Experienced Tax Services in Reading
You may not look forward to tax season, but this process doesn't have to be a burden for your business. With professional assistance from Pancerella & Associates, LLC, you can approach taxes with confidence, free of uncertainty and stress. We offer tax preparation, tax planning, and tax resolution to businesses across Reading, Mohnton, Birdsboro, and Denver.
Our skilled accountants work with you not only to help you anticipate your tax liability, but to seek opportunities and apply effective strategies to save as much as possible. Whether you need help filing or you're looking for IRS representation, you can count on our team to support you at every step. Contact us to schedule your consultation today!
How Does a CPA Help with Taxes?
CPAs (certified public accountants) undergo rigorous training and tests to become certified in high-tier accounting. Naturally, this includes understanding tax laws and tax-related services. When you and your business need tax assistance, Pancerella & Associates, LLC can help you in various ways, including:
- Tax Preparation - Completing and filing your quarterly and annual tax forms, checking for potential errors, and locating deductions that can help lower your liability.
- Tax Planning - Creating a forecast of your tax liability based on previous forms and current financial performance, then developing and helping you implement strategies that can lower your overall tax payments.
- Tax Resolution - Representing you before the IRS in an audit or to negotiate on your behalf in cases of tax debt.
Do I Need a CPA for My Small Business Taxes?
Many small business owners are used to handling a multitude of responsibilities in various areas of their company. However, the complexity and frequent changes to tax codes can make it difficult to balance tax filing on top of everything else, especially if you file quarterly. Accidentally mislabeling expenses or missing deductions are common, and taking the time to ensure accuracy makes it harder for you to focus on other areas of your business.
With the help of a CPA, you can concentrate on your business needs while we prepare your taxes and see that they're filed on time. Our team is thorough in reviewing your accounts to help keep your filing accurate and take advantage of all saving opportunities. We also consult with you ahead of time, explaining clearly what your liability will be beforehand so that you won't face any surprises.
Many of our tax preparation clients also rely on us for their accounting and tax planning. This comprehensive approach helps us to deliver the best possible service thanks to the organization and strategizing we employ throughout the year.
File on Time with Professional Tax Preparation
Preparing taxes is something few business owners look forward to due to the amount of time and effort needed to complete them. That's where Pancerella & Associates, LLC comes in. Our team can help you organize your data, complete your filing, and submit it in time. Whether you're filing quarterly or yearly, we'll provide the insight and diligence to help your taxes stay accurate and reduce your liability legally so that you only pay what you truly owe.
5 Common Errors in Business Tax Filing
Even experienced business owners can overlook small but important details when it comes to tax filing. These unintended errors can have major consequences down the line, which is part of what makes having a reliable accountant so invaluable.
Here are a few issues you or a fellow business owner may encounter when filing taxes:
- Mixed personal and business expenses
- Missing receipts and expense logs
- Mishandling of or failure to withhold payroll taxes
- Unclaimed deduction opportunities
- Inaccurate deductions for a home office space
What's the Difference Between Quarterly and Annual Tax Filing?
Your type of business and level of income determines whether your business has to file quarterly or annually. Understandably, there can be confusion around the need for different filing calendars and what that actually means for your company's bottom line.
In fact, there are fewer differences between the two filing types than you'd expect. While quarterly filers must complete their taxes more frequently, it isn't intended to make them pay more. Instead, their annual tax liability is divided into four smaller payments. The final filing in April is designed to balance the remaining amount owed once the fiscal year is complete and your true tax liability has been determined.
There are pros and cons to both filing options. Quarterly filers handle tax payments in smaller amounts, lowering the overall impact on their business capital per payment. Annual filers, however, spend less time overall with tax preparation.
Whichever type of filing your business needs, you can count on our team to walk you through the process with expertise and clear communication.
Tax Planning for Your Reading Business
While reliable tax preparation is important, the surest way to save money and simplify your taxes is through proactive planning. We offer tax planning services to help you estimate your tax liability and find useful strategies you can apply to earn credits and deductions next time you file.
Is Tax Planning Worth It?
As a business owner, you have many responsibilities on your plate, and it's understandable that you might not want to add to those. However, you also know the value of protecting and saving your business capital wherever possible. This is where tax planning can truly help.
The first step in tax planning is evaluating your current business operations and cash flow. Clients who work with us for their accounting find this step to be easy and efficient as we work with them to organize and optimize their bookkeeping and reporting. We then compare our findings with your previous tax returns and strategize on ways for you to save.
Timing is often key with tax planning. Knowing when to make large purchases, which assets can be claimed and how, and how to respond to unexpected circumstances are all a necessary part of helping you save. For our accounting clients, we can provide monthly consultations to review the plan and see whether certain strategies need revising. If situations change, our accountants are available to work with you and adapt the plan on an as-needed basis.
Tax Resolution from Experienced Reading CPAs
Dealing with tax problems can be an incredible drain on you and your business. Our team provides much-needed support to help you through an audit and to represent you in IRS negotiations if you have tax debt.
With our years of experience, we can make this process much smoother and less stressful for you. We'll help you understand what to expect if you face an audit, organize and submit necessary records and paperwork, and evaluate IRS findings for accuracy.
What if I Owe Back Taxes?
Even diligent businesses can find themselves struggling with tax debt. However, just because you owe doesn't mean that you have to carry this burden on your own indefinitely. We can be your representation to the IRS and negotiate for a manageable payment plan that will let you work through your debt while continuing to support your business.
Get the Tax Help You Need in PA
Whether your business is looking for quarterly or annual tax help, the accountants at Pancerella & Associates, LLC have the skill, experience, and commitment you need to make the most of tax season. If you're located in Reading, Mohnton, Birdsboro, Denver, or any of the surrounding PA communities, contact us today to schedule your consultation.