Tax Returns for Small Businesses

Letting software calculate your tax filings or even relying on a non-credentialed tax preparer or accountant/bookkeeper to do your business taxes is a risk that most businesses cannot afford to take. Just hiring a “licensed tax preparer” is not enough. You could fill out an application for $30 and send it to the IRS and become a “licensed” tax preparer. Fact. No training is required.

Business tax filings involve tasks that can leave owners with more questions than answers, and that is why having an expert tax and accounting team, such as the EAs and CPAs at Torchlight Tax & Accounting in Las Vegas central, is so important. An EA holds the highest federal tax credential. A CPA holds the highest state tax credential.

Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is easy to overlook personal and business deductions and credits to which you are entitled. Even if you use a computer software program, there’s no substitute for the assistance of an experienced tax advisor in Las Vegas Central.

Preparing your own business income tax return is a risk that most cannot afford to make. Business income tax return preparation can leave you with more questions than answers, and that is why having an expert tax team, such as the EAs and CPAs Torchlight Tax & Accounting in Las Vegas Central, is so important. Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing.

Many small businesses operate as Sole Proprietorships and file a Schedule C with their 1040 tax return. As they expand, they often become LLCs, Partnerships, S Corporations and C Corporations.

Changing entity type can have large tax advantages. We at Torchlight Tax can review which entity type is best for you and file the needed documents.

There are ways you can get yourself in trouble filing business tax returns on your own, or using a partially-trained tax preparer, like those at the franchise tax mills:

  • Going past misunderstood words on your tax form
  • Guessing where to put a number because it must go somewhere.
  • Listening to or getting help from a friend who is untrained in tax.
  • Watching YouTube videos recorded before their authors went to jail.

It is easy to overlook deductions and credits to which you are entitled.

The computer software program cannot input the numbers for you. There’s no substitute for the assistance of an experienced Tax Return Preparer in Las Vegas Central, like the EAs and CPAs at Torchlight Tax.

Don’t worry about your messy books. Small business owners are busy and often don’t have time to stay on top of their bookkeeping. Torchlight Tax & Accounting in Las Vegas Central can help clean up your bookkeeping for the tax year and prepare and file your business and personal tax returns

Helping your business succeed

There are many elements of success in small business. If you have a good business plan, are set up as the correct business entity with your legal basics in, that is a good start. If you set up bookkeeping, payroll, and a dedicated business bank account, many future hassles disappear. If networking and marketing are done, this greatly assists sales. And of course, you do have to sell and deliver a product.

We at Torchlight Tax play a crucial role in correct entity selection and in using accounting as a tool to increase profits. We can do your Profit and Loss for you on a regular basis. We would recommend you review you profit and loss on at least a monthly basis. Weekly would even be better. We can provide this to you. (We know you are probably too busy to do this yourself.)

We can arrange to do a weekly P and L for you. If you look at it while the week is fresh in your mind, you can figure out what was successful and unsuccessful in making income. You can also look at expenses and see if some areas are too high.

It is very easy for a business owner to get all wrapped up in sales and delivery, and not look at what is moving his profit. If you are busy doing your own bookkeeping, this is even less likely to occur. This is because most busy businesspeople fall behind on doing their own bookkeeping. We would suggest that you spend less item DOING you books and take some of that saved time to review you P and L regularly to see what you can do to improve your bottom line.

If you look at it regularly, you can spot what you did to raise income. Maybe one part of your business takes a lot of time and makes little money while another seems to make more money in less time. Concentrate on the second. See if this works.

But one thing is for sure. If you know whether you are profiting or losing, you can take action to improve the situation. For help in business taxes, bookkeeping, or business advice, contact us.

Call us at 1-877-758-7797 or 702-463-1818 or email us at info@TorchlightTax.com. We can transfer your call to a branch office near you or help you directly from our central office.

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    Why Torchlight Tax

    Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Torchlight Tax, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from bookkeepers and other tax preparers by stringent qualification and licensing requirements. Our entire team has a purpose to legally save your tax dollars and to make taxes as painless as possible. This means we take your calls and respond to your concerns. If you receive a threatening IRS call or Notice or are worried about some tax question, we are here for year round taking your calls and responding to your emails.

    Upgrade to a full-service Tax Firm

    Whether you are filing personal, small business, or corporate taxes, or negotiating IRS tax debt, if you are not already using a professional Tax, Accounting and IRS Representation firm, you most likely have missed out on major tax benefits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, who can not only advise individuals on personal financial matters but who can also advise businesses and corporations of all sizes and types. Tax laws are complicated, and no one knows everything. Torchlight Tax is a team and any one of our tax pros can call on other EAs, CPAs and Tax Attorneys in the team who may have specialist knowledge in a specific area of tax.

    Amendments

    When doing current taxes, we often come across missed tax savings from prior years. When this happens, the Internal Revenue Service allows you to amend your taxes and lower your tax liability. Whether you or your prior tax preparer missed a W-2 or 1099, a revised 1099. large charitable donations, or made some other error, amending your tax return can help you recover the money you are rightfully owed. When we find this situation, we will advise you on potential savings and amend the previously filed tax return.</p”>

    Sometimes, there may be a situation where a tax return could be amended, but it is too late to receive any benefit. Or maybe you made an error that was missed by the IRS that would have increased your tax liability. In some cases, it is prudent to file an amended return. But if it is not necessary and will not save you any money or decrease your risk, we will tell you not to bother. It is silly to amend a return to no advantage which is too old for the IRS to audit. Some firms might file a bunch of unnecessary tax returns and charge a fee. Sometimes a taxpayer himself might increase his tax liability by filing an unnecessary amendment that increases his tax liability. We will not do this.

    Amending a tax return requires more professional acumen then doing it right in the first place. At Torchlight Tax, we do file the tax return correctly the first time. And we will happily amend your tax return, but only if it actually is to your benefit. If you think you might need to amend tax returns, contact Torchlight Tax for a free consultation.

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