January 29, 2016 at 4:26 am

Tax Preparation Guidelines for Small Businesses

Whether your company is decades old, brand new, boasting a profit or barely breaking even, taxes can be intimidating and overwhelming. The most critical component in staying ahead of tax obligations and abreast of the ever changing tax codes is to hire a professional tax preparer. The certified tax preparers and tax planners at H&R Block will be your partners in advising, steering and preparing your company income tax initiatives.

These professionals will work with your firm either on a monthly basis, prepare quarterly filings or wrap up your tax filing each spring. It’s important to consider the following when setting the strategies to minimize your tax obligations and maximize your profits. That is why most companies are in business! Securing a multi-functioning software package for accounts receivable and accounts payable that feeds into quarterly tax filing forms will save precious time. Professional accountants will either be able to handle this function as an outsourced partner, or recommend a program that will meet your needs in house.

Accurate record keeping and honest recording, especially in a business that deals in cash, is critical when preparing taxes. Have your accountant review your cash handling policies to ensure ironclad provisions have been put in place to protect both the employees and company.

Professional financial advisors and accountants will offer advice on how to structure your financial systems and tax payments to be proactive in minimizing tax obligations. From employee compensation to major capital investments, consulting with a professional can save large sums of time and cash in the long run. This investment in tax knowledge and counsel will pay for itself many times over. H&R Block has offices all over the country, generally within five to ten miles of most businesses.

With some of the most sophisticated software in the industry and highly trained professionals, you and your company will be in good hand with an expert from H&R Block.

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