article thumbnail

How Long Does It Take an Accountant to Do Taxes?

xendoo

More complex returns will incur higher fees. Often you may offset the cost of these services with your tax refund if you are eligible for one. If you choose to use a local accounting firm that specializes in tax return preparation, you will pay significantly more. How Much Time Do You Spend Preparing Your Return?

Tax 94
article thumbnail

How Small Business Bookkeeping Solutions Can Make Your Life Easier

xendoo

It is a full service bookkeeping package and includes a business and state tax return. Your plan will include profit and loss statements, balance sheets, monthly trend graphs, a standard chart of accounts, tax returns *, tax consulting* and more. What is the best way for a small business to do bookkeeping?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to Change from an LLC to an S Corporation

xendoo

Under “S” corporation status, the small business owner’s income, losses, deductions, and credits “flow through” to you and are reported on your personal tax returns and assessed at your individual income tax rate. You are still required to report the profit on your individual tax return.

article thumbnail

Friday Footnotes: Remembering Legend Sid Kess; Andersen’s Doing Great; Poland Banned Deloitte From Auditing? | 9.22.23

Going Concern

Both Mendlowitz and his father, also a CPA, attended the CUNY school. Summing up Sid: The ultimate CPA and friend to all [ Journal of Accountancy podcast ] Plenty of CPAs can say they learned something from Sid Kess, who died last week at age 97.

audit 78
article thumbnail

How to Write Off Your Dream Car Tax Free in 2021

LyfeAccounting

So we’re not going to use a bunch of tax jargon you will read on other blogs. Instead, we are going to do our best to make this a very simple guide so that you can follow and implement this yourself on your next tax return. And this can be a tax savings of 30-40%! Let’s go ahead and dive right in.

Tax 52
article thumbnail

How to Keep My New Corporation Out of Trouble?

MyIRSRelief

File All Tax Returns. Even though filing taxes is one of, if not the most important duty of your corporation, it is surprising to realize just how many tax returns are not filed. The reasons are many, but it mostly happens because filing tax returns becomes so routine that it often gets overlooked.

article thumbnail

What Happens if a Business Doesn’t File Taxes?

xendoo

January 31, 2023 What Happens if a Business Doesn’t File Taxes? All corporations must submit a corporate income tax return, even with no profits. LLCs who choose to be taxed as corporations are also responsible for filing a federal tax return.

Tax 52