01 Aug Some Interesting Info About Tax Forms
We all dread tax time but this can be an especially stressful time for small business owners. That’s because there are so many important forms to fill out and these must all be done correctly and on time. Accuracy and speed isn’t all you’ll need though. You also need an experienced professional who can show you how to minimize your tax burden.
Skilled Accountants are Worth Their Weight
Imagine being able to save thousands of dollars each year in taxes simply by partnering with an accountant in Coral Springs, FL who can help you plan for a more healthy financial future with innovative, money-saving strategies. Avalon Accounting understands the many federal and state requirements and we offer clients professional tax advice that can start with simple things like equipment purchases.
Important Tax Forms
Most small business owners are so busy running their companies that they don’t have time to fully understand the tax laws. This area can be extremely complex. A few of the more important tax forms that you should be aware of are:
- Form 940 – Employer’s Annual Federal Unemployment (FUTA) Tax Return
- Form 941 – Employer’s Quarterly Federal Tax Return
- Form 8949 – Sales & other Dispositions of Capital Assets
- Form 2553 – Election by a Small Business Corporation
- Form W7 – Application for IRS Individual Taxpayer Identification Number
- Form 1040 Schedule C – Profit or Loss from Business (Sole Proprietorship)
- Form 1040 Schedule D – Capital Gains & Losses
Tip for Paying Less Tax
You can turn those bad investments into winners by selling them. This allows you to offset any capital gains for the year. If your losses exceed your gains, you can write off up to $3,000 of regular income. This is just one of the many helpful tips you can get from Avalon.
Avalon Accounting partners with hundreds of small business owners in the South Florida area to help them achieve success. Our experience and reputation makes us an excellent choice for your South Florida small business. Don’t take chances with your company’s financial future. Instead, get help from a professional team of accountants who care about your success.