Business Tax Services

We offer comprehensive business tax services to meet the diverse needs of businesses. Our team of experienced tax professionals is well-versed in handling various business structures, including sole proprietorships, partnerships, LLCs, and corporations. We understand the complexities of business taxation and work diligently to ensure accurate and compliant tax filings. From preparing financial statements to maximizing deductions and credits, we tailor our services to help businesses optimize their tax outcomes and minimize tax liabilities. With our attention to detail and commitment to delivering exceptional service, you can trust BTS.TAX to handle your business tax needs efficiently and effectively.

Business Tax Structures

When initiating a business, selecting the appropriate business entity is crucial as it affects your tax obligations. Common forms include sole proprietorship, partnership, corporation, S corporation, and Limited Liability Company (LLC). Legal and tax factors impact this choice. For new businesses, starting as an LLC offers liability protection akin to corporations. If you're starting or recently started a business, this is your starting point. If you're unsure which is the best structure to optimize your business's potential you can start by scheduling a consultation.

How do I know what to deduct for my business?

Determining what expenses are deductible for your business can be a critical aspect of managing your finances and optimizing your tax return. Here are some steps to help you identify deductible business expenses:

Familiarize Yourself with Tax Laws: Start by familiarizing yourself with the tax laws and regulations that apply to your business. The tax code outlines what expenses are eligible for deduction, and understanding these rules is essential.

Keep Accurate Records: Maintaining detailed and organized records of all your business expenses is crucial. Use accounting software, spreadsheets, or specialized apps to track and categorize your expenditures.

Understand Ordinary and Necessary Expenses: Deductible business expenses must be both "ordinary" and "necessary." Ordinary expenses are common and accepted in your industry, while necessary expenses are considered helpful and appropriate for your business operations.

Consult with a Tax Professional: Working with a tax professional, such as an accountant or tax advisor, can be invaluable in determining deductible expenses. They can help you identify all eligible deductions and ensure compliance with tax laws.

Identify Common Deductions: Some common deductible business expenses include office supplies, rent or lease payments, business travel, marketing and advertising costs, employee wages, professional fees, insurance premiums, and equipment purchases.

Separate Personal and Business Expenses: Avoid mixing personal and business expenses. Keep separate bank accounts and credit cards for your business to facilitate clear and accurate expense tracking.

Review IRS Publications and Resources: The IRS provides various publications and resources that can help you understand deductible expenses better. IRS Publication 535, Business Expenses, is a valuable resource for business owners.

Take Advantage of Tax Credits: In addition to deductions, explore available tax credits that your business may be eligible for. Tax credits can directly reduce your tax liability and provide substantial savings.

Be Mindful of Limitations and Special Rules: Some expenses may have limitations or special rules for deduction. For example, meals and entertainment expenses typically have a lower deductible percentage.

Stay Updated: Tax laws and regulations can change over time. Stay informed about any updates or changes that may impact your business deductions.

Remember that accuracy and compliance are essential when claiming business deductions. Keeping thorough records and seeking professional advice will help ensure that you maximize your deductions while remaining in compliance with tax laws.

Make This Tax Season Easier

Forget the hassles of bringing all your tax documents in to an office, sitting endlessly, and waiting for someone to complete inputting all the data only to find your missing a document meaning you may need to start all over and scheduling out out another time of your busy day. Who wants That? Here at BTS.TAX we offer a simple secure solution.