Business And Personal Tax Services
Businesses come in all shapes and sizes and generally require experienced professionals to prepare their income tax returns. I am familiar with the preparation of all types of business returns including:
The prices for tax preparation vary based upon the complexity of the return (i.e. number of different forms required, number of partners or shareholders, etc). Please contact me today for a complimentary price quote on your return preparation.
First Year Business Tax Return
If this is company’s first year in business, there are a number of important decisions the new business owner will need to make in preparing the tax return. One decision is whether to file the return on the cash or accrual basis.
As a cash basis taxpayer, income is recognized when collected and expenses, when paid.
As an accrual basis taxpayer, income is recognized when earned and expenses, when incurred.
The decision of accounting basis is important as it will affect the business tax return throughout the life of the business.
In addition, certain businesses because of revenue size or inventories must prepare their returns based upon the accrual method.
Other decisions often affecting first year business returns include depreciation method, home office deduction, auto expenses, non-employee compensation, and self-employment tax. These items may require research or the assistance of a professional.