Tax Services You Can Count On in Scottsdale
Do you struggle with your business taxes? You are not alone. Most American business owners experience challenges when preparing and filing their tax returns. Sure, technology has made filing simpler. However, without proper information, the process can be confusing, tedious, and complicated.
To make things easier, you can access professional tax services at Trumble Financial CPA. Contact our Scottsdale firm to schedule your consultation today!
Benefits to Outsourcing Your Tax Preparation Obligations
Cost Savings - You may assume that filing your taxes through an online platform is cheaper than hiring a team of CPAs. However, professional tax preparers have the means and know-how to study your unique circumstances and help identify deductions, refunds, and credits that may not be so obvious when you try to file on your own. This is how tax professionals can help you save money. Additionally, it is a CPA's job to stay up to date on any changes in federal and state tax regulations.
Time Savings - Filing taxes is a time-consuming process, no matter your professional or financial situation. The amount of time you spend sorting your taxes increases when you have multiple businesses. When you leave the tax filing tasks in our hands, you gain that valuable time back to run your business with one less stressful obligation to worry about.
Avoiding Mistakes and Errors - Imagine discovering that you missed out on deductions and refunds because of a mistake on your tax forms. What's worse is that your chances for being audited increase if you make significant errors when filing. Our CPAs have years of experience and tax filing knowledge, ensuring all necessary forms are submitted correctly and on time.
Avoid Adverse Consequences - When you sign your business tax return, you declare that the information is true and accurate. If the IRS finds errors after auditing your return, you could face adverse legal consequences. When you use professional tax services, accuracy increases, safeguarding you from potential liability.
Reduces the Stress That Comes with Filing Taxes - When you work with our tax preparation firm year after year, we can help you streamline the process of filing your business taxes more efficiently. We can also reduce your tax liability safely and legally since we already know the ins-and-outs of your tax situation.
Business Tax Preparation
With business tax returns, you need numerous financial records, including the previous year's performances, payroll reports, and details of asset purchases or dispositions. You also need to fill in the right forms depending on whether you are running a small business, multiple-owner LLC, partnership, or an entire corporation.
Do I Need to File Quarterly or Annually?
The type of business you run determines whether you declare your taxes annually or quarterly. If you are a business owner and your income tax is not deducted, you should file your taxes quarterly. Sole proprietorships, freelancers, landlords, and investors should file their income returns quarterly. Corporations, partnerships, and LLCs should file their taxes annually.
Tax Planning for Your Business
If you want to minimize your costs, you must be proactive in handling your taxes. With our tax planning strategies, you can identify saving opportunities to reach your financial goals.
Having our CPAs evaluate your financial data can help to reduce your tax liability. With comprehensive tax planning from Trumble Financial CPA, you get to know the tax effect of every business decision that you make now and in the future.
Is Tax Planning Worth It?
Have you ever wondered why most wealthy business tycoons often pay lower taxes? It's because they take advantage of effective tax planning. Solid strategies from a savvy tax planner who knows the laws and can identify deductions will reduce your taxes safely and legally. We use tax planning services to help you identify these legal methods to minimize your taxes, saving your company money.
What Does Tax Planning Do?
Tax planning involves analyzing and organizing your finances, then selecting strategies to help you reduce your tax liability and take advantage of all deductions, allowances, and exemptions you qualify for. By employing tax-saving strategies throughout the year, tax planning helps you enjoy a lower taxable income at filing time.
How Tax Planning Creates Opportunities to Save
Tax planning involves analyzing and organizing your finances to reduce your tax liability and take advantage of all deductions, allowances, and exemptions you qualify for. Tax planning helps lower your taxable income and increase tax relief opportunities. As a business owner or employer, you may be wondering if there are opportunities to save money when it comes to filing tax returns.
Here are some tax-saving strategies our professional tax planners provide:
- Funding pension and retirement plans
- Timing income to lower taxes
- Taking advantage of tax law changes and credits
- Depreciation deductions
- Reducing taxes on gifts, awards, and bonuses
Managing Payroll Obligations
Employers deduct payroll taxes from the salaries and wages paid to employees. The amount deducted is remitted to the government. If you're an employer, you must submit payroll taxes on time and in the correct format to avoid penalties. However, as the number of employees increases, chances are you'll need professional assistance to help you organize and efficiently file your payroll taxes. We work to make sure that you avoid errors when submitting payroll taxes.
Small Business Tax Resolution
Amid cost-saving and profit maximization, filing your business tax returns may not get the full attention it deserves. This failure to adequately address your tax issues can lead to inconsistencies and inaccuracies on your tax returns.
When the IRS notices that there are problems with your returns, they may need to audit your business. However, you don't have to panic when you get that IRS notification. Our team can help resolve any problems and help to minimize penalties.
Tax Resolution Options for Business Owners
If your business owes the IRS, you can trust us to negotiate for your tax relief or debt settlement. For your trouble with the IRS, we aim to give you a solution that fits your unique circumstances. We do this by:
Reviewing Your Tax Records - Analyzing your company's records will help us identify the exact problem and its origin. This analysis helps to find out exactly how much you owe the IRS.
Developing Payment Plans - After finding out the extent of your debt, we negotiate with the IRS either for debt relief or a convenient payment plan. Then we help you organize your company's finances so you can start repaying your debt as soon as possible.
Bankruptcy Filing - If you cannot pay the debt owed to the IRS, you can file for bankruptcy. We analyze your finances and help you through the entire process. This can help to solve multiple tax and financial problems that may be getting in the way of running your business.
5 Common Tax Problems
Here are some of the tax problems that business owners may face:
- Payroll problems
- Owing back taxes
- Abusing and overusing deductions
- Failure to file your taxes in years
- IRS audit representation
If you are facing an IRS audit, you can trust our firm to offer effective legal representation. We analyze your financial data and develop strategies to defend you before the Internal Revenue Service. You don't have to face the IRS alone. With our help and support, you can go through an audit with confidence.
What If I Haven't Filed My Returns?
There may be good reasons as to why you haven't filed your taxes. However, failure to file taxes is an offense. If you act fast, you can likely save your business and avoid a jail term. However, you'll still have to pay penalties.
Late tax payments often lead to penalties and interest charges on the taxes owed. The IRS penalizes you when you don't file your returns on time. They also punish you if you submit returns on time but fail to make all the payments due. Additionally, the IRS charges interest on all unpaid taxes. We can help you calculate how much you owe the IRS and request a reduction of penalties.
You always have the option to appeal when you have a dispute with the IRS. To avoid court proceedings, an appeals office is assigned the role of independently reviewing the dispute.
Overpayments, Refunds, Credits
If you overpay your taxes, you'll get the overpaid amount in the form of a refund. In addition to refunds, you may qualify for certain tax credits. Tax credits also help to reduce the amount of tax that you pay.
Tax Liens, Levies, Garnishments, and Seizures
Tax liens are imposed against your assets or property when you fail to pay your taxes. This can include your business. If you pay your debt in full, the IRS releases your lien. Tax levies allow the IRS to seize your property, including your company, to pay the taxes that you owe. While a lien secures a property, a tax levy gives the IRS the right to take the property.
In the case of a wage garnishment, money can be withheld from your paycheck to pay taxes you owe.
Contact Our Scottsdale Tax Professionals Today!
At Trumble Financial CPA, you can get all the help you need with your taxes, from filing to planning and more. We offer premium tax services for businesses across Scottsdale. We can also help you negotiate with the IRS if you have a complicated tax situation. Contact our experienced team of CPAs today to schedule your consultation!
According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discreet.