Work With the Best Online Tax Service for Small Business
Having an experienced CPA to support your business makes a huge difference in the tax strategy you apply for the coming years. Small-business tax preparation is only part of the equation: You need a skilled professional to keep your plans on track. Our small-business tax help can save you time and prevent costly mistakes. At Ignite Spot, we do more than just prepare your tax return: When you work with Ignite Spot, you get a partner to help you throughout the year, not just during small-business tax filing season. Each quarter, your tax consultant will analyze your tax strategy and meet with you to discuss your options.
From now on, you’ll know what your tax liability is, and you’ll have a plan to manage it.
Small-Business Tax Preparation Help: How to Prepare Your Taxes
If you do your own small-business tax filing, here’s what you’ll need to do:
- Collect all of your tax records. You’ll need a record of earnings and expenditures, a record of deductions, etc. This can certainly be a stressful and difficult task, but when you work with us, our small-business tax accountants will have kept track of all important records throughout the year, so it’s all accounted for come tax season.
- Identify the correct IRS tax forms. For many business owners, this is one of the most confusing parts of tax filing. The forms you use will depend on the size of your business and other factors. Lucky for you, our consultants are experts and can take care of this for you.
- Fill out the forms. This can be the most time-consuming and frustrating part of the process. Your Ignite Spot tax consultant can do much of this work for you.
- Be aware of deadlines. This is a crucial step in tax preparation and one in which mistakes can be costly. But if you have a tax consultant from Ignite Spot, we will be sure to keep you on track so your tax returns are filed on time.
Many business owners follow this small-business tax preparation checklist to prepare them for tax seasons and keep organized, but it’s always a hassle and costly mistakes can happen. But your Ignite Spot accountant will be very knowledgeable about this process and know exactly what to do.
Frequently Asked Questions
How Much Does Small-Business Tax Preparation Cost?
Hourly rates for tax consultants usually range from $100 to $400. Some companies charge a minimum fee of $500. When you work with Ignite Spot, you can combine small-business tax preparation services with other accounting needs, and we’ll create personalized payment plans in accordance with your needs. Our minimum fees for annual tax support starts at $295 for a personal return and $495 for a business return.
How Much Can a Small Business Make Before Paying Taxes?
Most businesses will have to pay taxes no matter how much they earn, but if you are self-employed and make less than $400 from your small business, you do not have to file a tax return. It’s also important to note that small businesses must pay estimated quarterly taxes if they expect to owe $1,000 or more for the year. Your Ignite Spot tax consultant will keep careful track of what you owe and how much you need to pay. Another benefit to working with our accountants is that they’ll always be available to answer questions about income taxes and make sure you haven’t missed a payment deadline.
What Does a CPA Do for a Small Business?
A CPA is there to save your business time, but more importantly, their task is to save your business money. Not only do they make sure all of your paperwork is in order and filed on time, but they make predictions and advise you on ways to save and invest that will generate income for your business. They’ll advise you through downturns and good times. They’ll also prepare regular financial statements and reports.
What Do I Need to Give My Accountant for Small-Business Taxes?
Your accountant will need:
- Financial statements, including details about your profits, losses, cash flow, assets, and expenses
- Information on major assets bought or sold, such as equipment, buildings, or vehicles
- Records of vehicle use for the business, including either the number of miles driven or the actual operating expenses incurred
- Details of office costs, including phone and Internet plans, office supplies, and property expenses
- Employee payroll information
Luckily, when you use our small-business tax services, you can easily update records and send information through our secure system. Your accountant will have worked with you throughout the year and will likely have access to many of the documents you need already.
What Documents Do I Need to File Business Taxes?
When filing taxes, you usually need some or all of the following documents:
- Previous year’s tax return (unless you are filing small-business taxes for the first time)
- Profit and loss report
- Balance sheet
- Cash flow statement
- Tax forms
- Loan documentation
- Expense records
- Payroll data
- Inventory report