Taxes

Tax returns are often not simple to complete, and so preparing your own personal or business tax return can be a complex undertaking.

Over three-quarters of all taxpayers believe that using a professional tax preparer is beneficial according to figures released by the US Government’s Tax Office.

Filling in details of your income and deductions is simple, but that’s not quite how tax returns work. The laws and regulations are extremely complicated and constantly changing, so even if you knew what needed to be recorded last year it may well have changed 12 months later.

While there are computer programs available that can help you keep track of what needs to go where, it’s no match for an experienced tax professional who will spot the deductions and credits you are entitled to with ease. A simple mis-categorization in the software could lead to costly mistakes being made.

A professional tax preparer will check your tax return to make sure everything makes sense and is recorded and categorized correctly. They will be able to see any potential issues that the IRS may raise and help to minimize these issues.

There may be deductions that will limit your tax liability for next year that you won’t be aware of, but a professional tax preparer will be able to point these deductions out. For business owners, there may be simple changes you can make such as adjusting your payroll withholding, which allows you to get more money back each week rather than waiting for a refund from the IRS.

Whatever your tax situation, we can help make it clearer and reduce the worry that may be caused by attempting to complete your own returns.

Individual and Business

Individual Returns Business Returns City & County Tax Sales Taxes Franchise & Excise Tax Annual Report

Individual Returns

Individuals need to file a federal income tax return on form 1040 by April 15th. Sole proprietors, subcontractors, and single member LLC’s classified as a disregarded entity must file a Schedule C, Profit or Loss from Business, with their individual tax return.

Business Returns

Most businesses may need to file multiple business tax returns, such as federal, state, and local (city and county). Generally, C Corporations (1120) and Schedule C (1040) businesses need to file a federal return by April 15th, and S Corporations (1120S) and Partnerships (1065) need to file by March 15th.

City & County Tax

Most businesses are required to pay a local tax in the city and county where they operate. Filing and paying this tax is a requirement to renewing the business license. Failure to have a business license, may result in fines and penalties, or even worse, lose the privilege of doing business in such city or county.

Sales Taxes

Some businesses need collect sales tax from customers for products and services they sale. This tax must be remitted to the Department of Revenue monthly, quarterly, or in very few cases, annually. Business owners may be subject to fines and a jail sentence for failure to file and pay sales taxes.

Franchise & Excise Tax

Corporations and LLCs may be required to pay an annual privilege tax for doing business in some states. In Tennessee, the franchise tax is based on the greater of net worth or the book value of real or tangible personal property owned or used. The excise tax is based on the net income of the company for the tax year.

Annual Report

All Corporations and LLCs need to file an annual report with the Secretary of State to keep the entity in compliance and in good standing. Failure to file the annual report by the due date, may result in the entity becoming inactive and administratively dissolved.

Late filing penalties and interest can add up quickly.

The IRS and most States charge a 5% late-filing penalty (up to 25%) for every month a tax return is filed late. Taxpayers who do not file an extension and file more than five months late, will generally pay about 25% in penalties and interest.