A CPA Lake Nona, FL should ask his clients the following question; As a small business owner, when do you start working on your taxes? Is it right before the deadline or months in advance? Whenever it is, we have some great suggestions for you. act on them, and your taxes will be so much easier and simpler.
CPA Lake Nona, FL Tip 1: Take professional help
However good and skilled you are, when it comes to accounting and taxes, the pros will always do a much better job than you ever can. They will sort out your finances, prepare your return and ensure there are no mistakes with your tax form. We suggest that you should hire a reputed CPA Lake Nona, FL, and let them handle your taxes.
Convenience is not the only advantage you will get this way. Your chosen CPA Lake Nona, FL will also ensure that you pay the lowest amount in taxes and will deduct as many expenses as possible.
CPA Lake Nona, FL Tip 2: Start early, file early
If you start work on your taxes, you will be better off with them because you will have a lot of time with you. Should there be any difficulties or issues, you can sort them out and still get done with your taxes and all the paperwork before the deadline.
CPA Lake Nona, FL Tip 3: Maintain your record on a daily basis
How do you keep your records? You should use a comprehensive accounting system for keeping a track of your income and expenses. Come tax time, and you will be glad you have this system because all your records will be in proper order, and there will be no paperwork to sort through.
CPA Lake Nona, FL Tip 4: Store all receipts and invoices
The IRS demands proof of both your income and expenses, which is why you must keep with you for at least seven years. Keep both a hard copy and a soft copy for this. Your total income will determine your taxable amount, and your expenses can be used as deductions, which will reduce the amount you have to pay to the IRS. You do not only have to store these; you must also enter the data in your accounting system. If you system can generate an invoice, you may need to do this.
Not all expenses are deductible; if you are not sure of this, you should still keep the receipt anyway.
CPA Lake Nona, FL Tip 5: Keep a track of mileage
All mileage costs that are incurred when traveling for business purposes may be deductible if you meet some requirements. So keep a track on your vehicle’s meter. And if you are leaving town, you may even be allowed to deduct the accommodation costs. Ask your CPA Lake Nona, FL about this, and they will guide you.
CPA Lake Nona, FL Tip 6: Make sure you are availing all credits
Tax credits are more powerful than deductions but you have to meet eligibility criteria. Deductions do lower your taxable amount, but not directly. Credits do this directly so the difference is more prevalent. Ask your CPA Lake Nona, FL about tax credits which you may bee eligible for.
If you need more information about our Lake Nona, 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. (Freedomtax’s accounting professionals are NOT CPA’s. CPA services provided by third party provider.)