Small Business Tax Accounting Services
If you are figuring out how to file your small business tax return in NYC, don’t. Let Real Tax USA do it for you! No matter whether you are a sole proprietor with no employees or a business owner with payroll withholding to consider, our small business tax services in NYC are the best call you can make.
Our professional accounting firm specializing in small businesses can help you file your state and federal tax returns. In addition to helping you prepare your tax return, we can help you to receive the most deductions with the greatest possible amount.
Real Tax USA small business accountants can help you in many ways. By contacting us you can get a headstart preparing your financial statements and services. Also, you can figure out where your cash flow is going. This can help you to understand your business and ensure you receive every deduction you are entitled to.
Although preparing your taxes each year is a necessity, it doesn’t necessarily have to be a chore. The sooner you start the tax preparation process, the better you can avoid overpaying taxes and penalties at the end of the year. With our tax services, we’ll ensure that you’re well-prepared come tax time. Contact us today for a consultation.
Small Business Tax Preparation
It is clear that business tax preparation is a bit more complex than your personal tax return. The law requires that your books must contain a considerable number of details and be completely accurate. All this must be done while maintaining compliance with all of the payroll tax laws mandated by the local, state, and federal government.
This is why small business tax services in NYC are so important to use. Accountants can keep up to date with the latest business tax preparation laws for you and accurately calculate your taxes. With business accounting services, you can get help to prepare your year’s bookkeeping. Then, together you can establish a new system to ensure your books stay accurate from here on out.
Business Cash Flow Management
With our small business tax accountants, you can get an analysis of your financial information and evaluate how well your business is performing. This can help ensure that your business grows and smooths out any kinks in how it runs.
Your personal finances are kept separate, but business accounting services are well aware of how much they can affect your small business. This includes how important small business cash flow is to your personal wealth.
Balance Sheet and Business Valuation
A balance sheet is one of the main financial statements a business needs to get an adequate overview of its finances. This document will give you a clear view of your business’s assets and liabilities, as well as the liquidity of your business. You’ll also likely find that it gives you a good idea of what your business is actually worth.
An income statement will supply a record of your business’s earnings and expenses for a particular time period. By considering both of these documents, an experienced small business EA will be able to show you:
- Your business’s financial value
- Areas of your business that are over and under budget
- Discover problem areas and anticipate the impact of future events
- Create a plan for growth and future expenses, including income tax liability
With a skilled small business accountant, you can plan for future actions, including how to invest and diversify. Having an EA provide an expert valuation of your business is an incredibly valuable tool that can help your business survive and prosper. Enrolled Agents, or EAs, are the only federally authorized tax practitioners who specialize in taxation covering individuals and businesses. This means that we provide a broad range of services, including representation taxpayers before the IRS.
Small Business Tax Planning
All small businesses should take the time for a small business tax plan. Planning ahead for tax season can help your business to reduce your tax burden, properly deduct any expenses, and avoid costly mistakes.
Waiting until your taxes are nearly due can make it more difficult to find the time necessary to consider all the deductions your business may qualify for. Also, if you intend to hire a small business tax account, you may find your business will need to pay more for expedited service. So, consider saving your business some money through small business tax planning.
Small Business Tax Return
Filling out a tax return can be difficult work for almost any small business owner. Not only this, but most of these entrepreneurs are ill-equipped to ensure their forms are properly filled out to receive all the deductions they are entitled to.
So, by choosing Real Tax USA business accounting services, you can not only save your valuable time but also potentially save a lot of money. Plus, by letting tax accountants prepare your financial statements and tax return, you can ensure they are correctly done in case you are ever audited.
Do I have to file taxes for my small business?
As a pass-through entity, the income from your business will pass through your business to your personal tax return, where you will pay taxes on it. If you have incorporated your business, then you will need to file a corporate income tax return. Also, any distributions you receive will be taxed on your individual tax return.
You might find it useful in this case to hire an accountant familiar with corporate tax services in addition to small business tax services in NYC. Business tax preparation can be complicated, no matter what your business structure is, and mistakes are costly. Most small business owners find it worthwhile to get help with their small business tax planning and be prepared come tax season.
Does having an LLC help with taxes?
The primary tax benefit of an LLC is its pass-through taxation. With pass-through taxation, your LLC is not taxed as its own entity. Instead, the profits pass through the LLC, and each owner’s share is taxed on their individual tax return. LLCs are taxed the same as sole proprietorships and partnerships, which are also pass-through entities.
Do I need an accountant for my small business?
This is really up to the owner or owners. Sometimes, when a small business owner is just starting out in business in NYC, they handle their own accounting. But, as their business grows and there is more work to do, this becomes increasingly difficult.
Still, it can be difficult to tell at what point it’s worthwhile to spend money on an accountant. However, making mistakes can be quite costly, especially when those mistakes involve taxes. Penalties can be very expensive. So, as soon as you become unsure of what you are doing, hiring a small business accountant will probably be worth the cost.
How much does it cost to file taxes for a small business?
The cost to file taxes may vary depending on the method you choose. Filling by yourself and with software help is time-consuming and you may lose some points. When you hire an enrolled agent, you can be sure that your taxes will be calculated correctly.
The total cost will increase if you need rush service or you’ve missed a deadline. Also, try to keep your records neat and organized, or you could get charged extra for this as well.
How Much Will an Accountant Cost?
The cost of an accountant varies considerably, and part of the cost depends on what business accounting services you need. If your financial situation is complicated or requires filing additional IRS forms, various other fees could apply and add up.