More About Small Business Taxes
More About Small Business Taxes
How can you find a trusted and talented CPA tax accountant out of thousands in Fort Collins? And why is reputation so important? For one thing, tax duties are serious, and it can take too much time away from your business. Imagine the paperwork, financial analysis, money matter to settle for a clean tax record, financial decisions you have to make at the last minute, debts, and the list goes on. If you are not a tax expert, completing the task may seem impossible.
For a business, these are important matters that need special attention. Thus, the need for hiring the best CPA tax accountant. But how can you be sure you are picking the right person for the job?
We have tips to help you better understand how to find the best accountant for your situation, and information on the various small business tax services that we offer, which will help ease your financial burdens.
More About Small Business Taxes
How can you find a trusted and talented CPA tax accountant out of thousands in Fort Collins? And why is reputation so important? For one thing, tax duties are serious, and it can take too much time away from your business. Imagine the paperwork, financial analysis, money matter to settle for a clean tax record, financial decisions you have to make at the last minute, debts, and the list goes on. If you are not a tax expert, completing the task may seem impossible.
For a business, these are important matters that need special attention. Thus, the need for hiring the best CPA tax accountant. But how can you be sure you are picking the right person for the job?
We have tips to help you better understand how to find the best accountant for your situation, and information on the various small business tax services that we offer, which will help ease your financial burdens.
Tax preparation can be quite daunting, even when filing your own personal taxes. You may feel like filing your personal or small business taxes saves you money–it is just filling out a form right? Why would you need someone to provide tax preparation services when you can simply fill in the boxes?
The problem is, the government (and especially the IRS) never makes things that simple, easy, or straightforward. And if you are wrong or make a mistake, well let’s say forgiving is not a word they know. Whether you are an individual with a complex financial situation or a working business, the situation can quickly become downright terrifying.
It only takes one question to lead you down the rabbit hole of confusion. Should you file this form or that? Should your business be separate from your personal taxes? Is this documentation adequate for your claims? Are you missing tax savings with possible tax deductions?
Describing this process as overwhelming would be an understatement. However, with a Northern Colorado small business tax specialist, you can rest easy. We make sure your taxes are accurate, simplify the process for you, have your back in case of IRS tax problem resolutions, and we find ways to save your small business money on your taxes. And we really like to set ourselves apart by translating the accounting lingo into explanations that are clear, concise, and make sense to you.
Small Business Tax Preparation Services Right Out of Fort Collins: Steven J. Wick & Associates, P.C.
We provide comprehensive Fort Collins tax preparation services, returns, and planning for all types of personal and business planning situations a small business could have. At Steven J. Wick & Associates, we will ensure that your taxes are filed on time and accurately while minimizing your tax burden as much as possible.
But past that, it’s also about helping you grow and strategize with your finances. What’s the point of paying taxes if you aren’t figuring out the best ways you can improve and grow your business?
Our tax services include professional preparation of federal, state, and local tax filings and cover sales tax, income tax, property tax, unemployment taxes, and beyond.
We aim to minimize the financial blow of taxes while saving you time and hassle, and then preparing you for the next year with financial consulting and tax strategies. If you want your Fort Collins taxes prepared right the first time AND to be set-up for success the next year, then contact us today for planning your small business’ financial strategy.
Big Business Tax Preparation Services For all of Northern Colorado
We love small businesses, and we love to see small businesses grow into larger businesses. Bridging the gap between there and then supporting your financial take off once you’ve grown is why we are known from Fort Collins to Denver to Windsor and beyond.
We provide comprehensive tax preparation services, returns, and planning for larger corporations of personal and business planning situations. Separating and evaluating both together becomes even more critical as a big business. At Steven J. Wick & Associates, it’s a given that your taxes will be filed on time, filed accurately, and filed to minimize your tax burden as much as possible.
Our tax services include professional preparation of federal, state, and local tax filings and cover sales tax, income tax, property tax, unemployment taxes, and beyond. If you are operating in multiple states we can discuss how those local and state taxes may impact future financial goals and how to strategize with that.
We know that as a large corporation taxes can be a financial blow, but more so the hassle and time into determining how best to optimize your tax strategy is the bigger concern. If you want your Fort Collins taxes prepared right the first time, then contact us today for planning your business’ financial strategy.
Tax Planning and Advising- Financial Consulting on a Whole New Level
IRS Penalties for Not Filing Taxes
You may have never thought about the consequence if you do not file your taxes, or if you file them late. In addition to charging financial penalties, when you do not file your income tax, you can find yourself in court, and even jail.
It is important to keep up with the deadlines and file for an extension if needed. Individuals may file for a tax extension using the form IRS 4868, with some special rules applying to those in combat zones or other hazardous duty areas, and U.S. citizens living outside the country.
The longer you wait to file, the higher the financial cost to you or your business. You can always amend your tax return. If you’re holding off on filing because you don’t have all the documents or information you need, go ahead and file, or submit a request for an extension now and amend your filed taxes to correct or complete information you did not have or were not aware of when you filed your taxes.
As well, if you can show reasonable cause for not filing or paying on time, you may not have to pay a late-filing or late-payment penalty. However, you will need proper documentation and proof (which can be organized properly by a CPA).
If you are not sure if you qualify for an extension, or you have special circumstances, it’s best to talk with a qualified accountant first. Don’t wait until the last minute, assuming you’ll get an easy extension. Make sure you plan ahead and know your correct filing dates.
Preparing for Tax Season
Although you may need help getting everything in order to file your taxes, there are several documents you can come prepared with so that a CPA can really dive into possible deductions.
What Documents to Have Ready for Tax Filing
First, gather all the material you have saved over the previous year, as well as the previous year’s tax return. Having your tax return will help in case you need to change filing status or have a different set of financial circumstances than you did before.
If your income, expenses, and overall income tax profile are consistent with the previous year, still bring your previous year’s tax return! Your certified public accountant can take the information from previous returns, and use the data to better prepare your current year’s taxes.
When you have all of your documents together for tax filing, sort them by type. You can use folders to create different groups of documents. If your income or expenses changed from the previous year, it will be especially crucial to have the documentation to verify your income. You may qualify for new deductions because of changes in your income, family profile, certain events, expenses, insurance, etc.
Generally, you can divide your income and tax data into three groups: expenses, income, and deductions. Make sure if you are a business, you keep your business tax data and personal data as separate as possible.
Many personal tax documents can be obtained online. These items include:
- Any W-2 Forms from an employer. Find out if your employer or employers will be mailing these forms to your mailbox, or if you can obtain them online.
- Bank Statements
- Other electronic statements: These include home mortgage interest on Form 1098, student loan interest on Form 1098-E, and brokerage statements on Form 1099-B.
- Affordable care documentation of premiums paid, and/or other medical expenses
Once you have your materials, you can start gathering additional documentation that your Fort Collins tax service provider needs to file on your behalf.
If you’re not sure how comprehensive your documents need to be, or even what they should be, call your local certified public accountant. They can give you a list of items you need, and if you don’t have them, can help you obtain certain records. They will also let you know what financial data has to be verified, and which does not.
Tax Planning and Advising: Financial Consulting and a Tax Strategist
At Steven J. Wick & Associates, we don’t just prepare taxes. We repeat this often because we want to be clear our expertise is in more than just “filling in a form.” We provide custom-tailored tax planning and financial consulting and advising services.
We don’t want to JUST be your tax guy. We want to be your financial strategist.
Again, a reminder we are not a one-and-done, we don’t just file your taxes and send you on your way. Our experts are here to help answer your questions year-round, whether a large corporation or if you are just looking for small business accounting services in Fort Collins. Do not hesitate to contact us and schedule a tax review and planning session.
