Large companies have accounting and tax departments on their staff, ensuring that the firm is not only in full compliance with the law but that they legally pay the least tax. Most small businesses do not have a tax department. Therefore, they may miss some of the many credits and deductions that are due to them. If you are a small business owner in Cucamonga, California, and looking for a tax management services company, get in touch with Whyte & Associates, Inc; we will provide you with the necessary information on tax management and credits.
Tax credits are dollar-for-dollar deductions taken against your tax liability. They are wonderful because, in most cases, they enable a business to increase its profitability.
Here are a few tax credits that businesses may be able to utilize:
These are but a few of the credits that your business may be eligible to take. Keep in mind that you must be able to provide documentation for each credit taken if audited.
Tax deductions are also useful for small businesses. In essence, they lower the income on which the company is taxed. This generally translates to a lower tax bill. You subtract the deduction amount from your business’s income before the tax is calculated.
Some of the more common business tax deductions include:
Remember, as, in the case of tax credits, it is vital to maintain good records during the tax year.
It may be a good idea to obtain professional tax management services in Rancho Cucamonga, CA. Whyte & Associates, Inc. is a full-service CPA firm with extensive expertise in business tax preparation. We will enable your business to receive all the deductions and credits for which it qualifies. Connect with us today at (909) 575-0080.