Small Business Tax Preparation in Hillsborough

Hillsborough small business accountingWhen it comes to tax preparation for your small business, your goal is to provide accurate reporting and documentation while ethically reducing your tax burden. Achieving this goal can be a complex task that requires comprehensive tax knowledge and accounting experience so you can take each deduction you’re eligible for. While many business owners rely on tax software, it doesn’t provide you with the in-person knowledge that comes with working with a skilled, experienced accountant.  

Experienced Tax Preparation for Hillsborough Businesses

At C.E. Thorn, CPA, PLLC, we offer all types of small business accounting services to Hillsborough businesses and organizations, including tax preparation, payroll, and bookkeeping. With our experience and knowledge we will work to get you the lowest tax bill possible while also saving you the time and stress of trying to do taxes yourself. Our customized solutions and personalized service mean we go beyond tax preparation, we’ll be there to answer questions and explain any concerns you may have about the process.  

Small Business Tax Preparation Checklist

In order to guarantee accurate reporting while minimizing your tax burden, you’ll want to make sure you have financial records and documentation available to get the following deductions: 

  • Home office deduction
  • Keogh plan
  • SIMPLE plan
  • SEP
  • 401(k) plan
  • Using business equipment as an expense in the first year
  • Bonus depreciation
  • Year-end bonuses
  • Bad debt write-off
  • Disabled access credit
  • Other business tax credits
  • Tax-free exchange

Individual Tax Preparation Services for Small Business Owners

If your business is a sole proprietorship or LLC in which your business income is absorbed into your personal tax return, or you want to hand over your both your business and personal tax preparation needs to one experienced accountant, we also provide individual tax services in Hillsborough. By being familiar with your business tax information, we can look at your income and expenses and leverage your deductions to help you get a large return or a smaller bill. 

Individual Tax Preparation Checklist

To accurately prepare personal or individual taxes for our business owner clients, having documentation and accurate records for the following deductions is helpful: 

  • 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
  • Wisest 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

Contact Us to For Tax Preparation Services in Hillsborough

We’ve worked with local businesses and organizations for over 25 years and take pride in offering personalized service that helps our clients save money and succeed in business. To learn more about our services, give us a call at 919-420-0092 or fill out our contact form today!

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