Alpharetta/Duluth/Suwanee CPA on Understanding the “Ins & Outs” of Business Tax Returns
Discover what type of returns your corporation is required to file and its corresponding due dates ensuring that you do not miss an important deadline resulting in unnecessary penalties and interest. Many service businesses opt to file their tax returns on a cash basis, which results in a client not paying taxes on their accounts receivable or deducting their accounts payable until paid. This is especially advantageous for profitable businesses that qualify, since they will not bear the additional tax burden of paying taxes on billed but yet still uncollected accounts receivable. Often cash needs of a rapidly growing business put an inordinate strain on the availability of funds, and the selection of this method will greatly help as it is very difficult to pay taxes on monies one has not yet collected. Below is sample letter that might be used to help Atlanta Business Owners and Entrepreneurs file their corporate income tax returns.
In reviewing the data for your corporate returns I need:
-To know the amount of medical insurance premiums covering your family.
-I need a copy of your yearend balance sheet but before you send it please make the below corrections/notations:
- Debit due to Shareholder and Credit Common Stock for $500.
- Be sure that your retained earnings equals a negative $10,500.
-Forward me a copy of your W-3 or a payroll report showing total wages for all employees.
ASAP after I get the above I will complete the corporate return.
Below are articles that you will find useful in addressing issues on your personal income tax returns, as well.
Determining Your Adjusted Gross Income (AGI)
The first page of Form 1040 is used to calculate the taxpayer’s adjusted gross income. While many people think of their income as what is reported on form W-2, there are some other additions (and possibly some deductions) that have to be made as well. See http://www.hiscpa.com/agi.html
Claiming Itemized Deductions on Your Tax Return
Itemizing deductions on your personal return can result in paying a smaller tax. However the rules on what can be deducted and what can’t are fairly strict. Use this guide to determine what’s deductible. See http://www.hiscpa.com/itemized-deductions.html
How Long Should I Save Tax Records?
Lift up the veil and discover how long and what types of records you should retain and for how long are often the point of consternation for many taxpayers. Learn what you need to keep so that you are never unduly surprised if ever asked to reproduce documents. Visit http://www.hiscpa.com/tax-records.html
Matthew 7:24 ”Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock.
John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304
His CPA PC…A Christian Atlanta CPA Firm: Never Underestimate the Long-Term Benefits
Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!
We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping