Article provided by: LeFils & Company, LLC
Tax Preparation in Ormond Beach
For many small business owners, tax preparation is an inconvenience they’ll gladly avoid if they had the chance. Between satisfying your customers, monitoring your employees, and keeping an eye on your suppliers, we can bet there’s more than enough business activities you’d rather focus on. However, the law is clear enough about the importance of preparing your taxes as and when due and preparing them accurately. If you do not have a solid background in tax laws, it would be best if you considered hiring a competent accounting firm for your tax preparation in Ormond Beach.
Can I use software for tax preparation in Ormond Beach?
The answer depends on the kind of software you are looking at. Most of the tax preparation software around focus on personal tax returns. The top ones usually have versions that can take care of tax preparation for sole proprietorships and single-member LLCs. Most small business owners would need this version for tax preparation in Ormond Beach. Unfortunately, buying the software may not be cost-effective in the long run since tax preparation is a once a year event.
If you’re running a partnership or corporation, you would most likely need another version of software to prepare your business taxes. From our experience, hiring a reliable accounting firm for tax preparation is almost always better than any software you can lay your hands on. Experienced tax professionals are familiar with the ever-changing tax laws. And importantly, they know all the legal loopholes you can exploit to ensure you enjoy the maximum deductions obtainable.
Do I have to file a business tax return?
Yes. You are likely to incur penalties and fines from the IRS if you do not file an income tax return for your business. It doesn’t matter whether you turned a profit or loss in the outgoing business year. The best you’ll get if you recorded a business loss is a reduction in your personal tax or total income tax return.
How do I determine my business income?
One of the questions small business owners ask is how to determine their business income when filing taxes. The easiest way to do this is by coming up with a Profit and Loss Statement. This report would list all sources of income for your business, as well as all your expenses. Your net income is the difference between the total income and expenses.
Although this formula appears pretty straightforward, some clauses can complicate tax preparation in Ormond Beach. For example, business owners must include barter income, and the cost of goods sold should also reflect in the calculation. To ensure you do not make any potentially costly mistake when filing your taxes, it would be best if you hired a professional to do the job.
Contact the experts for tax preparation in Ormond Beach
As a full-service accounting firm, we specialize in handling all aspects of business accounting and bookkeeping for small and medium-sized businesses. Our company has a track record of providing quality services at the most affordable prices, and we have experienced professionals that are adept at all things business accounting. Need help with tax preparation in Ormond Beach? Get in touch with us today, and we’ll be happy to see how we can help.Tax Preparation Ormond Beach