Tax Preparation and Filing | Accounting 4 Business LLC

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This can include your business’s entity (C corporation, S corporation, partnership or multi-member LLC, proprietorship or single owner LLC, not-for-profit, trust or estate, or other) income taxes, owners’ and employees’ income taxes, payroll taxes, property (personal or real), sales & use taxes, or other required taxes.

Comprehensive tax preparation requires taxpayers to complete a tax organizer (interview annually) to answer questions about their tax year’s activities and updated status. The tax accountant or tax attorney (preferably an Enrolled Agent or EA, Certified Public Accountant or CPA specialized in tax compliance, or a licensed attorney or Esq. specialized in tax compliance) should review the taxpayer answers and seek clarification from taxpayers where needed, confirm that the financial accounting is up to date AND reconciled, and then mindfully enter the taxpayer financial data into their tax calculations to produce relevant tax returns for taxpayer client review. Once BOTH the taxpayer(s) and the tax professional receive relevant clarifications from the review, the tax professional can finalize the tax returns at hand, obtain required taxpayer signatures and dates, and e-file (or prepare clients for paper-file if taxpayers not eligible for e-file or conscientiously object to e-filing) the tax returns.

Taxpayers should be aware that corporations, self-employed individuals, partners or LLC members working in their businesses, investors incurring capital gains, retirees receiving non-principal distributions, prize winners, sellers with capital gains, and some other taxpayers, are subject to estimated tax payments on a quarterly (with specific due dates!) basis. This is a requirement under the US Tax Code because income taxes are due as income is earned during a tax year, NOT when you complete your income tax returns. Should you fail to pay the required estimated taxes for income tax compliance or payroll tax compliance by the specified due dates, then you will incur financing fees and interest charges on top of the estimated taxes due. This is NOT the fault of your tax accountant or other tax professionals IF you chose NOT to get tax planning advice, and IF you chose not to make your REQUIRED estimated tax payments when due. You, the taxpayer, are always liable for your own taxes due, and for paying them in a timely manner by on or before the due dates.