How Does Tax Preparation Work With Businesses?

Man preparing his taxes

For most businesses, accurate and efficient tax preparation is extremely important. When businesses make mistakes in their tax preparation, it can lead to serious financial penalties, criminal charges, and even the loss of a business license. In today’s blog post, LongSchaefer explains the basics of business taxes and how to know if your business needs professional tax preparation.

What Type of Business?

The type of business you own will play a role in how your taxes are prepared. Small business filings are different from those of large corporations. If your business is a corporation, it might be a C-corporation or an S-corporation. C-corporations are recognized as a separate taxpaying entity. S-corporations elect to pass income, losses, deductions, and credits through to their shareholders, then the shareholders report the income on their personal tax returns. Nonprofit entities have a completely different filing process altogether. A properly structured business with appropriate tax preparation can substantially lower the tax burden.

What Are My Options?

For some corporations, tax preparation may involve an in-house department devoted to tax prep. Other corporations that value efficiency may have their tax preparation handled by a third-party firm like LongSchaefer. Many small business owners file on their own, but there are a lot of details to deal with. From deducting expenses to depreciating assets, from payroll recordkeeping to renewing your ITIN, small businesses often struggle to check the boxes at all, let alone maximize their deductions. If you are unsure of your options, the team at LongSchaefer is happy to provide a no-pressure assessment of your business’ tax needs.

When You Need Professional Tax Help

Tax preparation is a difficult and delicate process for businesses. Even for a small business, it is almost always worth it to outsource your tax work. When you hire a tax preparation company like LongSchaefer, you can be sure that your taxes will be handled properly, so you can focus on what matters. 

Contact LongSchaefer for More Information

For more information on tax preparation, give LongSchaefer a call today at (513) 245-0300 or contact us online today.

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May 2020 COVID-19 Update

In order to comply with the Ohio Health Department Order & CDC social distancing recommendations, our offices are closed until further notice. Rest assured that our established protocols and available technology will allow us to provide the same level of service and quality you expect from LongSchaefer during this time.

The SBA has announced details of how it’s helping small businesses through the Coronavirus outbreak. The IRS is sending payments to families affected by this crisis. 

Please click on our Coronavirus information pages for more information.