Running a business is hard work and with all of the opportunities today, many individuals that have been employed for most of their lives are leaving their secure jobs and starting a business. One of the most difficult and time consuming aspects of starting and operating a company is dealing with the administrative aspects of paying your federal and Florida state taxes. Due to tax code changes that may occur in the federal and state arenas, few people truly understand their business taxes, how to take advantage of them and all of the implications of their reporting decisions.
Whether you are just starting a business or have been running a well-established company for over 20 years, it is critical to have a strong team of tax and accounting professionals around who can partner with you. Here at Warner & Schwartz, we have over 40 years of cumulative tax, accounting and experience working as an IRS auditor.
Without some tax advice, you can make a financial decision that ends up costing you an unnecessary amount of capital. For West Palm Beach business owners, West Palm Beach tax preparation for business is critical to improving your operations and remaining compliant with state and federal tax agencies.
As a small business owner, it can be difficult to transition in thinking about taxes from your own personal perspective to a business perspective. With the complexity that exists in the state and federal tax codes, taxes on your business are much more difficult to understand than your personal taxes. There are also several strategies that you can undertake in your business in order to reduce and take advantage of opportunities within the tax code to save you and your business money.
As a business, you can deduct several different common business expenses to help you and your company money. Did you know that if you purchase a vehicle for business purposes, you can deduct the cost of the vehicle on your business income? Other expenses such as computer equipment, office cleaning services and even banking fees can also be deducted.
Additionally, It is important to constantly estimate and pay your taxes on a quarterly basis to the IRS. If you do not pay your taxes on a quarterly basis, you can be subject to unnecessary significant increases in tax expenditures including potential fines and penalties. We can partner with you through our West Palm Beach tax preparation for business service to help determine the taxes you need to pay and take the administrative burden off of your operations.
Warner & Schwartz is dedicated to making a difference in the local business community and we are passionate about providing great services to small business owners. Ultimately, we are here to provide the best experience and significant value to your and your business.
Interested in learning more? Warner & Schwartz provides a FREE initial consultation to all prospective clients, call us at (561) 686-8666 to get started.