The IRS categorizes any business making less than $25 million a year on average, and with fewer than 250 employees, as a small business. If your business falls into this category, you can turn to our team at Goodson & Taylor CPAs for help with tax preparation. Business taxes, even for small businesses, are much more complicated than those for individuals, and our team is here to help you make sure you have everything ready come tax time. We have over 40 years of experience in this industry, so we are confident you will be more than satisfied with our results.
In this article, we’ll go over some key information you should know about small business tax preparation.
- What Taxes to Pay – One reason to use our small business tax preparation services is because we are thoroughly familiar with the specific taxes you will need to pay as a business owner. You probably already know you need to pay income taxes on your business’ earnings as well as sales taxes on its goods. However, you also need to make sure you are withholding money from your employees’ payroll to cover things like their income tax, Medicare, Social Security, and more.
- Records and Forms – Another reason to use our small business tax preparation services is because we know exactly what forms you need to file. We’ll make sure you fill out all the information accurately, and we’ll check everything for errors. Our team can also help you keep accurate and up to date financial records, which will make tax filing much easier.
- Deductions and Documentation – Lastly, our small business tax preparation experts can help you take full advantage of all the deductions you are eligible for. The IRS allows you to deduct certain business expenses from your taxable income, but you will need to provide documentation, and our team is here to take care of that process.