Income Tax Accountants + IRS Representation + CFO Services

5 Business Accounting and Tax Reporting Service Frequently Asked Questions

Is it a good idea for small business owners to do their own taxes?2021-02-05T02:22:47+00:00

Small business owners who attempt to prepare their own taxes run the risk of overpaying or underpaying their taxes and incurring penalties for late payment. The benefit of hiring a professional CPA firm to perform small business tax services on your behalf is the level of knowledge and experience the firm brings to income tax preparation. GBC complies with all professional education and training requirements and offers tax minimization strategies that comply with the latest tax laws. All fees you pay for our services are tax deductible and we work for you, not the IRS.

What deductions do small business owners most often overlook?2021-02-05T02:23:28+00:00

According to the IRS, only 32 percent of eligible small business filers claimed a home office deduction in 2011.

Another category of expenses many small businesses neglect to claim are startup costs. If you spend money exploring business opportunities before you start your business, those costs may be deductible.
Bank and accounting fees are also expenses many small business owners overlook while preparing their taxes. These are usually small amounts that add up over time.

Educational expenses such as books you buy to learn new skills, online classes (even if they aren’t associated with a college or university) taken for continuing education purposes, conferences you attend, and professional coaching sessions are all deductible expenses that many small business owners overlook.

The best way to ensure you don’t overlook tax deductions is to schedule a tax planning session with your small business tax services consultant or hire a professional CPA firm like GBC to handle all of your accounting and tax reporting details.

How can I make next year’s tax filing an easier process?2021-02-05T02:23:49+00:00

The best thing you can do to ensure you don’t overpay or underpay your taxes is to schedule a tax planning session with your small business tax services consultant. Beyond that, keeping your tax documents organized is essential. Keep all receipts and invoices in a safe place. You’ll also find it helpful to use QuickBooks to keep up with all revenues and expenses. This will make the tax preparation process easier to manage.

Is there a “best practices” way to set up QuickBooks specifically?2021-02-05T02:24:07+00:00

QuickBooks is a small business accounting software that has become an essential part of small business accounting and tax reporting. The benefit to using QuickBooks is it makes your small business bookkeeping and tax preparation easier. GBC will assist you in setting up your QuickBooks account so that it is easy to maintain your books throughout the year and makes the tax preparation and filing process easier to manage.

What can my small business do to reduce our tax bill?2021-02-05T02:24:46+00:00

GBC’s full-service year-end tax planning service is designed to help you focus on tax minimization strategies are year long. Your annual tax planning session is the first step to a good year of tax and accounting maintenance. Beyond that, keep your paperwork organized, maintain all accounting and tax documents, and take advantage of your CPA’s knowledge of the current tax laws. GBC’s full suite of small business accounting and tax services are designed to use our knowledge and experience to make your business more profitable.

With integrity, business not only thrive but also flourish.
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