Strategic Tax Prep and Compliance Solutions
Tax preparation and compliance can be complex to navigate but both are very important to your business. Our personal and business tax compliance services will range in pricing based on the complexity of the tax return.
Income Tax: Businesses are required to pay taxes on their profits. The rate depends on the legal structure of the business (e.g., sole proprietorship, partnership, corporation) and current tax laws. It’s essential to maintain accurate records of income and expenses to calculate taxable income.
Compliance refers to the adherence to laws, regulations, and guidelines set forth by governmental bodies. For corporations, it encompasses tax regulations, industry standards, and ethical practices.
Key compliance aspects include:
Filing Requirements: Businesses must file various tax returns according to the established deadlines. This includes federal, state, and sometimes local tax returns, depending on the business's operations.
Record Keeping: Proper documentation is essential for compliance. This includes maintaining records of all income, expenses, and payroll, as well as supporting documents like invoices, receipts, and bank statements.
Regulatory Changes: Tax laws frequently change. Staying informed about updates ensures that your business remains compliant and can help in identifying potential deductions or credits.
Audit Preparedness: Being prepared for an audit means having organized, accessible records and a clear understanding of compliance requirements. An audit can be triggered by discrepancies, random selection, or specific red flags.
By emphasizing tax planning and compliance, businesses can minimize their tax liabilities, avoid penalties, and better position themselves for financial success. Engaging with a qualified tax professional can provide guidance tailored to your specific needs and help ensure you remain compliant with all applicable regulations.
Tax Prep Minimums:
Basic 1040 - $500
Basic 1040 + Schedule C - $800
1120S or 1065 - $1200