For individuals and business owners, dealing with taxes can be complicated and stressful, but this should not be your case. The experienced accountants of Excellent Tax and Accounting can apply their skills to work for you, they can help you reduce your tax liability and get rid of your tax burden.
We provide quarterly and yearly tax preparation, year-round tax planning, and tax resolution services when problems arise. Don’t end up paying more than you owe or putting your personal or business at risk of an audit. Contact us today to schedule your complimentary tax consultation!
Tax regulations change often, making it difficult for you to stay on top of changes and to know what’s relevant to you as your business grows. Having a team of tax professionals will help ensure that your tax forms are complete, accurate, and ready to send in on time. Whether you’re filing quarterly or annually, you’ll find the confidence and peace of mind that comes with professional tax help is invaluable to your business and personal success.
5 Common Tax Filing Problems Business Owners Face
As a small business owner, you wear many hats in your business and are proud of what you can accomplish on your own. However, this strength can also be a weakness if you find yourself without the time or experience to study and complete your tax forms effectively.
The consequences of a poorly-completed tax form can be serious, including IRS audits and hefty fines. Here are some of the most common issues a business owner may face:
Quarterly vs. Annual Tax Filing
Determining when and how often you’re supposed to file can seem tricky, but we can help you evaluate and understand what’s expected of a business of your size and industry.
The two main things that set your filing frequency are your entity type and your estimated tax liability for the given year. We’ll compile an estimation of your yearly liability based on past records and your projected performance for the year, then show you how your filing requirement will play into your year overall.
If you have to file quarterly, you may feel like you’ve gotten the short end of the stick, but there are benefits to be had. Filing in smaller installments throughout the year lessens the burden on your overall cash flow, so you don’t have as significant an impact as you would filing all at once. The most frustrating part, having to organize and file, you can leave up to our trusted team.
Tax Planning for Businesses in California
If you only think about your taxes in the days and weeks before you have to file, you could be setting up your business to pay way more than you’d actually owe. We offer tax planning with year-round consulting so that you can make proactive decisions that help you qualify for deductions and lower your overall tax liability.
Is Tax Planning Worth It?
If you’ve never used tax planning before, you may be skeptical about how much it can actually help you save. Clients who’ve worked with us for their yearly tax planning, however, can tell you the true value this service can bring.
We can help you evaluate your current operations and cash flow, compare against previous tax returns, and look for opportunities to save that may have been overlooked in the past. Our team builds custom strategies you can apply throughout the year to help you lower your liability and protect your bottom line. Best of all, many of these strategies work well from year to year, maximizing your total savings over a much longer period.
How Does Tax Planning Work?
The first step in tax planning is to evaluate your tax liability in previous years and estimate this year’s liability through your projected performance for the year. Once that’s established, we look for tax deductions you qualify for that may have been overlooked on previous tax returns. Our in-depth knowledge of your industry can also help us pinpoint unique opportunities for savings that may not be commonly known.
Once we understand what options are open to you, we’ll discuss what strategies you can use to ensure that you qualify for all possible deductions. We can also help you understand how certain decisions will impact your liability, such as mergers and acquisitions, expanding into new facilities, or updating your equipment.
Our experienced staff stay up-to-date on all tax reforms and help you understand how they’ll affect you and your finances. We provide year-round assistance and help you navigate unexpected circumstances so that you won’t get blindsided when it comes time to file.
Planning for Quarterly Taxes
How often you have to file will change the kind of strategies we can help you employ to save on your taxes. We offer relevant tax advice that helps you take advantage of your filing pattern so that you can lower your tax liability on both quarterly and yearly tax filing.
Thanks to our year-round support, you have access to experienced guidance whenever you need it. Our team is here to provide practical real-time solutions so that even unexpected situations won’t get in the way of your ability to save.
Effective Resolution for Business Tax Problems
Tax resolution is designed to help you navigate potentially disruptive tax situations, including audits, late filing, and tax debt. Every situation is different and requires a personalized approach. Our accountants use their knowledge of the tax code and your business to help you find the best solution for your particular circumstance. We can also act as your representation, helping to make interactions between you and the IRS go smoothly.
Common Tax Problems Businesses Face
When it comes to taxes, there are three main issues that can have serious long-term consequences. These include:
- Errors on tax forms
- Missed filing deadlines
- Unpaid taxes
Fortunately, there are solutions for each of these circumstances. As your accounting team, Excellent Tax and Accounting, can represent you to the IRS and help to resolve these issues so that you can get back to focusing on your business.
Here’s what you can expect when you turn to our team for tax resolution.
Facing an IRS Audit
Receiving a notice of an audit often brings on anxiety, but it’s important to remember that an audit on its own doesn’t mean consequences for your business. You may be audited because of a tax form, or simply at random. The audit is only the beginning of an investigation and doesn’t automatically mean that you owe money.
It’s important to comply quickly with audit requests. We can help you examine IRS requests for documentation and send in the needed paperwork. We’ll also assess their findings and either help you develop a payment strategy or file a dispute if we disagree with their conclusion.
Solutions for Your Tax Debt
Even the most diligent of businesses can find themselves facing tax debt. But however it happens, owing taxes doesn’t have to be an insurmountable challenge. We work with you and the IRS to find a solution to your situation so that you can get clear of your debt and back to caring for what matters to you.
There are several options for dealing with tax debt, and we’ll help you find the most workable solution for your situation. Some common options for dealing with tax debt include:
Put Your Taxes in Expert Hands
Whether you’re looking for someone to help you get your taxes in order, or you need help dealing with past tax debt, the team at Excellent Tax and Accounting is ready to help. Schedule your complimentary consultation at our office today!
According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
We’re here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discreet.