Nesso Tax Offers Business Tax Return Preparation in Cheshire, CT

A business has many responsibilities beyond regular operations, and one of them is filing taxes. The U.S., state, and local governments all require companies to pay taxes, or they may…

December 11, 2022

Written by Justin Sloan

A business has many responsibilities beyond regular operations, and one of them is filing taxes. The U.S., state, and local governments all require companies to pay taxes, or they may face penalties and fines. As a business owner, you want to stay compliant and maximize your potential return. If you’re having trouble keeping up with the paperwork and calculations, contact Nesso Tax.

At Nesso Tax, we’re a team of professional financial advisors in Cheshire, CT, dedicated to helping our clients stay on top of their taxes. We’ve accumulated decades of experience in the industry, and have a strong understanding of local, state, and federal tax laws. Our business tax return preparation allows you to confidently run your business while we ensure accurate and efficient filing. Please complete our form today to schedule a consultation; we’ll connect you with one of our specialists as soon as possible.

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What Is a Tax Return, and Key Takeaways

A tax return is a form that taxpayers complete and submit to the Internal Revenue Service (IRS) or other applicable tax agencies, typically once a year. Its purpose is to report one’s income, deductions, and credits; determine any amount owed or due as a refund; and pay taxes on time. Filing a tax return is required for most individuals, businesses, and other entities who make more than a specific amount annually. Even non-profit organizations may have to report their revenues, expenditures, and additional financial information to the IRS.

Of course, the filling process differs depending on the type of taxpayer. Businesses, in particular, may have to submit various returns with special attention to the deductions and credits they receive. There are also different types of business entities, such as sole proprietorships, LLCs, and corporations, each with its filing instructions. Failing to report information on a tax return properly can have severe consequences, so getting it right the first time is crucial. For instance, your business may face hefty fines or even an audit from the IRS.

Knowing these key takeaways will help you make well-informed decisions when filing your taxes:

  • Tax deductions reduce your taxable income and may entitle you to additional refunds;
  • Pay attention to deadlines; if you miss one, you may have to pay penalties;
  • Make sure all of your documents are accurate and up-to-date;
  • Keep track of all your income and deductions throughout the year;
  • Research the credits and deductions your business may be eligible for;
  • Always keep copies of all completed tax forms; and
  • Reach out to a tax professional if you’re unsure how to file.

Sections of a Tax Return

A tax return is broken down into three main categories: income, deductions, and tax credits. However, businesses may include other sections depending on their entity type and other factors.

  • Income: Employers must withhold taxes from their employee’s salaries, wages, and quasi-income such as tips, bonuses, or commissions. They typically submit this information to the IRS through a W-2 or 1099-MISC. As a business, you’ll also have to report other income, like dividends, interest, or capital gains.
  • Deductions: This part of a tax return is arguably the most important since it can significantly reduce taxable income. Tax deductions are eligible expenses used to offset your income. They may include business costs such as office rent, travel costs, employee compensation and benefits, and professional services.
  • Tax Credits: Tax credits can also reduce the amount of taxes owed but in a different way from deductions. Instead of reducing taxable income, tax credits reduce the amount owed. Common tax credits for businesses include the Federal Research and Development Credit, the Low-Income Housing Tax Credit, and the Foreign Tax Credit.

How Do Tax Returns Work? Steps for Preparation

The first step to filing a tax return is obtaining the necessary documents and forms. Depending on your business, you may need W-2s, 1099s, invoices, and other income records. Then, gather your deduction-eligible expenses, such as office rent or employee benefits. Finally, check whether any credits apply to your business. You can find a complete list of available tax credits on the IRS website.

Once you have all the documents, team up with a tax professional to help you file the return correctly; they will guide you in preparing and submitting the form. Finally, submit the completed form on time and pay any taxes owed. If you find that you owe more than expected, you may be able to file an amended return and contest any errors. Business owners looking for qualified tax planners in Cheshire, CT, can turn to Nesso Tax.

How Nesso Tax Can Help with Your Business Tax Return Preparation in Cheshire

At Nesso Tax, we understand the importance of filing accurate and timely tax returns. Our experienced tax professionals will help you navigate the complex requirements to maximize your deductions and credits. We also provide ongoing support throughout the year, so we’ll be there every step of the way.

Our team can assist with various business filings, including C corporations, S corporations, LLCs, partnerships, and sole proprietorships. When you work with us, rest assured that you’re in good hands. We aim to guarantee that your business gets the most out of its tax returns and enjoys a hassle-free filing experience.

What It Means to Get Our Business Tax Return Services

Defined Business Tax Strategy

Instead of making tax decisions on the go, we’ll collaborate with you to develop a comprehensive strategy tailored to your business’s unique needs. We provide customized solutions to reduce taxes and maximize savings throughout the year.

Business Monthly Bookkeeping

Bookkeeping is necessary to keep track of your business’s financial activities and report on income, expenses, and other transactions. Our monthly bookkeeping services minimize the chance of errors and allow you to improve your tax planning strategies.

Payroll Processing and Reporting

Any business with employees must pay wages, deduct taxes, and provide reports to the government. Payroll processing is complex, but our team can make it simpler. We offer complete payroll services for businesses of all sizes, including tax reporting and compliance.

Business Tax Return Preparation

As mentioned, filing a tax return requires the proper documents and forms. Our experts understand the form completion and submission process, so we’ll handle it for you. We have years of experience preparing business tax returns and will get it right the first time.

Quarterly Estimated Tax Preparation

Filing quarterly estimated taxes helps business owners stay current with their payments instead of under or overpaying at the end of the year. With our quarterly estimated tax preparation services, you can avoid those surprises and make informed decisions in the fourth quarter.

Tax Professionals

Our highly qualified tax professionals draw from extensive technical knowledge and long-term industry experience when preparing your return. We work diligently to stay on top of the latest tax laws and regulations so that you benefit from up-to-date guidance when filing your taxes.

Sales Tax Reporting

Depending on your business’s location, you may need to collect sales taxes and pay them to the government. Our team can help you calculate the correct amount and submit it accurately through electronic filing. This way, you remain compliant with state and local laws and avoid costly penalties.

Business Advisory Services

In addition to tax preparation, we offer comprehensive advisory services designed to meet your business’s needs. We specialize in helping you implement sound financial practices for better profitability, growth, and longevity.

Why Choose the Nesso Group?

Our Long Term Vision

One of the most common mistakes when filing taxes is making decisions with short-term gains in mind. Good tax planning requires a long-term vision that looks at the bigger picture. As part of the Nesso Group, we’re committed to building lasting relationships with our clients. We don’t just complete their tax returns. We also advise them on how to avoid costly mistakes and provide long-term planning advice for a successful future.

Our Holistic Approach to Your Business

We know that taxes are just one part of your business’s operations. You can achieve maximum benefit only when all components are working in unison. Therefore, we take a holistic approach to our services and offer assistance in payroll, bookkeeping, business strategy, and other areas. At the Nesso Group, you get an ecosystem of financial services under one roof.

Our Defined Goals Related to Tax Returns

  • Guiding your financial health and strategies
  • Helping you achieve tax efficiency
  • Helping you achieve your financial goals and grow your business sustainably
  • Analyzing risks related to financial safety and growth

Our Proven Process

Getting to Know You and Creating a Plan

The first step is getting to know you. Every business has different needs and goals, so we take time to understand where you are now and your long-term plans. With this information, we create a customized plan that suits you. The plan may include tax strategies, bookkeeping, payroll, and other services.

Submitting Your Documents and Preparing Your Tax Return

Once you’ve approved the plan and gathered all your documents, we’ll begin preparing your tax return. We review each document carefully to ensure accuracy, then submit it for processing. We provide a detailed explanation of any changes so that you comprehend everything included in your return.

Rest Easy Knowing that You’re Compliant and Up to Date

Finally, we’ll give you timely updates to inform you of any changes or new regulations that could affect your business. You can rest easy knowing you’re fully compliant and up-to-date with your tax returns. Plus, we’re always here to answer your questions or concerns.

Business Tax Services in Cheshire that Will Take Your Business to the Next Level

At Nesso Tax, our primary goal is to help you maximize your business profitability and longevity. We offer comprehensive tax services in Cheshire tailored to meet your needs. Whether it’s completing your tax return, strategizing for growth, or reducing risk, we’re here to provide sound guidance. We prioritize your satisfaction, and our team is committed to exceeding your expectations. Contact us today to get started.

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