Small Business Income Tax Preparation…
… is the most neglected area in the area of small business. The recent moves to “credential” income tax preparers require no specific credential for people who prepare business taxes simply because the Internal Revenue Service recognizes little or no problem in this area. The problem is that the small business owner does practically everything wrong, and thus recognizes minimal tax benefits while every movement to stimulate the economy specifically targets the vital small business community. Uniquely, the small business owner rarely employs a tax preparer who specializes in business taxes!”
The Major Failures of the Small Business Community to Recognize Tax Benefits Specifically Targeted to them are the Result of:
- When a small business sets up its accounting system, there is no participation of a qualified accountant, a qualified bookkeeper, or even the person (or firm) who will prepare the income tax return for the business. As a result, the accounting system does not capture or identify most of the meaningful items necessary for the income tax preparer to even know the business has such benefits available to it.
- Most small businesses do not even have a functional accounting system.
- The small business that lacks the basics of a functional accounting system usually provides a pile (if not box) of unorganized documentation which depending on the time available or the resources available to the tax return preparer may receive little or no scrutiny. Specifically, the income tax return preparer does not know, and cannot see any elements that would indicate the small business has tax advantages to exploit.
The Part-Time CFO, Inc. specializes in both setting up an accounting system and doing the accounting in order that a small business can both identify and exploit the income tax advantages that are targeted to this vital part of the economy. Additionally, The Part-Time CFO, Inc. employs Enrolled Agents to prepare income tax returns for its clients
Tax Return Audits
While there is no perfect time to make a move to “better,” now might be that perfect time. Ideally, the beginning of the year allows for all of the benefits to be recognized for the current year’s income tax return. For those companies interested in making the investment to “clean-up” prior years, The Part-Time CFO, Inc. can do that also.
Most meaningfully is the concept (is this a new idea?) of the income tax preparer setting up the accounting system to collect meaningful information to prepare an optimal income tax return. Of course, The Part-Time CFO, Inc. provides both Income Tax Preparation and complete Accounting Services – in your office, or in ours!
Are All Tax Preparers the Same?
There is an old assumption about accounting firms with both Tax Departments and Business Management Departments. The assumption is that the Tax Department can identify problems that can enhance opportunities through the Business Management Department, and the Business Management Department can identify opportunities that can be exploited by the Tax Department.
Sadly, in real life, the Tax Department and the Business Management Department rarely talk, and if they did, professionally, they know very little about what the other department does
All of our initial consultations are free, but when we meet our clients, we frequently find that their business taxes are prepared by “personal” income tax professionals. We are business tax specialists. We frequently find prospective clients that are paying significant taxes that could be avoided with a separate entity – with immediately advantageous tax elections – except their tax preparer never told them. We tell them in the free consultation!
Free Business Advice
Anyone with any significant business experience can immediately see opportunities in a fresh look at a business they work with. Our tax professionals are no different and frequently will make suggestions based on the information they see in the tax preparation process.
…and we tell the client what we see, for no additional charge.
If You Are Not Happy With Our Service, You Will Find Someone Else!
Uniquely, our clients come back year after year after year. Our client retention is close to 100%. The frequent feedback we get is “I never had anyone explain this stuff before.” When client documentation is missing, we don’t prepare the return without it, we ask you to get it. When the tax documentation you give us doesn’t make sense, we let you know and assist you on getting the information corrected.
And if we’re your Part-Time CFO, you get all of the benefits of our Business Management Services and the Tax Advice we give so freely.
No Sales Approach, We’ll Simply Tell You What We Think.
If You Have Questions About Your Current Tax Preparer, Talk To Us!
Advice and consulting at your fingertips! Schedule an appointment today.
12625 Frederick St. Suite I5-300
Moreno Valley, CA. 92553
M-F: 8am-5pm and by appointment
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