Preparing For Tax Season | CPA 70808

Starting your preparation early for tax season can help to save you a lot of time, money, and stress in the long run. Evaluating spending, tax implications, and tax laws can help you in your planning process. Annual financial reports show that Americans overpay on their taxes by a collective one billion dollars every year. This often happens when businesses fail to hire tax professionals who are well-versed in tax credits and deductions.

There are a number of deductions that your business can consider. Some of the most popular deductions are as follows:

• Charitable Expenses: Depending upon the nature of your donation and the extent to which you have documented it, you may be eligible for a charitable contribution deduction. For example, if your business makes a large monetary donation to the local food pantry and you save all receipts, you can use that as a tax deduction.
• Job Hunting Costs: Whether you are seeking employment or paying money to a recruitment company to hire a team member, you may have expenses in this category that are worthy of consideration.
• Lifetime Learning Credit: With proper documentation, if you have taking a large amount of expensive continuing education, you may qualify for a tax credit.

Changes to the Bigger Picture

In addition to claiming credits during the actual filing process, there are a number of bigger changes that you may want to consider during the upcoming year.

• Choosing the Right Business Structure- An experienced accountant can help analyze your business structure and decide if it is the best fit for your business.
• Maximizing Your Medical Benefits- Any smart tax strategy includes proper management of medical benefits. Businesses with a certain number of employees can take advantage of the Medical Expense Reimbursement Plans. These plans allow you to write off medical bills as business expenses.
• Choosing the Right Retirement Plan- Retirement plans help to ensure financial stability and living standards when you eventually decide to retire. Our experienced CPA in Baton Rouge can help you choose the right plan to help you meet your goals.

Tax season only comes once per year, but business professionals should be thinking about the tax implications well before April rolls around. Our experienced accountants can help turn a hefty payment into a large return. Contact our accounting firm in Baton Rouge, LA today for a tax consultation with one of our accountants.