Why is a business tax consultation important?
A business tax consultation can be a game-changer for any business owner. Gaining a firm understanding of tax strategies, entity selection, projections, estimated payments, and allowed deductions can be highly impactful. Our goal is to advise you in these areas and other burning questions you may have.
Oftentimes, the number one reason businesses fail is because of costly tax mistakes and oversights. In the early years of your business, your tax life completely shifts, as you’re now responsible for setting aside a certain percentage of your budget for taxes, completing your own returns, and managing your profit fluctuation. It can be daunting to take on these new responsibilities, outside the general ‘running of your business.’
Working with a team who can help you establish a long-term outlook is essential to maximizing the goals you set for your business. Understanding tax laws and business financials are crucial elements for projecting value, managing expenses, and taking full advantage of tax strategies.
What is involved in a business tax consultation?
At Storen Financial, every business tax consultation is based on your unique situation, the questions you have (including the ones you didn’t know you needed to ask), and specific recommendations for where you are along your business journey.
Here are some common questions we answer:
- I plan to start a business – What steps do I need to take?
- How do I choose the correct business entity?
- What is the difference between an LLC and an S-Corp?
- What expenses can I deduct if I’m self-employed?
- Should I hire employees or subcontractors?
- When should I finance my business?
- How and why do I pay quarterly tax estimates?
- When do I need accounting software?
- What are tax-related best practices for businesses?
- What triggers an audit, and how do I avoid getting audited?
Maintaining accurate records, understanding how to read financial statements, and having tax projections completed periodically are essential elements that should be included in your long-term plan. Otherwise, you run the risk of accruing penalties, devaluing your business, or deviating from your goals. No matter where you are on the pathway of business ownership, we offer services that help you move further down the road to success. Our ultimate goal is to help you build a strong, vibrant business that continually provides desired results.
What items do I need for a business tax consultation?
Once you’ve scheduled a consultation, we ask that you prepare the following in advance to maximize your time with us:
- Past two years of tax returns (both personal and business if applicable)
- Updated information on your current financial state, including income, expenses, and recent statements
- Legal documents for business setup such as articles of organization from the state, an EIN letter from the IRS, and any other taxes you applied for
- Any specific needs or concerns you’d like to discuss
Interested in a consultation? Contact us now and schedule one today. (Click here to contact us.)
Have a little more than basic tax questions?
Ask us about our Business Advisory Services program, which takes a deeper dive into more complex topics that affect the health and operation of your business. This program offers a comprehensive, forward-thinking approach with the goal of achieving maximum profitability. (Click here to learn more about Business Advisory Services.)
Blog by Kim Storen, EA – Tax Services Manager
Learn more about Kim and the rest of the Storen Financial team here.