(If you are looking for information on personal tax return preparation, please go here. If you wondering about tax services for small business, keep reading.)
So your hard work and our Coaching has paid off and you're achieving one of your goals: You're making money!
Unfortunately the IRS and state want their share. In fact, when you're self-employed, that can be very close to 50% of your very hard earned profits. That sucks. But we can help. We're not just tax form preparers we're tax advisors.
First of all, the accounting system we helped you setup and maintain is capturing every deductible expense. (If you're near that 50% combined tax rate every $10 in deduction lowers your taxes by almost 5 bucks!) And your accounting system is documenting and filing the proof so you don't have to worry about the IRS disallowing the deduction during an audit.
Next, we make sure your business is organized to maximize tax savings using an LLC, an S Corp, or whichever entity helps lower your taxes. Maybe you need more than one entity. How about putting your spouse or children on the payroll? We help you decide. And don't forget about qualified retirement plans where you can save for the future and lower your taxes now.
Tax minimization starts with tax planning...before the end of the year. There are very few strategies to lower taxes once the year is over. Because your accounting system is always up to date, we monitor your projected tax liability DURING the year and come up with strategies to save you money before your time runs out.
We know that taxes are complicated and confusing. We will explain your tax situation in words you can understand.
Finally, no one wants to be audited. So part of our responsibility and commitment to you is to make sure you are staying in compliance with all things tax related like sales tax, property tax, and 1099 reporting. If you do get audited, we will represent you to make sure you are being treated fairly.
So stop worrying about taxes and forms and fees. Get help from us. Then go make some money!