Business Tax Preparation
Perhaps the question I get asked the most is, "What type of entity should I business be". Before Section 199A was around, the answer was usually, "If you're profitable above a certain amount, the answer is S Corp". Now with Section 199A and the QBI Deduction, "S Corp" is not always the answer. The reason why is that the wages the owners must take lower the amount of the QBI Deduction. It now takes learning more about a company before determining their ideal tax entity.
The Tax Cuts and Jobs Act have complicated the process for business tax preparation. Off-the-shelf tax software can have a tough time keeping up with recent tax law changes. They may be adequate for simple personal returns, but they usually aren't robust enough for complicated personal returns and business tax returns. It's certainly possible that they may not get you the highest possible refund.
Having a CPA at your service can make the difference between being caught by surprise during tax season and being prepared for what lies in store. In order to stay aware of the particular tax regulations affecting corporations, it is best to enlist the help of someone with the proper knowledge concerning taxes. With our help, you can remain compliant with tax laws, avoid tax penalties, and better manage your tax liability.