Business Tax Preparation - Other

Tax laws have always been complex. Worst still, the laws are constantly changing, making it difficult for many businesses to keep tabs on what is applicable at any given period.

At the risk of being obvious, you should not prepare your business tax returns unless you are an expert in the field of tax preparation. Attempting to do so might result in costly mistakes.

Overlooking deductions is an all-too-common error. Plus, you might not even be aware of the tax credits you are eligible for. While computers or software can speed up tax preparations, you still need the know-how to use it.

Your safest bet is to hire professionals that can navigate the complex and challenging terrain of the tax landscape. Of course, it will cost you money upfront, but that is nothing compared to what you may potentially lose (in fines and penalties) if you were to prepare your taxes wrongly.

Besides, professionals approach business tax preparations from a vantage point where many others know little about. While many people dread the tax season, the professional understands that the tax laws are filled with opportunities if you know what to look for.

There are benefits within the tax law that many small businesses qualify for, but are not taking advantage of. Some of these include:

• 401(k) plan
• **** debt write-off
• Disabled access credit
• First-year expensing of business equipment
• Home office deduction
• Keogh plan
• SEP
• SIMPLE plan
• Tax-free exchange
• Year-end bonuses
• Other business tax credits