Not all tax situations are created equal. What if you're self-employed, manage some rental property, operate a farm or small business, or earn a lot of income from investments? In situations like these, you need a tax expert who can help you maximize your deductions and lower your overall tax burden. Our tax professionals know the tax code inside and out and can help you claim all of the deductions, exemptions and credits you deserve.

Like many other business relationships, you'll want to have more than a semblance of trust in the person who will be handling your financials. It's vital that the person be willing to go the extra mile and provide a service beyond what you can get from any other local tax service. So ask yourself, "Can I view this person as a partner in my business? Is it someone that I am that comfortable with?" It is vitally important to find someone who is going to help you eliminate any fear you have concerning your business' financials. Your tax preparer should spare no effort to make sure that you're both are on the same page. That means not only answering your questions, but also asking you questions about your business and whether or not you understand the tax terminology used during tax discussions.

Each year, small businesses must file taxes to the government to report their income, expenses and profits. Although it differs slightly in every country, tax preparation is usually a daily, weekly, monthly and yearly process. An organized bookkeeping system should be set in place in order to ensure you have accurate records and receipts for all deductions. In general, keeping thorough records will help us to complete your small business taxes correctly and ensure that you get the best tax breaks.

Having an organized, clear record of your expenses and invoices will give the us the most to work with and potentially deduct. Small business owners tend to procrastinate due to the fear they have of understanding and exposing their finances. But that's also what leads to the most mistakes—both for you and your tax professional—that could cost you savings or, worse yet, interest penalties from the IRS. However, don't fret if you are not totally organized! We will be happy to work with your boxes and bags of receipts this year and then help you get better organized for next year. If you aren't already using them, bookkeeping programs like Excel and QuickBooks make it very easy to track your financials. If you do not feel that your business is big enough to warrant the purchase of bookkeeping software, then utilize written journals, keeping track of receipt dates, amounts, payees, check numbers and more. Create a separate page for each sale, and type of expense, such as transportation, rent, office supplies, payroll, etc, to enable us to calculate the deduction according to the tax laws for each.

What to Bring to Us

In general, we will request the following information from you:

• Detailed income records, such as gross receipts for sales, sales records, inventory, items removed for personal use, returns and allowances, bank account, savings account, or investment interest.
• Transportation and travel expenses, such as mileage, toll or parking receipts, airfare, hotels, meals, tips, taxes and Internet expenses.
• Office expenses, such as rent, business vehicles, office supplies, home office square footage, home office rent or mortgage, repairs or maintenance and depreciation of assets.
• Employee payroll and contributions. Applicable expenses could include W-2 and W-3 payroll returns, Health Savings Account (HSA) contributions, health insurance premiums and payments to contractors.
• Legal fees and business insurance, such as Worker's Compensation or liability insurance premiums.

Home Office Deduction

Sole proprietors in home-based business locations should consider the ability to deduct a portion of their residence as a business deduction. To be successful in this widely contested area, the business area used in the home must be used exclusively for business. The business owner would measure both the square footage of the home used for business and the total square footage of the home. The resulting percentage of business use would be applied to home office expenses to determine the amount to be deducted. If the business has a loss, then a home-based business deduction is not allowed, but can be carried forward.

In order to properly account for the business use of the home, we will use the real estate taxes and mortgage interest information. Then we will need other home expenses such as landscaping, utilities, and general home repairs. In addition, we will need the FMV (fair market value) of the home to calculate depreciation on the business portion.

Automobile Expenses

Automobile expense can be a major expense for a new or existing business. The business owner should maintain an auto log to keep track of where and when he or she traveled to, who was seen, and if there was a business purpose to the trip. If you drive your own car, you need to keep a logbook of your mileage for business use. The IRS will not allow you to deduct car related expenses without a logbook. Logs can be kept manually or electronically. There are many apps available through Google Play or the App store for your mobile devices. To complete the business tax return, we will need to know when you placed the vehicle in service, and the amount of the business, commuting and personal miles for each vehicle for the year. It is a highly recommended practice to include the beginning and end of year odometer reading for each vehicle in the corresponding auto log in order to answer the IRS question regarding total mileage driven as well as total business miles driven.

You may also be able to claim the following expenses related to your vehicle:

• Fuel and oil costs
• Lease payments
• Parking fees
• Toll charges
• Repair and maintenance

Year End Preparation

Whatever your business structure and reporting requirements there are several steps you can take now to get your small business tax obligation 'ducks in a row' to help you maximize your deductions and sail through tax season.

Gather Your Records and Check Your Books

Whether you are an independent contractor or growing small business, spend some extra time as the calendar year draws to a close examining your books and records. Make sure everything is accurate and up-to-date, and that records and documentation that help support the numbers in your tax return are clearly organized - this includes old tax forms, expense receipts, bank statements, etc.

Understand What Deductions Can do For Your Small Business

Now is the time to increase your expenses so that you can maximize your business tax deductions before the end of the year. From stocking up on office equipment; making charitable donations; to paying bills early (utilities, phone bills, etc.) - all these affect your deductible bottom line. Taking all the deductions you deserve can be a tricky business and, as a small business owner, getting it wrong can be costly. Not the least of which when it comes to understanding what business tax deductions you are eligible to claim.

If Cash Flow Permits - Defer Income Earned

Depending on your business structure, you may be able to make some inroads to reducing your overall taxable earnings for the current tax year by deferring any payments you receive for services or products rendered until the first week of January . This will defer your tax owed on this income until the new tax year. If you are a sole proprietor, LLC, S Corporation, or in a legal partnership, income deferral can make good sense - especially if you don't foresee any significant changes to your income tax rates in the new year. If unsure, make sure to check with a professional tax advisor. However, if you have any doubts about the solvency or future of your clients, don't defer - collect those payments soon as possible.

Understand Your Obligations as an Employer

January and February are busy reporting months. If you have hired employees for the first time, or have used independent contractors in the past year, it's worth familiarizing yourself with tax reporting obligations and deadlines that will hit early in the new year. Employees - As an employer you must provide your employees with W-2 forms by January 31. W-2 forms must also be filed with the Social Security Administration (SSA), showing wages paid and taxes withheld for the year. This must be accompanied by your W-3 form (which shows the total of all W-2s) by the end of February. Independent Contractors - If you have paid an independent contractor or other business who is not your employee at least $600 during the year, you should have been maintaining W-9 forms, contractor's business licenses and certification of insurance during the year. The end of January is the deadline for sending each independent contractor a completed copy of Form 1099-MISC to report payments made to that contractor.

Set-up or Contribute to a Retirement Plan

By setting up and/or making a contribution to a 401(k), Roth IRA, SEP, or KEOGH plan - you can reduce your annual taxable income. Check your plan's allowable contribution limit for the year and talk to your accountant about what makes sense for your business.