It’s always better that you come prepared for the tax season so that you can create an accurate return and get no financial surprises for your business. CPA tax preparation in Troy, Michigan lists the following ways you can prepare for the tax season the smart way:
- Organize your tax paperwork
A lot of tax reporting happens in January, so you will receive a lot of documentation. It’s wise that you get your books ready to avoid the last-minute rush. A CPA firm in Michigan suggests that you work on your returns as early as possible.
- Understand qualified credits and deductions
To reduce your business’s taxable income, take advantage of your deductions. Check with a provider of certified public accountant services which credits are available or, if you’re using a software application, thoroughly answer questions about your business operations.
- Know the latest tax laws
There are many rules with tax, so if you’re in the healthcare industry, working with a CPA home health is highly recommended.
- Calculate your projected payroll taxes
Calculate and keep your payroll taxes up to date. Know that if you own a small business, you can take advantage of an IRS installment plan, especially if you filed all required returns and owed less than $25,000 in combined tax, interest, and penalties.