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FAQs: Tax Planning and Preparation

As tax deadlines approach, our clients have plenty of good questions that can offer guidance when you are getting prepared to file your federal or state returns. Here we offer the answers to our most commonly asked questions to help you as you start your tax preparation process.

When should I prepare for tax season?

Tax planning is something that should be an ongoing process throughout the year. You should make sure you are cataloging all your expense receipts properly and keeping your books up to date. The filing date for most returns is April 15 of every year, however; you want to be well-prepared long before April.

We recommend that you spend January summarizing all your tax information and putting everything into a format that your accountant can use. It is ideal for you to get your tax filing information to your accountant by the beginning of February. This will give your CPA plenty of time to get the job done and allow you time to make any corrections that may be necessary.

How can I save money on taxes this year?

To save money on taxes, you need to have a comprehensive understanding of your deductions and a comprehensive tax preparation process. The IRS schedule C form in a federal income tax filing outlines the business deductions you are entitled to. You should work with your accountant to become familiar with your deductions and then make sure that you keep all your receipts for expenses.

Outside of filing taxes how can a CPA assist me?

Tax planning is a critical part of financial growth for any small business, and our CPAs provide a plethora of useful services. Fusion CPA can help you understand what expenses qualify as deductions for your particular business, identify the appropriate expenses that you may have missed and help you to put your information in a format that makes the tax filing process easier. We can help you determine any tax consequences that result from investment properties’.

What if I get audited?

Fusion CPA will be by your side if you get audited. We will help you to put together the information the IRS requires to satisfy its investigation, and we will help you format any correspondence you will be sending to the IRS as well. Our hourly rates apply for audit representation.

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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided in this website is not all inclusive and such information should not be relied upon as being all inclusive.