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Tax Preparation for Businesses
Experienced Tax Preparation for Bradenton Businesses
Tax preparation for businesses seems to get more complicated each year. Add in the fact that the more successful your company becomes, the more complex your taxes get. Our Bradenton business tax preparers are skilled at simplifying tax season and showing you various ways you can save money.
Since 1998, Hueston & Company CPA, LLC has served the communities of Bradenton, Lakewood Ranch, Sarasota, and its surrounding areas. Our accounting firm prides itself on giving you the individual attention you deserve. If you're looking for professional business tax preparation, contact us today for your free initial consultation!
Why Proper Tax Preparation Matters
Each year, countless business owners rely on tax preparation software to handle their taxes. Unfortunately, many of them miss out on valuable cost-saving opportunities, as technology only goes so far. From getting the most out of tax deductions to understanding which forms to file, our Bradenton buisness tax preparation services provide you with valuable guidance. Enlisting the help of professional accountants can help minimize common tax season mistakes, including:
- Forgetting tax filing deadlines
- Submitting the incorrect SSNs, EINs, and bank account numbers
- Underestimating or underreporting earnings
- Mixing business and personal expenses
- Missing out on tax deductions
From keeping up with the latest tax law changes to understanding the tax strengths of each business entity type, having our experienced team in your corner provides you with decades of experience.
Our Personalized Approach
If you've ever received tax assistance but felt like just a number, we're the place for you. At Hueston & Company CPA, LLC, we value your business and the trust you place in us. Our Bradenton accounting firm is committed to providing you with individualized attention so that you're never in the dark about your taxes. We'll take the time to meet you throughout the year to provide one-on-one consultation on various topics, including basic tax planning.
Just as business owners share their passion with their communities, we love explaining taxes and exploring your unique financial situation. Our entire team enjoys answering tax questions and encourages you to ask them at any time. Additionally, we're skilled at breaking down intricate tax concepts so that you're knowledgeable and fully informed.
Thorough and Accurate Record Keeping
Proper record keeping is a necessity for business success, both during tax season and throughout the year. Keeping good records allows you to quickly retrieve information like receipts, invoices, and bank deposits without having to shuffle through piles of paper. More importantly, proper record keeping allows you to get a complete and accurate picture of your company's finances down to the last cent.
We can pair our Bradenton business tax preparation services with meticulous bookkeeping. Our CPAs will monitor and organize your financial information to provide your company with a well-organized back office. During your initial consultation, we'll discuss packaging our business tax preparation and bookkeeping services so that you never have to panic to find papers again. Additionally, we'll ensure the accuracy of your numbers through double and triple-checking data entry between accounts.
Bradenton Business Tax Preparation for Different Entities
Your company's entity type doesn't just dictate how you're taxed, but it also determines how complex preparing and filing your taxes will be. Our Bradenton business tax preparation team has extensive experience working with various entities to file their taxes efficiently, no matter how complex they may seem. Although our approach may vary between entity types, our shared goal is accuracy.
In addition, we've spent decades understanding tax laws and regulations at the federal and state level. Whether you operate a single company in Florida or have multiple locations throughout the country, we have you covered. Some of the entity types we serve include:
Partnerships: This entity type doesn't pay federal income tax. Instead, partnerships' income, losses, and deductions pass through to their partners. The two types of partnerships are general and limited partnerships, which are subject to different tax procedures. Regardless of your partnership's type, we'll file Form 1065 and any applicable schedules, including Schedule K-1.
S Corporations: An often-confusing detail about S corporations is that they don't pay corporate income tax. As a pass-through entity, the company's owners pay taxes on their respective earnings using individual tax rates. We'll prepare Form 1120-S which reports your S corporation's income, losses, and deductions. Unlike a partnership, C corporation owners must file both Schedule K and Schedule K-1, as one accounts for the company and the latter accounts for individual shareholders.
C Corporations: Unlike an S corporation, the IRS taxes C corporations at the corporate level. Owners are provided limited liability protection, which limits their exposure to losses. Our Bradenton accountants will prepare Form 1120 and any applicable forms. We'll take an in-depth look at your tax information to ensure that every form has been filed according to your records.
Nonprofits: Although nonprofits are exempt from federal income taxes, they must file Form 990 each year. Form 990 serves as a way for the federal government and the public to evaluate a nonprofit's financial operations. Our team has years of experience helping nonprofits keep their entity status and will meticulously comb your records to ensure that everything is airtight come tax season.
S Corporation Election Assistance
One of the tricky aspects of preparing taxes for S corporations is that they can be taxed as C corporations if they do not take proper action before tax season begins. For an S corporation to be taxed correctly, they must notify the IRS that they're electing to be taxed as such. You have just under three months from the start of the tax year to make your election. We will work closely with you to file your Form 2553 either online or by mail.
Trustworthy Bradenton Business Tax Preparation
At Hueston & Company CPA, LLC, we're passionate about providing tax preparation for businesses in Bradenton, Lakewood Ranch, Sarasota, and their surrounding communities. No matter how complex your tax situation may be, we have the experience and knowledge to help protect your hard-earned money and add to your wealth. Contact our office today for your free initial consultation!