Small business tax return preparation and filing instructions is a core service offered to our clients. Whether your company is a C corporation, S Corp, Limited Liability Company, Partnership or Sole Proprietor a properly prepared tax return can be filed to minimize the tax owed. Over the years, 100's of small business Federal and State tax returns have been prepared for both service and manufacturing company clients.
How Much Does Small-Business Tax Preparation Cost? Hourly rates for tax consultants usually range from $100 to $400. Some companies charge a minimum fee of $500. When you work with Forker & Associates / Tax Solvers, you can combine small-business tax preparation services with other accounting needs, and we’ll create personalized payment plans in accordance with your needs. Our minimum fees for annual tax support starts at $295 for a personal return and $495 for a business return. How Much Can a Small Business Make Before Paying Taxes? Most businesses will have to pay taxes no matter how much they earn, but if you are self-employed and make less than $400 from your small business, you do not have to file a tax return. It’s also important to note that small businesses must pay estimated quarterly taxes if they expect to owe $1,000 or more for the year. Your Ignite Spot tax consultant will keep careful track of what you owe and how much you need to pay. Another benefit to working with our accountants is that they’ll always be available to answer questions about income taxes and make sure you haven’t missed a payment deadline. What Does a CPA/EA Do for a Small Business? A CPA/EA is there to save your business time, but more importantly, their task is to save your business money. Not only do they make sure all of your paperwork is in order and filed on time, but they make predictions and advise you on ways to save and invest that will generate income for your business. They’ll advise you through downturns and good times. They’ll also prepare regular financial statements and reports. What Do I Need to Give My Accountant for Small-Business Taxes? Your accountant will need: Financial statements, including details about your profits, losses, cash flow, assets, and expenses Information on major assets bought or sold, such as equipment, buildings, or vehicles Records of vehicle use for the business, including either the number of miles driven or the actual operating expenses incurred Details of office costs, including phone and Internet plans, office supplies, and property expenses Employee payroll information Luckily, when you use our small-business tax services, you can easily update records and send information through our secure system. Your accountant will have worked with you throughout the year and will likely have access to many of the documents you need already. What Documents Do I Need to File Business Taxes? When filing taxes, you usually need some or all of the following documents: Previous year’s tax return (unless you are filing small-business taxes for the first time) Profit and loss report Balance sheet Cash flow statement Tax forms Loan documentation Expense records Payroll data Inventory report