Brooklyn CPA provides individuals, businesses, and nonprofit organizations with quality tax preparation services. With comprehensive knowledge of federal, state, and local tax laws, you can rely on Brooklyn CPA for personal, friendly service and tax preparation services at reasonable rates. Above all, Brooklyn CPA works to prepare accurate tax returns, identify valuable credits and deductions, and save his clients money. Contact his office today to set up an appointment.
Business Tax Preparation Services
Brooklyn CPA offers business tax preparation services for businesses across multiple industries in New York and around the country. Brooklyn CPA will work to minimize your tax liabilities and ensure you only pay actual taxes owed so your business can realize higher profits. Tax planning and preparation services he provides include:
- Tax entity structure determination
- Federal, state, and local income tax return preparation
- Accounting for income taxes
- Sales and use tax compliance, planning, and preparation
- Payroll tax compliance, planning, and preparation
- Researching tax issues and resolving tax controversies
Brooklyn CPA’s services are not limited to working with clients during tax season; he provides ongoing tax planning services to ensure they remain tax compliant and identify opportunities to reduce their tax burdens.
Information Brooklyn CPA Needs To File Your Business Tax Return
Before you meet with Brooklyn CPA to prepare your business tax return, be prepared by gathering the following documents and information:
Personal Information
You must provide basic personal information, such as your legal business name, current address, Social Security number, and Employer Identification Number (EIN).
Previous Year’s Tax Return
Bring your previous year’s tax return to help Brooklyn CPA better understand your business and the deductions your company has previously taken.
Financial Business Reports
Your business tax accountant will need copies of your annual financial reports, including:
- Profit and loss or income statement
- Balance Sheet
- Statement of cash flows
Business Asset Information
Bring any receipts, documents, or reports related to your assets and fixed assets, including any assets bought, sold, or depreciated during the last year.
Business Loan Information
If you have taken a new business loan or line of credit in the last year, bring the loan agreement and records of any loan payments and accrued interest. This will help Brooklyn CPA get up to speed on your company’s total assets and liabilities.
Income Records
To verify the income amount on your profit and loss statement, provide Brooklyn CPA with income records, such as bank statements, deposit slips, and sales invoices.
Business Expense Records
To verify your company’s expenses and find the correct deductions, your business tax accountant will need expense records, including:
- Receipts
- Bills
- Bank statements
- Credit card statements
- 1098 Mortgage Interest and Property Taxes form
Deductible Expense Information
You must also provide accurate expense information if you are planning on taking any of the following deductions:
- Home office deduction if you have a separate home office that is used exclusively for business
- Mileage log if you use your vehicle for business purposes
- Business travel
- Charitable donations
Taking these deductions can save on your tax bill, but you must have proper documentation because the IRS scrutinizes deductions closely – any red flags may trigger an audit.
Payroll Data
Your accountant will need your payroll data from the year, including employees’ W-2s, W-3s, and 1099-MISCs, health insurance records (as these can count as a business deduction), and any information regarding bonuses.
Inventory Total
Several tax forms require a Cost of Goods Sold (COGS) closing balance for the year, so you must provide an opening and an ending balance of your total inventory.
By working with Brooklyn CPA, you will have confidence in knowing your business tax return is in good hands.
Individual Tax Services
Preparing your income tax return can be frustrating and particularly complicated if you acquire property, are self-employed, or your financial status changes. Working with a professional CPA like Brooklyn CPA will ensure that your tax return is prepared quickly and accurately. Brooklyn CPA’s comprehensive individual tax services include:
- Personal and joint filing
- LLC tax filing
- Trust, estate, and gift tax filing
- Individual tax audits
- Past-due tax returns
- IRS liens and levies
- Individual tax planning
Trust Brooklyn CPA to help you take advantage of money-saving deductions or credits and get the best possible tax return.
Nonprofit Tax Preparation
While nonprofit organizations are generally not subject to income taxes, they must file an annual information return with the IRS about their activities. Brooklyn CPA offers a full range of tax form preparation, filing, and advisory services for nonprofit organizations, including:
- Preparation of Forms 990, 990PF, or 990T
- Special tax filings
- Review of Unrelated Business Income Tax (UBIT) activities
Brooklyn CPA handles IRS reporting for schools, colleges, universities, churches, associations, arts organizations, foundations, and other nonprofit organizations nationwide and works to ensure they maintain their tax-exempt status.
Contact Our Experienced Tax Preparation Certified Public Accountant
Whether you need assistance with a business, individual, or nonprofit tax return, you can depend on Brooklyn CPA for professional, dependable, and efficient service. Contact Brooklyn CPA today to get started.