BUSINESS INCOME TAX

Business Income Tax

Business tax season, unlike with personal income tax, is an all-year-round duty. We are tax professionals who will be with you every step of the way, making everything smooth and easy. This way, you can concentrate on the parts of your business that give you less of a headache.

“A tax professional is more than just a tax advisor. Your tax professional should also be up-to-date on the current tax regulations, and how they affect both you and your business.”

If you do not have a tax professional you trust, this is a great place to start. We have extensive experience helping businesses become, and remain, tax compliant. We save you time and money when it comes to filing business income tax returns. The process of taking out all your records, combing through them meticulously, and filing each record correctly is painstaking. We take out the hustle, so you can rest easy.

What can we do for you?

At Tax Secrets, we are with you throughout the tax preparation process including:

• Giving you advice on how to plan your taxes. The misconception is that businesses can survive by doing things just before the end of the tax year. What this does, however, is keep them from enjoying the benefits of various cuts and deductibles. We stay with you through the strategic points of your business year and help you plan on ways to legitimately reduce the amount of tax you pay. This is done every quarter.
• We also advise you on any changes to tax laws and policies (Such as the Tax Cuts and Jobs Act of 2017), and how they affect your business in the future. Certain changes brought by the Tax Act, for example, the qualified business income deduction could mean a 20% deduction from your net business income. We look at this and other changes to endure you are enjoying all the benefits of the new law.
• We prepare both your personal, and your business income tax returns. As a business owner or partner, these two should go hand in and coordinate tax savings better. For instance, any losses on your small business taxes can be reflected on the personal tax bill which could lower your overall tax bill. A lower income in your business means that you will file lower self-employment taxes as well. These are paid personally together with your income tax. We also help make sure that all your forms are correctly filled including the profit and loss form, Schedule C, which is part of the IRS mandated Form 1040.
• Filing returns does not mean the end of dealing with matters tax. It signifies the beginning of another year of tax planning.

Things you should know

When looking for a tax preparer, make sure they are accredited and have a PTIN (Paid Taxpayer ID). We are regulated by the IRS. This may seem trivial but it is an important distinction to make, should your business ever undergo an IRS audit. Only an accredited tax preparer can accompany you to an audit, or even represent you in your absence.