Tax Services in Beverly Hills
Every business faces taxes, whether quarterly or yearly, and small businesses can feel burdened by the process and the heavy payments. However, with the right help, you can turn taxes from a costly chore into an opportunity to save. Cory Franklin & Associates, Inc. offers the help of experienced accountants who can evaluate, prepare, and file your taxes, looking for viable strategies you can use to legally lower your tax liability.
Don't wait until the year is over to make the most of your tax savings. Schedule a free initial consultation to find out what we can do for your thriving business!
Tax preparation involves analyzing your financial situation from the tax perspective and making sure your enterprise is ready to meet all its tax obligations. Tax preparation not only readies you to achieve full compliance but also uncovers opportunities to save money for your business.
Benefits of Tax Preparation
There are many valuable benefits to business tax preparation:
- Reduced chances of IRS audit thanks to improved accuracy and completeness of forms
- Avoidance of fees and liability with timely filing of all federal, state, and local taxes
- The opportunity to substantially decrease your tax obligations through deductions, credits, and other opportunities
- Staying focused on your company's core strengths by leaving taxes to the experts
- Greater marketability for investors and business partners due to rigorous tax practices
As enterprises grow, tax preparation becomes even more crucial. Not only does it put a business owner's mind at ease, but it is also essential to presenting yourself as a stable, transparent player within your market. Lenders and potential buyers both appreciate knowing tax filings are in order.
Common Tactics to Save Money
A systematic approach to reducing tax obligations can be both legal and ethical. In accounting, this is referred to as a tax avoidance strategy. Tax avoidance is used by virtually all enterprises.
Many times, large multinationals making billions in revenue rely on a large team of CPAs and tax lawyers to reduce their obligation. We give you the same expertise at a fraction of the price.
There are several common tactics to save money on business taxes. Which ones are used will depend on your situation, entity type, jurisdiction, and business costs you have incurred recently.
Some money-saving tactics can include:
- Ensuring appropriate deductions are made for depreciation of equipment and capital
- Taking advantage of limited-time tax incentives, such as "green energy" incentives
- Optimizing the workforce to make appropriate use of contract and remote personnel
- Selecting the right institutional investment vehicles to shield funds from taxation
This is only a small selection of approaches and should not be taken as tax advice. Our team will fully review your financial situation and documentation to choose the right strategy for you.
Business Tax Preparation
Businesses face a rigorous process for documenting and disclosing their financial status. In many states, the overall financial performance of a company is a matter of public record. Even small local businesses are expected to be scrupulous in their filings. Our filings on your behalf meet all federal, state, and local standards while leveraging your legal status to the maximum.
Quarterly vs. Annual Taxes
In general, businesses must file taxes every three months. Even solo businesses act quarterly by submitting estimated tax payments. Failing to submit quarterly taxes if you are required to do so results in penalties and a greater likelihood of an audit. That can lead to enforcement action.
Quarterly taxes can be somewhat more predictable than annual ones. However, the need for quarterly filing also adds many administrative hours to a business. With help from a business tax preparation consultant, you keep up with tax filings in a frictionless, hands-free way.
Tax Planning for Businesses
Whether you file your taxes monthly or quarterly, waiting until tax season arrives can leave you missing out on deductions and other opportunities to save. To ensure that you are truly getting the most out of your tax services each year, we provide comprehensive tax planning that's intuitive and tailored to your business.
What Does Tax Planning Do?
Tax planning is a comprehensive, regimented approach to legally reducing tax obligations by optimizing when and how you conduct transactions. It helps businesses lower taxable income and overall tax rates, uncover tax incentives, and manage the times at which tax must be paid.
Proactive tax planning is part of virtually every successful company's long-term strategy. With the help of an experienced CPA, it is completely legal and ethical, expected tax avoidance rather than unlawful tax evasion. It protects both your interests and your bottom line.
Is Tax Planning Worth It?
Like any business investment, the value of tax planning services depends on the ROI you stand to gain. However, most business owners significantly underestimate the amount they can save with tax planning, especially if their business has been financially sound in general.
It is easy to assume that if taxes have never been an issue, the savings to be had are negligible - but this isn't the case. Depending on the size and scope of your business, you may be able to save many thousands or even millions of dollars. Only an expert can tell you for sure.
It is no secret that most modern businesses operate with a "quarter-to-quarter" mindset. This is also the schedule on which most entities must do their tax filings. By examining your financials in detail, we can supply you with winning strategies to reduce quarterly tax payments throughout the year. Combined with a long-term financial plan, this can boost your profits year over year.
Payroll Tax Planning
Payroll is by far the biggest expense for the vast majority of businesses. Payroll is taxed at a substantial rate and can incur additional state and local taxes. However, you may be able to achieve savings on payroll depending on the total size of your business, your industry, your use of contractors, and certain employee benefits that can affect tax obligations.
Opportunities to Save
Business taxes are far more complex than personal taxes. Opportunities to save can often only be uncovered by a Certified Public Accountant with years of business tax experience. Time-limited deductions change by the year. Depreciation, energy efficiency spending, investment vehicles, and corporate giving are all areas that may introduce savings.
Cory Franklin & Associates, Inc. will work with you to help your company uncover savings you may not know are available to you. When you work with us, you'll work one-on-one with an experienced CPA, not lower-level staff, so you know that you have access to top-tier strategies and service.
Tax Resolution to Help You Overcome Tax Problems
Tax problems can arise through no fault of your own because of changing filing standards or simple oversights. When you become aware of an outstanding tax obligation, it is essential to take action right away. You can protect your business by enlisting help from our accountants versed in tax resolution.
What is Tax Resolution?
Tax resolution refers to the steps you take to amicably resolve unpaid tax obligations with the IRS. Tax resolution virtually always includes paying all or a substantial portion of outstanding amounts. There may also be penalties and other fees assessed.
One of the most important aspects of successful tax resolution is to respond promptly. When a business fails to respond to adverse tax circumstances, it puts its future at risk. Capital and funds may be seized, wages garnished, or business licenses revoked.
With help from our tax professionals, businesses can enter into a structured negotiation process and develop a strategy to bring tax balances current. As with personal tax delinquencies, this often takes the form of installment payments over a specified period.
Helping with IRS Audits
IRS audits of business entities can be very complex. They are rarely limited to resubmission or correction of paperwork. Instead, you will often need to disclose detailed financial information for several years and review past filings with IRS personnel.
"Surprise" business audits are relatively rare. Instead, businesses have time to get ready for their audit. If you've been notified of an audit, our team can prepare the necessary documentation and help you work through any areas that may be of interest to the IRS.
Small Business Tax Resolution
Small business owners are often intimidated by the thought of tax resolution. Just like hiring a good attorney, choosing a tax expert will give you confidence. With our help, you will be able to gather necessary documentation, uncover unintentional mistakes or oversights, and go into the negotiation process fully equipped to advocate for your interests.
Your Options for Tax Resolution
Some common options in business tax resolution include:
- Settling the debt for less than the original assessment (offer in compromise)
- Partial payment installment agreement spread over a period of several quarters
- Dismissal of the tax obligation, especially if the business is now in bankruptcy
- Liens against business equipment and other items paid for by the business
- Additional taxes and fees collected during subsequent quarterly filings
Multi-State Tax Filing
As businesses grow, many will have operations in multiple states. Each state a company is active in adds complexity to its future tax filings. Our tax professionals demystify the process for you.
How it Impacts Taxes
When you begin doing business in a new state, your business is exposed to tax obligations arising from that state. For example, states may levy their own corporate taxes, payroll taxes, and more - very similar to how most states have established their own sales tax.
You may be required to file in each state on a quarterly or annual basis. In many cases, your tax filings and disclosures in your state of incorporation will be more detailed than those in other states. Some filings may not be required at all depending on your business size.
How a CPA Can Help
Specifics vary, but each state will always have expectations for filing and tax obligations for you to meet. Our tax experts will determine your requirements, prepare your filings, and help you minimize the tax burden associated with multi-state operations.
When dealing with complex multi-state taxes, you should only trust your business to a CPA. A CPA is an experienced tax professional who has reached the highest standards of training, ethical conduct, and work experience in the industry.
When you work with CPAs from Cory Franklin & Associates, Inc., you know you are getting world-class service - an expert capable of eliminating errors, maximizing accuracy, and minimizing tax exposure.
In our years of experience, we've helped hundreds of small businesses in a variety of industries optimize their tax strategy. As our client, you will benefit from our ability to understand your business and its needs, then customize a service package that outperforms your expectations.
No matter whether your enterprise is new or mature, growing or consolidating, our team is ready to help. We especially pride ourselves on our commitment to LGBT-owned businesses. You can rest assured that our team is with you every step of the way.
Industries we frequently serve include:
Dentists often face a crowded and competitive business environment. Tax preparation can help you establish the savings you need for additional equipment or training. From solo entrepreneurs to multi-office practices, we guide you with a strategic approach.
Entertainment enterprises often have many opportunities to save money on taxes. Some of these are hidden deep in the tax code, while others are offered by the state or city. We will completely evaluate your projects to uncover the hidden savings just for your industry.
Tax regulations related to healthcare have been in flux in recent years. Changes in insurance and the nationwide implementation of electronic records have influenced what investments may lead to tax incentives. We are equipped with the latest up-to-date information.
4. Marriage/Family Therapists
Depending on the legal entity you use for your therapy practice, your work may entitle you to a wide range of tax benefits. We evaluate the whole scope of your business to ensure total filing accuracy and identify every cent of savings you have earned.
5. LGBT-Owned Businesses
LGBT-owned businesses add some $1.7 trillion to the U.S. economy and supply more than 33,000 jobs. We are serious about empowering LGBT business owners with the tax expertise and support they need to maximize their impact.
Hospitality firms are presented with a very complex tax landscape. Although there are pitfalls, there are also opportunities. We examine your real estate holdings, expenditures, workforce, and other issues to improve your overall tax position.
7. Law Firms
Clients expect integrity in the way legal experts conduct themselves. With the same diligence and problem-solving you bring to your own work, we help you achieve complete tax compliance while reducing your tax burden and streamlining your future filings.
8. Real Estate
Real estate firms and investors have some of the biggest opportunities available when it comes to avoiding or deferring tax obligations. However, they also contend with exhaustively detailed filings and disclosures. We navigate the labyrinth of the tax code to maximize your advantage.
Put Your Business Taxes in Expert Hands
Taxes may be inevitable, but there are still opportunities to be had. The dedicated accountants at Cory Franklin & Associates, Inc. name are ready to help your business save. Contact our Beverly Hills office to schedule your free initial consultation today!