Complete, accurate, and timely tax preparation services play an important role in your business. The benefits go far beyond the obvious; reducing liabilities and freeing up more monies that can then be invested back into your organization. Whyte & Associates in Rancho Cucamonga is happy to provide a glimpse into how business taxes are prepared. And, in understanding the process and our approach, you can see just how professional tax accounting can “work” for your business – taking it to the next level.
Businesses generally are liable for taxes on income, and social security and Medicare coverage. If you have employees, your business is also subject to employment taxes including federal unemployment and federal income tax withholding. Depending on the nature of your business, excise taxes may be levied.
The structure of your business, as well as the products you make or sell, are among those factors that influence the type of forms that you must submit to relevant agencies. For instance, partnerships file information returns rather than annual income tax returns. Likewise, there are various forms associated with excise taxes. Form 2290 is a tax on some equipment, including truck-tractors and buses, used on public roadways. Alternately, form 720 applies to those businesses that deal with specified goods and services, including aviation and telecommunications.
We at Whyte & Associates are well-versed in these nuances. Our diverse clients range from restaurants to doctors, dentists to mechanics. We can ensure all applicable forms are completed and submitted properly to the appropriate agencies.
Partnering with professionals who have focused knowledge can result in considerable tax savings. We do not want you to overpay! Since our accountants stay on the leading-edge of changes in tax code, we are aware of deductions and credits. You may qualify for these opportunities to minimize your tax debts. Additionally, our mix of expertise and advanced systems support accurate, timely tax preparation. You avoid penalties, such as late fees. These fees are cumulative. With a keen eye for accuracy, the risks of red flags that may trigger an audit are also minimized.
With comprehensive accounting and consulting services, Whyte & Associates also understands how the tax process fits into your broader operations and personal wealth. We have the big picture perspective and specialized skills to identify those strategies that boost efficiencies, elevate productivity, reduce waste, and buoy the bottom-line. For us, tax preparation is more than a one-off event or even a “season.” A little management of your data throughout the year can save you significant headaches, and contribute to your business running lean and smart.
