When it comes time to prepare your small business taxes, you need all the help you can get, from understanding what a business expense is and what counts toward it. Did you know that you can write off your taxes as a business purchase? Accountants in Sacramento, CA can help you understand the practice and get you prepared for your next tax return filing.
Writing off your tax services
Using accountants in Sacramento, CA for your tax return preparation can be an expense that small businesses have to incur in order to stay in business. They can help you navigate the federal tax regulations and make sure you are staying compliant, while still getting the most benefit from your tax filing as possible.
If you use accountants in Sacramento, CA for your small business tax preparation, in most instances, it is fully deductible, making it an expense that is easier to digest. You can deduct the tax services that you use in the same year that you pay for them. This means that you can write off the tax preparation costs in the same year you use them, giving you an incentive to go with a tax service to have your small business taxes completed.
As a small business, you are most likely itemizing your deductions, as you will have a number of expenditures that you can write off. You are able to claim your accounting fees as one of these itemized deductions as part of your income tax filing. Accountants in Sacramento, CA will know how to prepare your small business income taxes so your return includes your tax preparation fees as part of your yearly deductions.
Keeping accurate records
While you most likely are using an accounting service to have your small business taxes prepared, in order to ensure you can write off this service, you need to have records that you actually obtained this work for your small business. Keeping good records is key to your tax preparation, and you need to hang on to all receipts related to your small business expenses. An accounting firm will be able to provide you a receipt for the services they completed for your business taxes. Just be sure to hang onto it in case you are ever audited, as you will then have a record of what you claimed on your taxes and filed as part of your tax return.
There is no limit to the amount you can write off on your taxes for accounting services, making it a wise investment to go with accountants in Sacramento, CA for your tax preparation. When you need accounting or tax services, contact Yoder & Co., CPA. We offer a range of tax services for individuals and businesses, both big and small. From federal and state returns to employee benefit plan taxation, we can ensure you are provided with accurate tax filings and answer any questions you might have about your taxes or accounting needs. Get in touch with us to schedule a consultation.