Business Tax Season 2021 is Upon Us
Tax season is about more than just filing the taxes and telling you what you need to pay!
Look at long-term opportunities
Take advantage of deductions
Audit-proof your business
Solve the toughest tax problems
At Waterford Business Solutions, we specialize in filing taxes for home service professionals just like you! We know how to maximize your yearly tax deductions, provide you with the best tax outcome for your business, and personal taxes too.
We work with clients to tax plan throughout the year, pay their estimated taxes, and provide opportunities to defer taxes or take deductions, once again providing your best tax outlook. In addition, we only file taxes for businesses and, more specifically, home service businesses which gives us a better understanding of how to maximize your savings. Going to a tax far, they will just click buttons and answer basic questions, not considering industry-specific opportunities that we can maximize not just for this year but over the next few years.
When filing taxes, we look at long-term opportunities and what will benefit you over the next few years, not just today, leaving you with a larger tax burden later. Doing this requires us to get to know you, your business, and your goals for your business so we can help you tax plan for the next few years.
Speaking of tax planning, we always want to take advantage of available deductions. Are you providing health insurance to your employees? Great! Are you providing 401K benefits or matching? Great! What is your asset replacement schedule? Are you set up to defer any of your taxes? Can we re-invest in the company or make another investment to reduce your taxes? These are all things to consider throughout the year and come tax time as it allows us to make the most significant dent in taxes owed.
A big fear with taxes is continuously getting audited, so whenever filing taxes, we like to help you recognize how audit-proof your business is. Do you have documentation? Are you doing something that would draw attention, like showing multiple years of losses in a row? Are you filing for a deduction that leads to more scrutiny? We like to help our clients understand their chances of being audited before we file to help reassure you or make sure all parties are prepared for an audit if it occurs.
While taxes can be complicated, that shouldn’t mean that you don’t understand what is going on and what we are claiming. With any client, we review their ready-to-file taxes with them and explain the situation and what was done to reduce their tax situation and prime them for options in the following years, enhancing tax season for next year.