Running a small business is a lot of work. As any business owner knows, a significant amount of time and effort is spent maintaining day-to-day operations. Your time is precious. The last thing you want to do is waste valuable time preparing and filing your business taxes or personal taxes. Not only is preparing your taxes time-consuming, but it can be incredibly complicated as well. Suppose you don’t file your taxes correctly (whether it’s because you’ve accidentally omitted information or used the wrong forms). You could miss out on potential deductions or, even worse, make mistakes that result in costly penalties.
Fortunately, here at JR Martin & Associates, we can handle all of your tax return needs for you. We provide year-round tax preparation services for small businesses throughout CA including the Redding, CA area. The following are the primary types of tax return services that we offer:
One of the challenges of being a business owner is the responsibility you have to submit your business tax returns every year and take care of your personal tax returns at the same time. As a small business owner in Redding, CA, keeping your personal and business finances separate can be a real challenge. Ensuring that your finances don’t get mixed up is critical to ensuring that your business and individual tax returns are correctly submitted. If you’re using the same account to cover both business and personal expenses, this becomes even more tricky. For instance, if you accidentally deduct your personal expenses as business expenses, it can result in a tax penalty.
Because of how tricky it is to keep track of both your personal and business financial information and to submit both personal and business tax returns, it’s best to use the same accounting service for both. We can help business owners with their individual tax returns and ensure that they do not make potentially costly mistakes. We will keep track of your personal and business expenses and make sure that they are kept separate so that when it comes time to file your personal taxes, there will be no mistakes.
Digging through all of your company’s financial records and calculating all of the numbers you need to report isn’t just time-consuming; it’s complicated. A lot of math is involved — and one mistake on your business tax returns can result in severe financial penalties. On top of that, there’s the challenge of filling out the right forms for your business and navigating all of the tax-related jargon that few non-tax experts can make sense of. Such obstacles can make filing your business tax returns even more frustrating and challenging.
Using our professional tax preparation services, you’ll ensure that all of your numbers are in order. We can help you keep all of your financial information organized and can maximize deductions and tax savings. Many business owners aren’t that familiar with tax law and therefore don’t always take deductions when they can. On the other hand, there’s also the risk of deducting items that aren’t deductible if you’re attempting to submit your business tax returns on your own, which can result in a penalty.
Suppose you are running a retail business in California. In that case, you are required by law to be registered with the CDTFA (California Department of Tax and Fee Administration), and you will have to pay a sales tax on all goods and merchandise you’ve sold. You will also have to pay use tax on the storage or use of goods that you purchased from retailers in California that were not subject to the sales tax.
What makes the sales and use tax complicated is that it consists of three parts. These parts include state tax, local tax, and district tax. When it comes to filing sales and use tax returns, your filing frequency and due dates vary based on your reported sales tax. You may have to file quarterly, monthly, fiscal-yearly, or yearly. We can make sure that your sales and use tax returns are not only accurately submitted but that they are filed on time by your due date.
Tax law is incredibly complicated and, because of this, filing your personal and business taxes can be a real challenge. As a business owner in Shasta County or other parts of CA, you have better things to do with your time than trying to keep financial information organized for tax season. Submitting the correct forms is difficult enough as it is. Any mistakes could result in harsh fines that could hurt your business.
By allowing us to assist with your business and personal tax returns, you’ll ensure that your taxes are done correctly and on time. Not only will you avoid potentially stiff penalties, but you’ll also have peace of mind knowing that you don’t have to worry about your taxes. So take advantage of our tax return preparation services today so that you can focus your time and energy on growing your business.