Small Business Tax Consultant Near Me – Looking for small business tax accountants near me, but do not know what to look for? How about one that helps you rewrite your money story?
Brothers can be a scary animal – one that is more equal to a root canal or losing a limb. As the old saying ‘death and taxes’ means that these are the only certainties in life, it also means a sense of fear and dread. The Walking Dead may be a hit TV show, but is that the kind of money story you want to live?
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Some small business tax accountants near me, the main selling point is how quickly and efficiently they can get the form you fill out. Depending on how long you have waited for your ‘drilling’, this may be all you have for this season.
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We have made it our mission to make tax services near me a golden opportunity for you and your business – one that produces shall we say happiness, joy, abundance? The best sellers are always the ones that flash something fresh and new. Do you take this as a sign that your financial life is ready to be unleashed?
What if, instead of taxes being this scary thing that comes around once every year, it was the beginning of something new for you and your business?
At Clem Collaborative, we want you to see and feel that your tax experience is an opportunity for real success – not just an annual trip to bring in your salary and take a piece of it.
Some accounting firms focus on getting you in the door so you can help the bottom line. But we want to help you with your bottom line.
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We want to see your money grow, so you can start enjoying it more. Let us help you unpack your beliefs about money and what you can achieve. You can feel empowered to create more wealth to live the life you want to live. We want to help you with strategy, planning, and accountability to make your dreams come true.
When you’re searching for a tax accountant near me and you land on our page, we believe it’s our responsibility to educate you about all your options – not just tax compliance. For too long, small business tax accountants near me have emphasized getting forms filed correctly and on time. While this is certainly necessary, it is only the beginning.
You and your money are an ongoing story that started when you first earned a bonus or opened a lemonade stand. Your story will end when you take your last breath and your legacy wishes come true. (Oops, we brought him back to death, didn’t we?)
You don’t have to feel like a victim in your money story – just go ahead and do what you are told. Very few people on the planet get to know the IRC Tax Code, and we’ve just happened to be two of them, so leave it to us.
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You get to be a hero, or better yet – the author of your own money story. What is the next chapter you will write? What do you do with your money? With whom do you enjoy it? Where will it take you? These are the things we want to allow you to think strategically and plan for. Then we want to show you the steps to create this truth one sentence, one paragraph, one chapter at a time.
It’s great to have a small business tax accountant near you to prepare and file your taxes. But at Clem Collaborative, we believe you have a great money story. And we want to help you write it.
Start a path from reactive to proactive today. Call us at 843.214.2747 to see if we’re the right fit for you and the money story you want to write. You have people who get excited and file their taxes the first day they can. And, you have people who complain and complain and fill in at the last minute. Who are you?
You might be the second person whose favorite thing in the world is filing your small business tax return. If that’s the case, you need a small business tax preparation list.
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Or maybe you’re the first – one of those people who can’t wait to review your company’s tax returns. In this case, you may have already made your own small business tax list and want to compare.
Whatever the case, read on to check out our tax preparation checklist for small businesses… and say goodbye to procrastination.
Some may argue that checking things off the to-do list is fun. Fun or not, using a checklist will help you stay organized and accurate. And who wants to miss out on tax deductions or pay penalties due to a careless return?
Use this small business tax preparation checklist this tax season to help you keep up with your obligations:
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Your first task on the small business tax preparation checklist is to figure out which forms you need to fill out. There is no standard form that small business owners use—your form depends on your business entity.
Are you a sole proprietor or the owner of a single member LLC? Use Schedule C, Business Profit or Loss, and attach it to your personal income tax return (Form 1040).
Or, are you a partner in a partnership or part owner of a multi-member LLC? If so, file Form 1065, US Partnership Income Return, and attach Schedule K-1 (Form 1065).
And for those who need a corporate tax preparation checklist, your tax form is Form 1120, US Corporate Income Tax Return. LLCs with multiple members are also taxed as corporations using Form 1120.
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Last but not least, the tax form you will use if you are structuring as an S Corp is Form 1120-S, US Income Tax Return for an S Corporation.
The next step in the small business tax preparation checklist is knowing when business taxes are due. The deadline for filing depends on the structure of your business.
Sole proprietors, single-member LLCs, multi-member LLCs taxed as corporations, and corporations with fiscal year ends on December 31 must file by April 15. This is the same deadline as personal tax returns.
If March 15 or April 15 falls on a weekend or holiday, you have until the next business day to file.
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Each step in the small business tax preparation checklist is important. But this one is arguably one of the longest, most complicated and most important parts of preparing a proper tax form.
Filling out tax information is not a guessing game. You cannot arbitrarily enter income and expenses based on blurred memory. You need to have the hard facts in front of you if you want to file an accurate return.
Get your taxpayer identification number. This is necessary. How else will the IRS be able to identify your business? Depending on the structure of your business and whether you have any employees, you may be able to use your Social Security number. Otherwise, you must use your Federal Employer Identification Number (FEIN).
Next, gather and analyze your balance sheet and income statement. If you use accounting software, creating these reports should be easy. Your income statement lists your business income, expenses, and bottom line throughout the year. And, your balance sheet shows your assets, liabilities and equity.
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In addition to your financial statements, you will need some supporting documents. Gather your receipts, bank statements, credit card statements, and payment records to support your work.
Also, be prepared to get copies of your estimated tax payments. And, get the previous year’s business tax return.
The next stop on the tax preparation train is to find out if you qualify for a tax break. Business tax credits and deductions are a great way to reduce your tax liability. And depending on your business, you may deserve quite a bit.
Businesses can claim tax returns and credits for qualifying expenses. In general, tax credits encourage businesses to take some action that benefits others (for example, offering reasonable accommodation).
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Before you apply for credit or a deduction, make sure you have the records to back it up. And, you need to understand the IRS rules. For example, you can’t file a home office tax if you don’t meet certain IRS requirements.
If you are self-employed, you must estimate tax payments to cover your obligations. No one withholds taxes from your earnings when you are self-employed.
Business owners pay estimated taxes quarterly. If you made estimated tax payments during the year, you can deduct these from your total tax liability.
Instead of putting together something questionable, you can decide to file a business tax extension. A filing extension gives you more time to file and file your small business tax return.
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If you need an extension on your tax return, you must complete the IRS extension form by the due date for your tax return.
You may need to prepare for a situation where you cannot pay your tax obligations in one lump sum.
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