Tax Preparation Services Offered in Chicago and Suburbs
Why Do Businesses Overpay on Taxes?
Good record keeping means logging transactions diligently and accurately. Otherwise, your business is vulnerable.
Lack of Planning
Without a budget how much you will be spending is difficult to predict. Also, you will be less likely to recognize an opportunity to cut expenses. Further, it will be more difficult to detect internal fraud, theft, or business losses.
Failing Audit by IRS
There is no guarantee your business will never be audited. So it’s best to have your books in order from day one. If you are not able to back up your claims with proof, then you will likely fail an audit resulting in probable penalties, late fees, and interest.
Failing to Keep Receipts
If you don’t keep your receipts you will encounter problems if asked to produce backup for your deductions.
Not Understanding All the Credits, Deductions and Exemptions for Which You Are Entitled
A major reason that businesses lose money on their taxes is that they do not understand all the deductions. Either you lose money by not claiming the right deductions or simply fail to take the deductions altogether. Some deductions often taken in error: business meals, business travel, health coverage tax credit, advertising and promotions, and educational credit.
We will work with you to save money on your business or individual tax returns.