Raleigh, NC Tax Preparation Services
As a small business owner, DIY tax preparation, for both business and personal, can have many pitfalls. You may be unaware and overlook deductions and credits. Even the most commonly used computer software or other accounting platforms are no substitute for the assistance of a seasoned local tax preparer.
We are a certified public accounting (CPA) firm located in Raleigh and have experience preparing tax returns every year for hundreds of local businesses. Working with a local CPA firm throughout the year, with monthly accounting, lays the foundation for successful tax preparation.
Personal Tax Preparation for Our Small Business Owners
In addition to their business accounting, we help our small business owning clients with their personal taxes. This creates a consistent relationship, with one point of contact streamlining the tax preparation process.
You may be able to identify potential tax-savers for which you may qualify. Here’s a sample 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 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
- 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
Avoid Potential Overpayment When You File Your Taxes
The tax law allows certain deductions and cuts for small business owners. Qualified deductions are always changing and are difficult to determine, unless you are up to date with the changing tax laws. Avoid potential overpayment 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.