Business Tax Preparation Services in Las Vegas
Companies preparing business taxes in Las Vegas are plenty. It is an important to choose the right company for your business taxes, and any company needs to make this decision responsibly. There are multiple factors that one needs to consider some of which are does the company offer bookkeeping and payroll services and how accessible is your tax professional throughout the year. We believe that a good bookkeeper and a tax professional is an essential partner in the business’ future growth.
When it comes to corporate taxes it is absolutely essential to sweat the small stuff. When and how did the ownership percentage change, does the balance sheet reflect the correct amount of depreciation, are the proper retained earnings accounted for etc. Although we see many small business owners trying to do their bookkeeping themselves to save on professional costs. Rarely a match for work performed by an experienced bookkeeper. DIY bookkeeping oftentimes lack essential financial documents such as statements of Cash Flows, Balance Sheet and Equity Statement. In case of an audit, do-it-yourself financial statements stand to hold more harm than benefit.
Choosing Nevada State for registering a Business
Las Vegas has a friendly business environment. Starting with Nevada’s no corporate income tax law, ease of legal entity creations and savvy business courts and litigators. We hope that you certainly take advantage of these benefits. Also taking in account some of the corporate structure benefits the IRS has helped to create. We are referring to C Corporations versus S Corporations and how operating as an S Corp could save you thousands of dollars in FICA taxes. Unless you already file your corporate taxes as an S Corp, we recommend you to make an appointment as soon as possible to come in for a free one-hour consultation. One of the requirements of Subchapter S taxes is for you to pay yourself through payroll, which again is a service we provide.
Do you have any employees or independent contractors?. It is absolutely essential to understand the legal way employees are paid versus independent contractors. All too often business owners opt in for paying employees as independent contractors to avoid paying costly FICA taxes. The risk with this decision lies in the chance of the business getting audited. The IRS may go back many years and consider contractor pay as wages, add interest and penalty for all those years. In other words inaccurate or ill-advised decisions although may show a temporary benefit. They stand to cripple the business eventually which is why it is essential to choose the right tax preparation company.