Business Tax Preparation In Tampa, Florida
Are you considering handling your own business tax preparation this year, or hiring an accountant to help? There are significant risks that you assume yourself when you choose to do your own business tax preparation. Knowing the risks will help you weigh the costs of doing your own taxes. Here we will list out the benefits of bringing on a highly experienced team like Elevate Accounting Solutions to handle your business taxes, no matter how big or small your company may be.
Filing the correct business return.
When you file a federal income tax return for your business, the paperwork and forms you will use depend on how your business is organized. All businesses except partnerships must file an annual income tax return. Elevate Accounting Solutions can help you determine the correct return that your business needs to file.
Time earned back in your day.
If you need to ease up on your workload, offloading your tax preparation to a CPA is a no-brainer. For example, if you were a small business owner, you might be responsible for preparing 1099-Misc and NEW 1099-NEC forms for subcontractors or vendors, Form 4562 for depreciation, or Form 8829 for business use of your home, in addition to your tax return. If you are struggling to navigate these daunting tax forms, you are not alone and we are here to help!
Not only will you earn valuable time back to your day, but you can rest assured that you did not make any costly mistakes. Simple math errors and entering the wrong information on the wrong line are two of the most common errors on tax paperwork, according to the IRS. Errors like missed deductions, business expenses, or business mileage can be avoided by having a CPA firm, like Elevate Accounting Solutions, prepare your return.
Avoiding unintended costs.
There can be several surprise costs associated with filing your taxes. Aside from missing out on any benefits that you might be entitled to, you want to make sure that you are vigilant with deadlines. But did you know that there are penalties for late filing of your taxes? Filing deadlines can creep up on you, and there’s nothing more frustrating than having to pay a fine that could have been avoided. There could also be unintended legal costs associated with preparing your own taxes should the IRS audit you and find inconsistencies. Remember, your tax filings are a legal document and you have sworn that all numbers provided are factual. It’s best to have a professional prepare your return to ensure it is done accurately and on time.
Ready to put Elevate Accounting Solution’s 45+ years of experience to work? Contact us today to have us handle your business tax preparation!