There isn’t just one mold into which all small businesses fit: they range from start-ups to sole proprietorships to new or established businesses with $1 million or less in annual revenue and five or fewer employees. With so much variety, small businesses have unique compliance and tax planning needs. DZH Phillips serves many of these types of clients, and we understand their distinctive opportunities and challenges.
Income Tax
The things that make you a good business owner aren’t necessarily the same qualities that make for a good CPA. Therefore, as a business owner, choosing the right CPA is one of the most important decisions you can make. When it comes to your taxes, DZH Phillips has you covered. We prepare and file your business tax return, associated schedules and disclosures, and quarterly estimates for the following year—services you would expect from any CPA. But, our CPAs take your taxes one step further: highlighting strategies for lowering taxable income, increasing deductions, and identifying new or underutilized credits.
We assist small businesses with the following income tax services:
- Income Tax Preparation & Filing
- Amending Prior Tax Returns
- Nonprofit Taxation
- IRS Resolution & Audit Support
- IRS Payment Plan
- Federal & State Correspondence
- Tax Accounting Methods
- Electronic Filing
Tax Planning
The tax process doesn’t end when we file your return. In fact, the most effective tax strategies involve year-round planning to assess your business’ financial situation and limit tax liability. DZH Phillips can help your business with everything from an audit to identifying tax deductions and incentives. We take pride in helping small businesses achieve financial success through solid, regular planning.
Here are some of the tax planning services we provide:
- Answers to the most common (and some uncommon) questions about small business taxes
- Help with determining the best legal form for your business
- Analysis of potential business structures to determine fit based on tax advantages, legal status, operational functionality, and portability
- Developing a partnership agreement
- Guidance with deductions for business spending
- Suggestions for often-overlooked ways to cut your tax bill
- Recordkeeping to maximize home-office deductions
- Resources for business owners who have employees, including assistance with selecting a payroll service
- Payroll and payroll tax filing
- Compliance with employment laws
- State and local permit filing
- Evaluation of your borrowing power and potential sources of capital
- Development of a cash flow budget
- Implementation of billing and collection procedures
- Systems to monitor and control costs