Many small business owners collect their financial information in a box during the year. Maybe you have even invested in a popular accounting software, like QuickBooks, Sage, or Excel. After the year is over, you are going to take the information to a tax preparer and hope he/she can sort through the materials and arrive at the information the IRS is looking for.
If this scenario matches your business practice, you are missing something. If the information were available to you throughout the year, you could take advantage of tax deductions and tax planning solutions that would reduce your tax liability.
2019 Tax Filing Calendar
Personal Tax Return (Form 1040)April 15, 2019
Partnership Tax Return (Form 1065)March 15, 2019
Sub chapter S Corporation (Form 1120S)March 15, 2019
Standard Corporation (Form 1120)April 15, 2019
Trust and Estates (Form 1041)April 15, 2019
Non-Profit (Form 990 Series)May 15, 2019
Wage forms (Form W-2)January 31, 2019
Non employee Compensation (Forms 1099-MISC)January 31, 2019
Credit & Deduction Review
You may benefit from itemizing your deductions on Schedule A (Form 1040) if you:
Don't qualify for the standard deduction, or the amount you can claim is limited,
Had large uninsured medical and dental expenses during the year,
Paid interest and taxes on your home,
Had large unreimbursed employee business expenses or other miscellaneous deductions,
Had large uninsured casualty or theft losses,
Made large contributions to qualified charities, or
Have total itemized deductions that are more than the standard deduction to which you otherwise are entitled.
Individuals Tax Return Prep $300
Business Returns Prep $700
Start your return here with help online.
What is Tax Planning?
The steps to results:
Reviewing and prioritizing your goals and objectives.
Identifying tax planning strategies to optimize financial position.
Presenting a written tax plan that will be reviewed in detail with you. It will contain recommendations designed to meet your stated goals and objectives, supported by relevant financial summaries.
Developing an action plan to implement the agreed upon recommendations.
Referral to other professionals, as required, to assist with implementation of the action plan.
On a periodic basis, we will review all accounting transactions. This includes checks, deposits, and other transactions affecting the checking account. It also includes estimates, invoices, credit memos, and all customer transactions. It includes vendor transactions: bills, item receipts, checks, credit card charges and purchase orders.
We will review the bank reconciliation for the checking account. We will also enter adjusting journal entries as necessary, including depreciation.