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Let us CUT your business taxes! We offer a full service tax preparation, with planned, helpful advice throughout the year, to help you save tax dollars. We prepare individual, partnership, corporation and all state tax returns. As a business manager, you are required to wear many hats, but your major responsibility is to keep the business profitable. One way to improve your overall performance is by reducing the income tax you pay. Managing
a small business can be very rewarding. Finding every tax deduction for which you qualify is like finding money. Tax deductions generally come in two categories - those you can take only if you itemize on Schedule A and those you can take even if you don’t itemize (you use the standard deduction instead). To make the most of your deductions every year, start by reviewing your prior year’s tax return. Identify each write-off and determine whether you’re entitled to the same type of deduction for the current year. If it appears that you aren’t, or if a deduction is significantly lower than in the previous year, make sure you understand why. Also, review your activities during the year, since out-of-the-ordinary events sometimes trigger tax deductions. For example, you may be entitled to additional write-offs if you bought or sold a home, refinanced a mortgage, or suffered a casualty loss during the year. Protect your deductions by keeping the documentation you need to support them. If you do not have adequate substantiation for a tax deduction, you may lose the deduction and pay more tax as a result. |
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