a multi-owner LLC, or partnership with other owners and operators of your business, you should avoid preparing taxes yourself. These tax returns can get quite complicated and besides that, when there are multi-member partnerships, S corporations, and LLCs involved, you each must file separately. Each of you must create a Schedule K-1 statement showing each owner’s profits or losses.
Audit Rates Are Higher With Self-Prepared Returns
The IRS can tell if you prepare your taxes on your own since if you hire a professional to do your taxes, they must sign their name on the return submitted. This rule is true for many tax forms, including the IRS 1040 form for individuals, the business tax form 1065 filed by partnerships in multi-owner LLCs, and even form 1120 for corporations.
The IRS is more likely to audit self-prepared tax returns than those prepared by professional tax services because many people make mistakes on their returns and it is easy for taxpayers to cheat when preparing their own returns. In fact, they can claim anything to get out of paying more taxes. However, a professional tax preparer can save you even more money without cheating since they know every loophole and allowable deductions for better tax resolution.
Find more reasons for outsourcing taxes here.
What Small Businesses Should Know About Filing Taxes
Whether you are operating under a limited liability company (LLC) or a sole proprietorship, there are some important things you need to know about tax filing. The way your business is structured impacts where and how you file your tax returns. For business start-ups, paying taxes on employee income and business income differs in a few ways.
Quarterly Estimated Taxes
If you expect you will owe $1,000 or more in taxes after filing, you will need to make quarterly estimated tax payments. You will have to pay taxes to the federal government and depending on where you operate your business and where you live, may have to pay taxes to multiple states. If your business is a corporation, you must file corporate taxes each year and pay quarterly estimated taxes.
You should never wait until your filing deadline to pay business taxes, since you may get hit with a large penalty fee. These penalties are based on your quarterly estimated taxes and how long you delayed your payment. To learn more about making estimated quarterly tax payments, check the Estimated Taxes guide found on the IRS website.
Calculating Business Taxes
You pay the taxes on your income plus self-employment tax, for Medicare and Social Security taxes when paying quarterly taxes. For self-employment tax purposes, for your business, you are generally both the employee and employer.
It is also important to mention that you will need to put aside money for estimated quarterly taxes on your self-employed or independent contractor income you report on the 1099-NEC form at the year’s end. This is also known as 1099 income.
W-2 Income
If you run your business’s payroll, the pay from each paycheck is known as W-2 income. The appropriate taxes must be deducted from each paycheck and sent to the government. Payroll providers can help you determine the amount to automatically deduct from your business account for state and federal treasuries. It is your responsibility to ensure this amount is correct, so you must also check regularly for changes to tax laws.
Get Help From Tax-Pros When Your Business Launches
It is also recommended that you get help with taxes as soon as you launch your business, ensuring that nothing is left out. Then after a few years, you may be able to file your own business tax once you see how it’s done.
With business start-ups, many entrepreneurs plan the hiring process along with marketing and sales strategies, overlooking the importance of tax planning. This can lead to a lot of confusion and problems later when it comes time to file taxes. Planning for your business taxes from the start of your business not only helps prevent future problems from occurring, but also helps you avoid penalty costs.
Who We Are
Basta + Croop provides the best tax strategy and advice to individuals and businesses nationwide. We deliver tax preparation services, including tax planning, accounting, advisory, and payroll services.
Tax Services
Personal Tax
Save time and all the hassle by having an experienced team of accountants from Basta + Croop work with you to help minimize your tax liability. We are dedicated to finding you the right tax deductions and creating a tax plan to help reduce your tax rate.
Here are just some of the personal tax services we offer:
- Personal tax planning and advice
- Personal tax return, compliance, and self-assessment
- Residency and domicile filings
- Expatriate and immigration tax advice for American citizens working or living overseas
- Family office bank statement reconciliations, monthly accounts, reports, etc.
- Personal tax resolutions and investigations
Business Tax
No one wants to spend a lot of their time filing complicated tax returns. Our team at Basta + Croop are highly trained and experienced accountants in the tax industry. We can help file your business taxes accurately and on time.
Here are just some of the business tax services we offer:
- Business tax planning and advice
- Business tax return, compliance, and self-assessment
- Research and development relief
- Business tax resolutions and investigations
- Company restructuring
Get Help With Your Taxes From Experts
Let our experts help plan your tax resolution and get you the tax breaks you are entitled to that you may not even know about. Contact us now by filling in our short contact form and we will get back to you within 24 hours.