Raleigh, NC Tax Preparation Services

As a small business owner, it is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year. Even the use of computer software is no substitute for the assistance of a seasoned local tax preparer who is experienced in small business taxes. Today’s tax laws are so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a Raleigh tax preparation professional.

We are a certified public accounting (CPA) firm located in Raleigh and we prepare hundreds of tax returns every year for local sole proprietors, LLCs, and other businesses. We know what to look for when your tax return is prepared. More importantly, you will have someone to answer your tax and accounting questions during the rest of the year.

Tax-Cutting Checklist

As a business owner, there should be a multitude of tax credits and deductions you’re eligible for. Business owners who have a sole proprietorship or LLC can combine your business and personal tax returns into one document as the business and individual are not separate in these cases. Here, we can help you identify personal tax credits and cuts you can make.

Identify the tax-savers for which you qualify. Here’s a tax-cutting checklist to get you started. Check the list to see if there are tax breaks that you are overlooking as you prepare your taxes.

Individual Tax Preparation Checklist:

  • Roth IRA
  • Rollover to Roth IRA
  • Tax-deductible IRA
  • Child tax credit
  • Income shifting to childrentax preparation raleigh
  • 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

Don’t Pay More Taxes Than Required

The tax law allows certain deductions and cuts for small business owners. Make sure you aren’t paying more than mandated by working with a certified tax professional.

Contact our Raleigh tax preparation firm by form or call 919-420-0092 if you have questions or want more information on these and other strategies that could reduce your taxes.

2020 financial tax deadlines