Taxes for Businesses
Whether you’re a sole proprietor with a home-based business, or a small to medium size business owner, the chances are you started your business because you recognized an opportunity to provide an idea for a product or service that people need. Like all business owners, you’re in it to make a profit, but with vendors to pay, payroll to meet, and a research and development costs, the money seems to fly out the door. And then, there are estimated taxes to pay and annual tax returns.
It probably seems that with each passing–and successful–year that you’re in business, more of your hard earned money goes to paying your taxes. You could be right. The bad news, of course, is that there are taxes to be paid. The good news is that depending on your industry, there are a number of tax credits and deductions that business like yours are entitled to under federal and state tax codes.
That’s why it’s important to develop a relationship with an accounting and tax preparation firm that understands how your business works – and that has in-depth knowledge of the tax code as it relates to businesses. But there’s more to it than just paying estimated taxes and making sure you take the appropriate credits and deductions on your tax return. Depending on your business, there may be inventory to account for and other reporting requirements that need to be filed quarterly or annually.
We Specialize in Business Tax Preparation.
What makes Balog + Tamburri CPAs unique is that we all have owned and operated small businesses ourselves – we have walked in your shoes. As a successful business owner, you’re busy developing new ideas and making sure your business runs smoothly. Reconciling your bank account takes time, creating P&L’s and balance sheets to manage your cash flow, let alone researching the latest tax laws, represents time you wish you had. When you first started out, and money was tight, the do-it-yourself method of accounting might have been effective. But now that you have employees, need to pay estimated taxes, and manage your cash flow better, it’s time to find a trusted advisor to partner with all year long – not just at tax time.
What we do for you:
- State and federal income tax preparation and filing
- Local and state sales tax compliance
- State and federal payroll tax
- Develop tax planning strategies that save you money and minimize tax liability
- Profit and loss statements
- Mergers and Acquisitions
- Entity selection and structure (S-Corp, C-Corp, LLC)
The IRS, as well as state and local governments, imposes strict deadlines for business tax obligations. Missing these tax deadlines and failing to comply with payroll and sales taxes negatively impacts your bottom line and may result in fines for non-compliance. As your trusted tax advisor, we make sure you stay on top of your tax obligations and avoid penalties and fees that reduce your profitability.