Business Tax Preparation – Tax Preparation Tips for Small Businesses

When it comes to business tax preparation, as a small business owner, it pays to be ahead of the game. As a small business owner, when tax season rolls around once more, it’s vital that you have everything well and truly in order, well in advance. Running a small business is hard enough as it is, without you having to essentially take on a new role as the company accountant when handling your business tax preparation needs. Whether you have to dig out old receipts, or go through the last several months’ worth of books and bank statements, getting your business tax preparation in order is far from simple. Ideally you will want to hire our professional tax services to take care of things for you (more on that later) but if you do decide to try to tackle your numbers yourself, there are some things you need to know. Here’s a look at some important business tax preparation tips for small businesses, corporations 1120, partnerships and LLCs 1065.

Ensure you are fully organized – When it comes to your business taxes, you can never, ever be organized enough so just bear that in mind. Organization can literally be the difference between success and failure regarding your business taxes, so get everything in order. Have a proper filing system in place, label it properly, file everything correctly, keep receipts and business expenses, and make sure you can access whatever you need as soon as possible. Keep invoices on the same system and in the same format and again, make sure the info on there (name, date, services provided etc) is all correct to the best of your knowledge. We provide our clients with a tax organizer, deduction finder, to help you gather all your income and expenses to legally minimize your taxes for corporations 1120, partnerships and LLCs 1065.

File as you go – A lot of small business owners unfortunately make the mistake of putting their taxes off until the last minute and try to take care of everything in one go. Yes, we know that it is a pain in the rear-end, but ideally you should file as you go when taking care of your business tax preparation. Log any expenses incurred into your chosen system as soon as you possibly can. If for example, you have been away on a business trip and have incurred travel and accommodation expenses, make sure you log these expenses into your accounting system the very second you get chance to do so.

Hire professional tax services – This is perhaps the most important tip of all, yet you would be amazed by just how many people fail to take advantage of it. Rather than spending hours, days, even weeks, going through books and accounts, trying to make sense of numbers you logged months ago, it would be far more efficient to simply hire our professional tax experts to handle your business tax preparation needs for your corporations 1120, partnerships and LLCs 1065. Our professional tax experts use the latest software, they are experienced, they deal with businesses like yours on a weekly basis, and they can help save you money and help you to avoid incurring expensive penalties and unnecessary fines.

Use deductions to your advantage – In this instance, certain tax rules can actually work to your advantage. Deductions are incentives offered by the government to get your business to spend money. However, often what the government wants you spend your money on are things that your business needs anyways, I.E paper for the printer, ink cartridges, fuel for your car, and so on. By hiring our business tax preparation experts, you can take advantage of these deductions as the tax experts will help you to make the absolute most of your deductions for corporations 1120, partnerships and LLCs 1065.

Mike Habib is an IRS licensed Enrolled Agent who owns and operates a specialized business tax preparation boutique firm serving individual and business corporations 1120, partnerships and LLCs 1065 in various metro areas such as Los Angeles, Whittier, Pasadena, Glendale, Burbank, Orange County, Riverside, Palm Springs, San Bernardino, Palmdale, Bakersfield, New York, New Jersey, Chicago, Houston, Phoenix, Philadelphia, San Antonio, San Diego, Dallas, San Jose, Detroit, Jacksonville, Indianapolis, San Francisco, Columbus, Austin, Memphis, Fort Worth, Baltimore, Charlotte, El Paso, Boston, Seattle, Washington DC, Milwaukee, Denver, Louisville, Jefferson, Las Vegas, Reno, Hempstead, Tucson, Nashville, Davidson, Portland, Tucson, Albuquerque, Santa Fe, Anchorage, Atlanta, Long Beach, Fresno, Sacramento, Mesa, Kansas City, Cleveland, Virginia Beach, Omaha, Miami, Oakland, Tulsa, Honolulu, Minneapolis, Pittsburgh, Colorado Springs, Arlington, Wichita, Birmingham, Montgomery, Tampa, Orlando.

Business tax preparation help for corporations 1120, partnerships and LLCs 1065 throughout Southern California including Whittier, Norwalk, Santa Fe Springs, Downey, Pico Rivera, Montebello, Hacienda Heights, La Habra Heights, West Covina, La Habra, Brea, Fullerton, Yorba Linda, Cerritos, La Mirada, Lakewood, Anaheim, Santa Ana, Long Beach, Compton, Torrance, Los Angeles, Pasadena, Beverly Hills, Santa Monica and throughout Los Angeles County, Newport Beach, Irvine, Orange County, Corona, San Bernardino County, Riverside County, the Inland Empire, the San Fernando Valley, Ventura county, and the San Gabriel Valley.