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Income Tax Preparation for Small Businesses

Tax preparation and filing is easier than it’s ever been with several brands of software available for at-home use. These user-friendly programs make it tempting for business owners to try to prepare their own taxes. However, doing taxes for your small business on your own can have costly consequences. Expert tax preparers like our consultants at James T. Borello & Co. are well versed in complicated tax code and can usually identify tax saving opportunities the layperson would easily overlook.

Special Needs of Small Business

The principles that govern small business tax filings are very similar to those of individual tax filings. Essentially, a business’ revenue less its expenses equals taxable income (with some exceptions). Small businesses have numerous complicating factors, however, that make tax preparation anything but simple. At James T. Borello & Co., our consultants have years of experience working with a wide variety of businesses. We help our clients make the most of their tax situation in many ways including:

  • Identifying how to handle or deduct business equipment purchases in the most tax beneficial way
  • Identifying all allowable deductions from travel to entertainment to supplies to vehicles.
  • Advising businesses on which expenses should be capitalized over time.
  • Explaining how employment taxes are handled and the responsibilities businesses have to their employees.
  • Explaining the Self-Employment  (SE) tax for business owners and sole proprietors

When you work with the tax consultants at James T. Borello & Co., your tax consultant advises your business year round not just during tax season. Creating a solid tax strategy requires pre-planning and on-going maintenance. Additionally, small businesses often have to pay estimated taxes throughout the year. At our firm, we partner with your business to make sure your business decisions are in line with your tax strategy. Contact us to see how our expert tax consultants can save you money on your business taxes.