Tax Planning For Businesses
My philosophy in regards to tax planning is that it should be a year-round strategy. I am continually looking for ways that my business clients can minimize their taxes and to avoid any penalties. I can help you prepare various “what-if” scenarios throughout the year as a way for you to minimize your tax liability for the year. Using this information, I can advise you about how to adjust, if necessary, your estimated tax payments or your salary withholdings. I can also advise you about the tax ramifications of certain transactions that you may be considering for your business, but you have not yet completed, so that you can make informed decisions.
Tax Return Preparation for Businesses
Tax return preparation services for business include the preparation tax returns for C-Corporations (Federal Form 1120 and California Form 100), for S-Corporations (Federal Form 1120S and California Form 100S), for partnerships and LLC’s (Federal Form 1065 and California Form 565), and for sole proprietorships (Federal Form 1040, Schedule C). If your business is required to file tax returns in other states, I can do that for you as well. As an example, if your are incorporated in the state of Delaware, but you are doing business in California, you are required to not only file a California tax return, but you are also required to file an annual report for the state of Delaware.
I can also assist you with the preparation of quarterly estimated tax payments that may be required for your business (or for you as an individual if you are operating your business as a sole proprietor, a partnership, an LLC, or an S-Corporation).
Not only will my computer software check and double-check your tax returns for accuracy, I will check and double-check them as well. I will also assist you with tax planning for the following year.
If you have not done a good job of keeping your books for the year, I can assist you with your accounting and bookkeeping needs so that you are able to file an accurate tax return.
(Sales and Use Tax)
My sales tax services include the preparation of your monthly, quarterly, or annual sales and use tax returns. If you are set-up by the sales taxing authority (such as the California State Board of Equalization) to file quarterly sales and use tax returns and to pay monthly installments of your sales, I can also assist you with the payment of your monthly sales and use tax installments. I can also advise you in regards to sales and use tax “taxability” issues and I can also assist you with any sales and use tax audits that may arise.
(Business Property Tax)
If you are a business owner, you may be required to file an annual business property tax return. Business property taxes in California are based upon property values as they exist as of 12:01am on January 1st of each year (the tax lien date). The required form to be filed is Form 571-L and it is due each April 1st. A separate form may be required to be filed for each of your business locations. I can assist you in the preparation of your business property tax returns.
If you prepare your own payroll (i.e. you do not use an outside payroll services), I can assist you in the preparation of your quarterly and annual payroll tax returns (federal forms 941 and 940 and state of California forms DE-6 and DE-7). In addition, I can prepare your annual W-2 forms (and transmittals) and your annual 1099 forms (and transmittals. I can also help you evaluate the merits of using an outside payroll service such as Paychex or ADP (as these services not only prepare your payrolls, but they also prepare all of your payroll tax returns).