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Whether you file an individual tax return or are the CEO of multiple businesses with an impressive investment portfolio, it’s always best to work with the most knowledgeable accounting professional to be sure that you comply with tax law. When you do this, you are guaranteed to save more of your hard-earned money and eliminate unnecessary annoyances. It is always essential to stay on top of all taxes, whether local, state, or federal. However, there is a stark difference between how personal and corporate taxes are handled. So you’ll need to use an expert who understands those differences to ensure compliance and reduce tax liabilities.
Personal Tax Return Preparation
Whether you need a simple return completed or a very detailed return with several schedules, Nothing But Numb3rs got you covered. What’s most important about your return is understanding what credits and deductions you qualify for. That is key. Some people falsely believe that one size fits all. We mean, is that your friend or a family member received a deduction in a particular area that does not automatically qualify you for the same deduction. In fact, following someone’s filing pattern could get you in more trouble than you bargain for.
So, when dealing with appropriate credits and deductions, we look at these things:
How many dependents do you have? Do you make charitable contributions to a church, synagogue, or non-profit organization? Do you volunteer your time for a religious institution or non-profit organization such as AAU, United Way, or Junior Achievement? You may qualify for charitable miles. Tax credits and deductions can be, at times, complicated. So, let us help you to find out which ones you might qualify for. Here are just a few samples of credits and deduction that you may be eligible for. Leave that up to us to decide which ones you qualify for.
Credits:
Deductions:
Business Tax Preparation
Whether your business is small, medium, or large, Nothing But Numb3rs is prepared to assist you in filing your annual filing requirements. Your company makes money by offering a good or service to the end-user, not by worrying about tax issues. That’s our job. Numerous businesses throughout the United States choose us every year for their tax preparation needs, which includes but is not limited to their annual business filings, Sales & Use Tax Quarterly filings, 941 Employer’s Quarterly Federal Tax return, and more.
One of the significant differences between business tax filings and personal is that business filings come with many filing deadlines that must be kept to avoid penalties and interest. Another thing that makes a vast difference in filing business taxes depends on how your business is set up. Are you an S-Corporation, a C-Corporation, a Sole proprietor, an LLC, an LLP, or a Professional Corporation such as a law firm? The way your business is set up will determine which forms to complete and how your business correctly reports to the IRS.
No matter what kind of business you run, whether a publishing house, a hair salon, a law firm, a restaurant, or a courier service, as a business, you are eligible for far more tax-writes offs than you’d be allowed on your personal tax return. Why is this? As a business, you are required to spend significant amounts of money on operating expenses, which are simply things that you must have to conduct business.
Some of these things include:
On a final note, business taxes are calculated on a different percentage than personal taxes. As a sole proprietor, tax rates can range from 10% to nearly 39%. On the other hand, federal tax rates can range from 15% to 39% for corporations. So, let Nothing But Numb3rs handle all of your taxation needs, helping you to reduce your tax liability and become more profitable in the process.
