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Tax Preparation and Tax Services in Tampa Bay Area

Tax preparation is not just around April time

Do you know what is the number one reason small businesses prepare and file their taxes incorrectly? According to Inc., it is most likely you. Believe it or not, most of the small business owners are afraid of their receipts, records, and numbers, and they will find any excuse of why they need to postpone tax preparation in their task list.

The solution is a tax preparation all year long. 

Organized expenses, invoices, and receipts will make you a lot more confident come tax preparation time.

We understand the tax nuances for a small business

Most of the accountants are trained for the corporate business and often fail to understand the tax preparation needs of a small business. We concentrate on small business tax preparation and can save you your hard earned money come tax time.

Tax Preparation

For tax preparation,  IRS does not require the method in which the records are kept, but there are many reasons to keep them up to date in an accurate, timely and consistent manner.

Tax Preparation Checklist

INCOME

Gross receipts from sales or services
Sales records (for accrual based taxpayers)
Inventory (if applicable)
Beginning inventory

Returns and allowances
Business checking/savings account interest (1099-INT or statement)

Returns and allowances
Business checking/savings account interest (1099-INT or statement)
Other income

EXPENSES

Advertising
Transportation and travel expenses
Local transportation
Business trip (mileage) log
Contemporaneous log or receipts for public transportation, parking, and tolls
Travel away from home
Airfare or mileage/actual expense if drove
Hotel
Meals, tips
Taxi, tips
Internet connection (hotel, Internet café etc.)
Commissions paid to subcontractors
File Form 1099-MISC and 1096 as necessary
Depreciation
Cost and acquisition date of assets
Sales price and disposition date of any assets sold

Fringe benefits
Employer-paid pension/profit sharing contributions
Employer paid HSA contributions
Employer-paid health insurance premiums
Cost of other fringe benefits
Business insurance
Casualty loss insurance
Errors and omissions
Interest expense
Mortgage interest on building owned by business
Business loan interest
Legal fees
Office supplies
Pens, paper, staples, etc
Other consumables
Rent expense
Office space rent

Business-use vehicle lease expense
Office-in-home
Square footage of office space (hours of use for daycare business, only square footage is required for the new standard office-in-home deduction)
Total square footage of home (not applicable for daycare business)
Mortgage interest or rent paid
Utilities
Wages paid to employees
Form W-2 and W-3
Federal and state payroll returns (Form 940, etc.)
Other expenses
Repairs, maintenance of office facility, etc
Other business related expenses

We provide solutions for all of tax situations and more.  We customize a weekly, monthly or quarterly package or provide “a la carte” services.  We work with you as a business partner and provide support services so you can live your life and get back to what you do best.

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We’re here for you because every number counts

We look at your entire business as a whole, not just the financial statements, in order to provide you with the best possible plan for success.

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