One of the most dreaded of tasks that every person in the United States must comply with is filing taxes, and no matter how many times a person may read the tax guides that are published each year, it is often a confusing and frustrating activity. There are a variety of online software solutions that claim to streamline the process, but more business owners are choosing to trust a professional for Tax Preparation in New York City. Before a business owner attempts to file on their own, they should consider if the following items apply to their situation.
Taxed Employee Wages
Employers are required to withhold taxes on any wages that they pay to their employees, and these payments must be reported and settled on a quarterly basis. If there are more than two people on a company’s payroll, it is usually recommended to seek assistance with completing any required tax filings. A CPA will review any past filings and determine if a company has overpaid and may be eligible for a refund, or if they have underpaid and are required to make an additional payment to avoid fines and fees.
Foreign Business Transactions
The internet allows companies to do business with consumers all over the world, but the tax laws surrounding these transactions are often confusing. Let a company that specializes in Tax Preparation in New York City review any past sales and determine if any sales tax may be due.
Recent Growth or Expansion
When a company grows, it will usually experience an increase in both revenue and expenses, and the goal is to spend any funds so that any tax liabilities are reduced. Most business owners are aware of the more common deductions, but they may qualify for additional breaks that will save them money. Consult with a tax professional and find out if a business may be able to lower their tax bill even during a time of growth.
If the idea of completing and filing taxes has become overwhelming, it is time to reach out to a seasoned expert for help. The team at Robert A. Woloshen CPA offers assistance with tax filings in all 50 states and will help a business make sense of any laws or rules. Visit us to learn more and see how they have helped hundreds of companies make sense of their tax situation.
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