Article provided by: LeFils & Company, LLC
For many small business owners, tax preparation is an inconvenience they’ll gladly avoid if they had the chance. Between satisfying your customers, monitoring your employees, and keeping an eye on your suppliers, we can bet there’s more than enough business activities you’d rather focus on. However, the law is clear enough about the importance of preparing your taxes as and when due and preparing them accurately. If you do not have a solid background in tax laws, it would be best if you considered hiring a competent accounting firm for your tax preparation in Deltona.
How do I determine my business income?
One of the questions small business owners ask is how to determine their business income when filing taxes. The easiest way to do this is by coming up with a Profit and Loss Statement. This report would list all sources of income for your business, as well as all your expenses. Your net income is the difference between the total income and expenses.
Although this formula appears pretty straightforward, some clauses can complicate tax preparation in Deltona. For example, business owners must include barter income, and the cost of goods sold should also reflect in the calculation. To ensure you do not make any potentially costly mistake when filing your taxes, it would be best if you hired a professional to do the job.
How do I know which expenses are not deductible?
Virtually all business expenses are tax-deductible, as long as you can prove the purpose for the expense. Many small business owners make the mistake of not keeping records of their expenses. Even if the expense is for business mileage or meals and entertainment, it is tax-deductible as long as you have the record.
The only expenses that are not deductible are those not considered legitimate business expenses by the IRS. Expenses that fall into this category include fines and penalties, political contributions, membership fees at sports or social clubs, etc.
Do I need a certified public accountant for tax preparation in Deltona?
If you run a very small business, you may get away with using tax software or preparing your taxes yourself. As your business expands, however, you’re more likely to need a CPA for your tax preparation in Deltona. Tax laws are like a maze, and there are so many points where you could make a wrong turn. Unfortunately, ignorance is not an excuse under the law, and a seemingly minor error could result in you huge fines and penalties.
Hiring a CPA for tax preparation in Deltona is often the smart thing to do. You get the best tax advice, meticulous services, error-free filing, and maximal deductions. If you’re not in the habit of hiring one yet, you should consider contacting Le Fils and Company, LLC, for experienced CPAs in Deltona.
Contact the experts for tax preparation in Deltona
As a full-service accounting firm, we specialize in handling all aspects of business accounting and bookkeeping for small and medium-sized businesses. Our company has a track record of providing quality services at the most affordable prices, and we have experienced professionals that are adept at all things business accounting. Need help with tax preparation in Deltona? Get in touch with us today, and we’ll be happy to see how we can help.