Small Business Tax Preparation in Chapel Hill

Even with modern accounting software, completing your small business tax returns is a stressful, overwhelming, and exhausting. Many Chapel Hill businesses who rely on software miss out on valuable deductions and write-offs, and mistakes can be costly.  That’s why we always recommend businesses turn their tax preparation over to a seasoned professional accountant.

small business tax preparation in chapel hillOur small business accounting team can review your returns to find those deductions and credits you may have overlooked.  Why miss out on extra income, when you can let the tax law work for you!

When you work with our team, we’re available to answer any questions and provide knowledgeable advice to help you maximize your profits.

Tax Preparation Resources

The list below helps you determine if you qualify for tax deductions on either your business or personal taxes. These are great advantages to be aware of when preparing your tax return.

Individual tax preparation checklist:

  • Roth IRA
  • Rollover to Roth IRA
  • Tax-deductible IRA
  • Child tax credit
  • Income shifting to children
  • Child care credit
  • Earned income credit
  • Lifetime gifts
  • Education savings accounts
  • Education expenses
  • Hope scholarship credit
  • Lifetime learning credit
  • Bunching deductions
  • Flexible spending accounts
  • Health savings account
  • Donating appreciated assets instead of cash
  • Qualifying property for personal residence gain exclusion
  • Best filing status
  • Shifting income or deductions from year to year
  • Adoption expense credit

Investor tax preparation checklist:

  • Tax-free municipal bonds
  • Long-term capital gains and dividends
  • Rental property
  • Tax-free exchange
  • Low-income housing credit
  • Small business stock rollover

Small businesses tax preparation checklist:

  • Home office deduction
  • Keogh plan
  • SIMPLE plan
  • SEP
  • 401(k) plan
  • First-year expensing of business equipment
  • Bonus depreciation
  • Year-end bonuses
  • Bad debt write-off
  • Disabled access credit
  • Other business tax credits
  • Tax-free exchange

Contact Our Chapel Hill Accountants for Tax Preparation Assistance

You’ve spent all year working hard at your business and shouldn’t be penalized for your profits! The CPAs at C.E. Thorn, CPA, PLLC will prepare your business taxes so you can receive every deduction possible and reduce your tax burden!

We prepare hundreds of returns each year for local individuals and small businesses. Find out why we are the Triangle’s preferred accounting choice!

Call (919) 420-0092 today or complete the contact form to schedule a consultation with our financial team learn how you can benefit from our expertise.

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