Seems like yesterday when you filed your tax eh? Well guess what there are here again and there is no time to scramble around. Tax returns have to be filed every year. They are the businesses’ responsibility toward the state. Tax preparation in Orlando and generally in the US can be a cumbersome task especially when most people tend to lack a specific structured approach.
We know the problems that come with tax preparation and so we’ve decided to outline a few steps that can help you avoid complication in tax preparation in Orlando and give you a structured approach.
Get your W2 and 1099 forms and fill them NOW!
These forms are extremely important for any business and must be filled in as soon as possible with the greatest care. The W2 is known as the wage and tax statement. This form is used to notify to the government the wages that are paid to your employees and the taxes you have taken from them. A W2 form must be completed for each employee that you pay.
The 1099 form is the form that’s used to report the incomes to the businesses that aren’t wages or salaries. Every business or individual that has given you money that wasn’t a wage or a salary must fill out this form.
Check for the Right tax form in the Company information window
This is an important step, whoever is preparing your taxes. Thinking ahead is the key to filling your taxes without hassle. Whenever you are going to fill a tax form always make you’re the correct form is being filled and check it in your company information. There are several softwares available online that allow you to fill in the tax forms through them but the most important thing to remember then is always check the company information part and see which tax form is being filled.
Look for reductions
Before filing your tax returns looking for deductions can be a part of your tax preparation in Orlando. Deduction can be beneficial for your business but should only be made in line with the IRS regulations. In general expenses that can be deducted are classified as “necessary” and “ordinary”. An ordinary expense is one that is accepted in your line of business by all as an ordinary expense and a necessary expense is one that is essential and beneficial to the business.
Seek help of an Accountant
If you are a small business and are unable to hire an accountant you can seek the help of a larger tax firm that would save you the burden of monthly paying for the accountant. There are several accountancy firms that help in tax preparation in Orlando. An accountant is essential to any business not only because he will help you out with all the nitty gritty of taxes. A good accountant will also keep tab of all your expenses and advise you on tax and tax returns for the next year.
If you need more information about our Orlando, FL accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt.