No matter what size your business is, your taxes probably give you a headache. At Accountants Without Borders, we help our clients throughout San Diego with useful business tax solutions. We understand that navigating the world of business tax is often stressful. Because of that, we're here to discuss some of the ways we can help you with common tax problems.
Complex rules that change every year
One of the main reasons businesses struggle to manage taxes alone is that the rules are complex. They also change year after year, especially when there's a new political administration. As your business changes, you may find that the way it's taxed changes too. Using a professional is the easiest way to stop your taxes from getting on top of you.
At Accountants Without Borders, we stay abreast of the latest tax changes so that you don't have to. We won't let you fall afoul of sudden changes. When you turn to us, we'll file your taxes correctly and prevent you from facing the costly fines that come with making mistakes.
Underpayment of taxes isn't always something that happens intentionally. When you're managing a busy business, it's natural to miss certain things from time to time. Unfortunately, federal and state institutions are unlikely to be sympathetic to you making mistakes. They won't listen to any stories about how busy you are, because they just want your taxes to be paid.
Taxes are mandatory, so failing to pay them can result in fines, as well as interest on the unpaid amount. At Accountants Without Borders, we often find that people underpay taxes because of poor record keeping. By allowing us to manage your record keeping for you, you can stop this from becoming an issue. Additionally, we'll file quarterly tax estimates that keep relevant agencies happy and prevent you from facing fines.
Misclassifying business tax
If you're paying franchise tax in the State of California, it's easy to fall into the trap of misclassifying it. The type of tax you pay and how much you pay will vary according to your business type. In some cases, those who stock goods can find themselves in difficult situations, such as being responsible for paying a seller's unpaid taxes.
Misclassifying can sometimes result in you being accused of tax fraud. This is especially the case when you mistakenly class an employee as a contractor. If you don't stay organized throughout the year, you may reach the end of the financial period and find that you owe more money than you thought.
At Accountants Without Borders, our in-depth knowledge of California's tax laws means we can prevent misclassifications. Using our tax consulting services, you can find out which types of taxes you need to pay and when you need to pay them.
A common trap that a lot of small and medium-sized businesses fall into is over-reporting expenses. For example, we've seen people report personal travel expenses as a business expense. In other cases, we've seen people use an unreasonable proportion of their home for office space.
Over-reporting expenses isn't always a conscious habit. As an area of business tax law that's exceedingly complex, it's fraught with mistakes. At Accountants Without Borders, we can analyze your expenses reporting and make sure you're not submitting anything with mistakes.
With the right business tax solutions, you can avoid hidden financial surprises, dodge fines, and make the most of any tax relief you're entitled to. The Accountants Without Borders team serves businesses throughout San Diego. We'll take a thorough approach to your taxes, so you don't need to worry about making mistakes. To discuss your business with us, email firstname.lastname@example.org.