The tax planning strategies you choose can really affect your business’ bottom line, so ideally, you should form a long-term relationship with a knowledgeable CPA for tax benefits. An outsourced CPA is a smart way to help ease your tax planning stress throughout the year. Let’s help you resolve your tax issues so you can do what you love.
We specialize in a variety of accounting platforms, like QuickBooks and NetSuite, as well as industry-specific software. We also help firms integrate software solutions that suit their unique business needs.
Our experienced CPAs have tax experience helping clients all over the US and we welcome the opportunity to take on complex tax compliance and reporting tasks. Our tax engagements vary in size and complexity. We use an in-house intuitive cloud-based network to minimize your cost while offering maximum service.
Ideally, you want an experienced CPA for tax assistance, as automated services aren’t going to offer the thorough tax planning and preparation that a CPA can. At Fusion CPA we have outsourced, online accountants that are extremely dedicated to what they do.
We use accounting software to streamline your taxes, but we aren’t tied to any specific platforms and offer software integration too. This is valuable when your financial data is spread across a variety of platforms. Because we offer outsourced tax services, you only pay for the help you need!
You can contact one of our client success team to discuss your needs with a real person! If it looks like Fusion CPA is a food fit for you, we will put together a quote. Once you’ve accepted it, we will connect you with one of our expert CPAs.
For individual taxpayers, the tax year is the same as the calendar year, which means that it starts on January 1 and culminates on December 31. Business entities can follow the fiscal year or the calendar year. The question “when is tax season?” typically refers to the period in which tax returns can be sent to the IRS.
Tax filing season for the previous year starts on January 1 and ends with the regular filing deadline of April 15. If happened to be running behind and you had to file an extension then your tax filing is due by October 15.
Business tax returns are due on March 15 for partnerships, and S-corporations. In the case of C-corporations, the deadline is on April 15 if they operate under the calendar year.
Read our extensive article on corporate tax deadlines as well as some end-of-year tax tips from our CPAs.
Single member limited liability companies taxes are typically filed with the business owner’s personal tax return so the filing deadline is April 15th, and if an extension had to be filed then the tax filing is due by October 15th.
Our clients can get in touch with our office after their tax returns are submitted in order to learn about the status of their refunds.
Alternatively, you can also check the federal government’s website set up for this purpose.
It would take several pages to explain the basics of how tax is calculated in the United States because of the great diversity of taxpayers and their different financial situations. What you should know is that American taxation is progressive, which means that tax assessment levels will increase along with the income you report. Marginal and effective tax rates at the federal level have a lot to do with how tax is calculated; they range between 10% and 37% as of 2021, and they are by no means among the highest in the world.
If we were to boil down tax calculations to a single paragraph it would be as follows:
The most applicable filing status must be ascertained first; this is followed by a determination of all income sources and qualified deductions. These steps result in the calculation of taxable income, but there will be additional workflows to figure out if the overall tax liability can be lowered by means of credits such as education, healthcare, and child care in the case of individual tax returns.
Tax rates are currently 21% on taxable income for US C Corporations, whereas S Corporations and Partnerships remain “flow through” entities and are not subject to Federal tax.
The process is different for business entities because of matters related to equipment, depreciation, payroll, and quite a few others; nonetheless, the common denominator crucial to tax calculation will always be the determination of taxable income. You can read our article explaining US corporate tax rates.
Watch the video below where our CEO explains entity selection, as well as some bonus tax tips!