Get the MOST from your Subchapter S Tax Returns!
Being classified as a Subchapter S corporation could be a great benefit or a serious drawback, depending on how you file your return. First and foremost it’s important for you to understand that Subchapter S is just a classification that can be elected if you meet the IRS’ requirements, it could be a corporation or limited liability company.
Now that we’ve got that technicality out of the way, many people elect this status for the benefits that it’s able to provide them and their shareholders. There are many ways that both business owners and shareholders can use this tax classification to their advantage while avoiding hefty taxes.
How is money saved on Subchapter S tax returns?
First of all, since the IRS just looks at this as just a classification, it means that they’re not going to hit as hard as they do corporations. There are many ways that you can save money when filing this type of return, but here are a few so that you can get an idea.
Deductions for employment tax are easier to manage.
Losses are deductible to owners and shareholders.
Lower chances of audits with Subchapter S.
Can I file Subchapter S tax returns myself?
While it may seem cheaper to do your returns all on your home, it’s probably not going to produce the outcome that an experienced CPA can. It is the job of an accountant to stay
on top of all deductions that can benefit their clients while ensuring full compliance. A lot of the things that can be done aren’t first-hand knowledge, and they must be dug up.
A CPA can probably yield you with a higher amount of deductions in the end. The money that they save you on taxes could easily offset the cost of hiring them. Not to mention, you can’t necessarily guarantee your accuracy during the filing as a CPA can.
How do I find the right CPA for this kind of tax return?
Just like any other service, you want to make sure the decision that you make is the best one possible. Especially since it’s in regards to a business venture. If you want to be able to shortlist quickly the best ones to choose from, ask yourself the following questions.
Are they able to guarantee that you get the most from your return?
Making the most of your business should be of the utmost concern. You don’t want to be the host of amateur hour and end up paying the IRS more than what you have to. Doing this will ensure that you eliminate the risk in its entirety.
Can they guarantee their accuracy in the preparation of your Subchapter S tax return?
When you choose a business tax professional, you want to hold them accountable to do things the right way. You don’t want to have to hire someone else to fix something they missed or have to pay a hefty penalty for something that wasn’t your fault in the first place.
What kind of success have they attained for clients in the past?
This will tell you right out the gate what their capabilities are. It will help you see whether or not they provide what their competitors simply can not. It will also show you the levels of complexity that they have had to deal with previously.
What types of processes are in place to keep their CPAs up-to-date?
Tax laws and regulations are constantly changing. Does your prospective tax firm have a set of processes in place for their accountants to receive continuing education? Doing this will help you see who employs the experts and who gets by with the bare minimum.
Now that you know the ins and outs experience the BEST results. GUARANTEED!
If you’re ready to get the most out of your filing, our highly-qualified accountants are standing by to assist you. Whether you have an accountant or not, we GUARANTEE you get back the most. Nobody does it better, and we’ll be the ones to actually prove it.