As the final quarter of the year winds down, it’s time to start preparing for your 2016 tax returns. If you own a small business (S-Corp or LLC), remember that the deadline for corporate filing and tax liabilities is March 15, 2017. The more you can do now, the better off you will be when that filing deadline rolls around.
How to Prepare for the Tax Deadline
The most important thing you can do is find the right tax preparer for your small business. Ideally, you want to work with a Certified Public Accountant (CPA) for the best in financial representation. However, not all CPAs offer tax preparation as one of their services, so be sure to ask before any commitments are made.
Second, consider the experience of your tax preparer. Ask them how many business returns they perform. For instance, at Ferguson, Timar & Company, we handle hundreds of small business tax preparations each year. The more experience they have, the more secure you’ll feel about what they do for you. Also, make sure their experience is in line with your type of business. If you are a small LLC and they primarily only represent large corporations, it may not be the right fit.
A good tax preparer will be fully up-to-date with all the latest tax laws and deductions. Regulations change every year, so your tax preparer should have a detailed understanding that will enable them to get you the most out of your return.
Always review their list of services offered and confirm that they line up with your specific needs. In other words, if you need to file sales tax returns, can they help you with that? Do you have a non-profit organization or other unique small business tax filing issues? Can they represent you if the IRS selects you for an audit? These are some good questions to ask.
Most importantly, you want to find a tax preparer you feel comfortable working with. You are entrusting them with sensitive financial information and you want the job done right. At Ferguson, Timar & Company, we are dedicated to providing a personalized approach to small business tax preparation. We work carefully with you to provide expert advice, detailed tax preparation service and tax liability estimates. We are available to answer questions and handle every issue that might come up.
For more information about Ferguson, Timar & Company’s small business tax preparation services, or to speak with a tax representative about your company’s needs, contact us today.