Tax Planning & Prep for Businesses
Businesses seeking financial success need to prepare a strategy to achieve accurate tax filing. Pillar & Company, CPAs has a wealth of experience in helping businesses plan for their tax year, from reviewing payroll taxes to strategizing for business acquisitions. Business owners near Naperville can turn to our professional firm for thorough tax planning.
Start Planning Early
By organizing financial paperwork ahead of time, businesses can avoid the potential errors which commonly occur due to last-minute filing. Whether it’s avoiding reporting incorrect earnings or noting opportunities to decrease the amount owed to the IRS, businesses can increase their success by planning for tax day ahead of time. With adequate time to address important issues, businesses can avoid tax penalties and continue operating without fear of receiving an audit.
Keep Current and Consistent
Each year, tax policy changes. This alters how businesses can reduce taxes owed on income, or what is owed altogether. Sole proprietorships and small businesses have much to gain in the form of deductions and credits. From credits for office renovations (including home offices) to rebates for hiring veterans, businesses who plan ahead won’t miss out on these tax breaks that help protect their bottom line.
After evaluating your business structure, our team will also assess your current business model to gauge the efficiency of your employee designations and benefit plan. We can help owners determine which options best fit their long-term needs while enhancing their tax opportunities.
To ensure compliance throughout the year, Pillar & Company, CPAs offers monthly and quarterly consultations with business owners. By maintaining consistent contact throughout the year, clients receive dynamic strategies that are adjusted to meet changes in financial stability and profitability, ensuring your tax plan is both proactive and is constantly fulfilling your needs.
Correct Errors or Fix Discrepancies
If you are aware of estimation errors or inconsistencies with prior filings, then it is crucial to address them now. By correcting any mistakes from prior tax years, you are creating an opportunity to avoid severe penalties and clear your tax record, which will deter scrutiny from revenue agencies in the future.
Hire a Professional
Pillar & Company, CPAs is an accounting firm with years of experience in small business tax preparation. If you have tax problems or have a complicated filing, our expert staff will assist you. We pride ourselves on being personal and professional and providing our clients with peace of mind. Contact us today for a consultation!