Business Tax Preparation & Planning
Tax Services For Businesses
Useful Tax Resources
Business Tax Preparation
Professional Tax Services for Your Business
Preparing taxes for your business can be filled with minefields and missed opportunities if not done correctly.
Our experienced tax professionals at Legacy CPA can help you navigate the tricky realm of business taxes. To simplify your appointment there are a few things to consider.
Entity Types & Tax Deadlines
Your entity type will determine many aspects of your business tax filing including forms, deadlines, reports to gather and more. Here’s a quick glance at the types of entities.
|Entity||Tax Form||Tax Deadline|
|Sole Proprietor / Single Member LLCs||Schedule C||April 15|
|Partnerships / Multi-member LLCs||Form 1065 & Schedule K-1||March 15|
|Corporations / LLCs taxed as Corporations||Form 1120||March 15*|
|S-Corps||Form 1120S & Schedule K-1||March 15|
|Nonprofit||Form 990||May 15|
*Corporations that end their year on December 31.
Gather your Records
This can be a time consuming step, but it’s a crucial part of preparing your taxes accurately. Essentials like your taxpayer identification number (depending on your business structure this may be your social security number or your Federal Employer Identification Number), your balance sheet and income statement (reports you can pull from your accounting software), any loan documents, assets, payroll reports, and anything else that might apply to your business should be gathered. If you are a new client you’ll also want to bring in the past 2-3 years of tax returns in as well so we can take a look at what has been going on. Keep in mind that some things may not apply to your business. For example, if you are a sole proprietor and have no employees, you won’t have a payroll report to bring.
For a detailed list check out “What to bring to your tax appointment.”
Legacy CPA Business Tax Services
With Legacy CPA’s tax return services, you’ll get:
✓ Peace of mind—your return has been checked for mathematical accuracy and errors that are commonly flagged by the IRS.
✓ Recommendations on common deductions that may benefit your business in the coming year.
✓ Availability—you can call us with questions all year long—and in fact, we recommend addressing questions and concerns earlier in the year rather than waiting until tax time.
✓ Review of your business identity choice to ensure the most beneficial set up for taxes.
✓ Same day response when you contact us.
Business Tax Planning
Taking the time to plan your business tax strategies for the coming year is key to reducing your tax liability. It might be tempting to not think about your business taxes until it’s time to meet with us at tax time, but proper tax planning is an ongoing process and can be valuable to your business.
As experienced business tax professionals, we are experts in the nuances of tax laws and keep up to date on ever changing regulations. Depending on the unique situations and industries of our clients’ businesses, a single tax planning appointment every year may be enough, and other times, it may be beneficial to meet once a quarter or more.
As we set out tax saving strategies, you will be able to proactively make changes that will help you minimize your tax liability. Goals of tax planning strategies include:
- Reduce taxable income amounts
- Lower tax rate
- Manage timing for paying tax
- Claim available small business tax credits
- Plan the best time to purchase assets
- Avoid costly mistakes
Tax interest and penalties on delinquent or back tax returns can add up fast. Not filing your tax return or not paying what was owed can bring serious consequences such as seizure of assets, tax liens, bank account levies and even criminal charges.
Put yourself in the best position possible by taking the initiative and filing your non-filed tax returns. In many cases, you will still be able to take advantage of deductions and get your refund if one is owed to you.
By filing your back tax returns, you could:
- Diminish penalties
- Collect refunds
- Claim deductions owed to you
- Safeguard your assets from seizure
- Prevent wage garnishments
- Qualify for payment plans
Tax Audit Representation
Let Us Help You Through Your Audit
Legacy provides IRS representation sometimes called tax audit defense or tax audit representation. During a tax audit, you are allowed to have an authorized tax professional represent you and your interests. We stand in on your behalf during the audit and take care of the whole process for you. As part of our expert tax preparation services, we can handle the paperwork, communications with the IRS and any other questions or issues that may come up. Also, we can get a copy of your IRS transcript to determine what your IRS file contains ensuring that we are prepared fully for the audit. We want to take as much stress off of you as possible.
If you’ve received an IRS audit letter—no need to worry! Let us help you by clicking the button below to schedule an appointment.
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Brian came highly recommended, and he surpassed our expectations as an experienced professional. In addition to being a brilliant CPA, he is a kind man who genuinely cares about his clients.Lynn Roussell
I’ve been very fortunate to be able to work with Brian Manthe at Legacy CPAs. He’s attentive, helpful, and thorough in working through my personal and business financials. I would recommend him to anyone who wants to work with someone who has high integrity.Susan Prunty