Platinum Tax Defenders Can Help Your Small Business With Tax Preparation
- August 6, 2019
- Posted by: asal
- Category: Tax Preparation
If you own a small business, tax preparation can become even more important. Platinum Tax Defenders can help you with tax setup and preparation. While the year isn’t over yet, Platinum Tax Defenders wants to encourage business owners to start thinking about tax season. What does that mean? Business owners everywhere should start getting ready to file their businesses’ tax returns. While it may seem like you have a while to plan, you should always plan for business taxes. Read on for tips from Platinum Tax Defenders on how to:
- maximize your deductions
- lower your taxable income
- possibly increase your refund amount
Platinum Tax Defenders specializes in helping business owners strategize and plan for tax season. If you’re a business owner in need of a tax professional, call Platinum Tax Defenders today. We offer free consultations for new clients.
Can Platinum Tax Defenders Help Me Determine My Business Structure?
When thinking about taxes as a small business owner, you need to choose a business structure for your company. There are four tax structures you can choose from for your small business, including:
– Sole proprietorship
– S or C corporation
– Limited liability company or LLC
The above business structures come with different implications for your business’ tax returns. A sole proprietorship is for those who are new business owners or learning how to run their company. If you’re not sure what structure to choose for your company, consult a tax professional. The experts at Platinum Tax Defenders can help your company identify the best one to use for your tax filing purposes.
Platinum Tax Defenders Can Help You Obtain an EIN For Tax Purposes
Early on in your business venture, you should obtain an Employee Identification Number or EIN. On your tax returns for businesses, your EIN takes the place of your Social Security number. Platinum Tax Defenders recommends using an EIN as it may reduce your likelihood of becoming a victim of identity theft. Additionally, you must have an EIN for all business structures except sole proprietorships that don’t have employees.
Platinum Tax Defenders Can Help You Maintain Your Books
One of the biggest mistakes business owners make is forgetting to keep their books up to date throughout the year. Business owners should not wait until the end of the year to get their books in order and find receipts. Updated books and receipts are necessary if you plan to claim any deductions on your taxes as a business owner. You can avoid the stress of maintaining your books by hiring a professional bookkeeping service. Platinum Tax Defenders employees a team of highly skilled CPAs who can help you with your business tax needs.
Additionally, we also provide a range of bookkeeping services for your small business. As a business owner, it’s essential to keep track of how much income you’re earning and what your expenditures are. Additionally, you want to have an idea of how much you may need to pay when filing your business’ tax returns.
What Are The Benefits of Using Platinum Tax Defenders’ Bookkeeping Service?
As a small business owner, you have a lot on your plate. You want to focus on keeping your employees happy and continuing to grow your business. Often, when running a business, there’s no time left for bookkeeping needs. However, bookkeeping is an essential part of running a business. Using an external bookkeeping service, like the one Platinum Tax Defenders offers, has many benefits.
Platinum Tax Defenders Bookkeepers Bring An Unbiased Opinion
An external bookkeeper will be all about your business. Additionally, an external bookkeeper can also offer critical insight into your business’ financial situation. The expert CPAs at Platinum Tax Defenders can help you discover the information you might miss.
Bookkeepers Bring Lower Costs
By outsourcing your bookkeeping needs, you can cut overall costs. External bookkeepers can reduce costs because you don’t have to pay a full-time employee. Also, you don’t have to pay payroll taxes, paid vacation, or health benefits for an external bookkeeper.
Platinum Tax Defenders Bookkeepers Bring an Expert Opinion
A CPA will be able to provide you with their expert opinion. In general, accountants and bookkeepers are expert accountants and bookkeepers. Our top tax defenders are CPAs who are experts for your specific business. We can guarantee you we’ll find an expert with particular experience in your area of business.
Our Top Tax Defenders Will Allow You To Focus On Growing Your Business
One of the best benefits of a CPA is that you can focus on growing your business. You may want to focus on sales but need financial reports to do so. A CPA from our top tax defenders team can help you. Also, you might not want to worry about your business’ bookkeeping so you can focus on things outside of the office. You shouldn’t miss life’s big moments anymore. A professional CPA will help you have a life outside of work.
Opportunity to Scale Your Business
By outsourcing your bookkeeping needs, you can cut back on your business services. If you’re looking to grow your business or cut back on spending, a CPA can help. Our top tax defenders are CPAs who can provide you with different plans and options to help you achieve your goals.
Help Making Quarterly Tax Payments
The IRS requires business owners to pay back taxes every quarter if you’re a sole proprietorship, partnership, or S-corporation. However, you only have to pay each quarter if you make more than $1,000 in income. If you aren’t sure how much you should pay this quarter, review your company’s last year’s income, deductions, and tax credits. You should pay at least 90 percent of what you owe this quarter if you want to avoid IRS tax penalties.
Pay Self-Employment Taxes
If you own your own company, you don’t have the luxury of having an employer withhold your taxes for you. The IRS expects you will withhold taxes and pay self-employment taxes for Medicare, Social Security, and other taxes. While filing your business’ tax returns, make sure you include the self-employment taxes. If you don’t include the self-employment taxes, you could be audited or heavily penalized.
Need help with taxes for your business? Call Our Tax Defenders Today
Are you a business owner? Contact our tax defenders for tax help today
For anyone operating their own business, it’s highly advisable to seek the advice of a tax professional. Our expert tax defenders can help you navigate the tricky business of filing taxes as a business owner. Our top tax defenders can also help you with tax resolution services if you get into back tax trouble. Call our tax defenders today for a free consultation.