What You Need to Know About Federal and State Tax Law for Businesses: Intro

In this series we’ll simplify tax prep and help decode the mysterious tax code, including:

• Specifics about federal and state corporate taxes, including income and payroll taxes
• Choosing the best legal structure for your company
• How to organize your books each month
• Various types of write-offs/deductions like:
  • Charitable donations
  • Business start-up costs and improvements
  • Business use of your home and car
  • Insurance
  • Types of taxes directly attributable to your industry

When it comes to businesses, large and small, your taxes can be as complex as you allow them to be, though the more complex they become, the more money your company is likely saving. In fact, nearly 99% of tax law is written for the purpose of saving money, and without a clear understanding, you are probably giving away more than you’d like to be!

At D&M Accounting, we strive to be creative, continue our education, and stay up-to-date with all new and changing laws to do everything we can for each client, ensuring accuracy and as many tax savings as possible.

How complex are your corporate taxes?

Depending on the size of your company, your taxes might range from mild complexity to extreme what-is-going-on-bring-the-team obscurity. On top of that, the level of your company’s organization will definitely play a role in any tax return potential (often more of an issue with individuals). As a benefit, the tax law does favor businesses, the idea being that they are supplying jobs and contributing to the economy’s growth directly.  Because of this, there are numerous ways built into the tax law to save money.

So what is tax season like for your company? A headache? Stress-free? Is your accountant frightened by auditors, or are they confident in their skills and knowledge, ready and willing to do what is best for your company?

Please leave your questions and comments, as well as any specific topics you would like covered here. Contact us for more information, if you need help with financial statement preparation, or if you’re looking for a tax accountant for your business. We’d be happy to help and look forward to hearing from you!

Check out our other new series where we will be going through state tax laws for individual states, and stay updated on the laws (for physical stores and online) no matter where your business is located.