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Why You Need More Than TurboTax for Your Small Business Taxes

September 26, 2021

Avoid Unnecessary Issues With Your Tax Returns

As tax season approaches, it’s time to start getting your affairs in order so that you can have your tax forms submitted correctly and on time. While tools like TurboTax work well for individual/personal taxes, it may not provide the full assistance that you require in order to be compliant with the IRS when it comes to your business. Small businesses have to report business income, deductions, payroll tax deposits and filings, contractor payments, sales tax reports, licensing, and other applicable areas. 
Follin and Associates, PLLC offers a personal, in-depth approach to handling your small business taxes. Below are some ways that we can help you with your taxes that otherwise may have been overlooked. 

Self-Employment Tax

Self-employed individuals, such as business owners, must pay this 15.3% tax rate in full. Employees and employers generally each pay half of this, but if you are self-employed, you are responsible for this tax in its entirety. However, our small business accountant can help you make deductions, including half of this tax, which will help you maintain more of your money. 

Quarterly Tax Filings

Most employees have taxes withheld from their paychecks. However, small business owners do not. Therefore, this means that small businesses have to send in quarterly tax payments to the IRS. Unfortunately, failure to submit these estimated payments can lead to serious issues with your taxes, including tax balances or penalties. Some small business owners may be surprised to find that they owe a massive tax bill because of missed quarterly payments.

Cash Payment Records

This is where bookkeeping services are essential for small businesses. Companies that deal in cash can easily lose track of payment records, and this can lead to incorrect reporting for your income. We will help you keep track of your full income, including cash payments, so that you don’t have to worry about unexpected audits from the IRS. 
Follin and Associates, PLLC is here to help you maintain accurate, detailed records and ensure that your taxes are filed on time and correctly. Get in touch with one of our certified public accountants today to get started. We work with clients across the Triad, including High Point, Kernersville, Greensboro, Winston-Salem and Clemmons, NC. 

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Follin and Associates, PLLC | 1222 Eastchester Drive, Suite 101, High Point, NC 27265 | (336) 823-6741

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