Tax Preparation and Bookkeeping:
*Collect receipts
*Copy & staple receipts to the copy (prevents receipt from fading)
*Organize receipt amounts by date & category
*Calculate receipt totals monthly / yearly by category
*Calculate & document year end expense totals
*Prepare tax return
Breakdown of services:
Services include bookkeeping, tax preparation and strategic planning. As mentioned above, ou
r bookkeeping services are very neat, organized and professional. ITP will make sure your business is ready for tax preparation. With our state of the art tax software, your taxes will be filed and up to date with all the current tax breaks and credits available. Our strategic planning will provide your business with a road map for success. After ITP reviews your business records, we will analyze your current tax habits to see if you have been taking advantage of all the tax breaks and/or credits that you qualify for. Once this is done, we will identify any areas in which your business can use improvements. This will provide us with the necessary information to move forward. The Importance Of Record Keeping:
Self-employed taxpayers are subject to higher risk of IRS audits than wage earners and must be able to substantiate income and expenses reported on Schedule C if audited. A good accounting and record-keeping system is recommended for all self-employed taxpayers, no matter how small the business. We all know that record keeping is a tiresome and time-consuming task. However, you still have little choice but to do it. Records are needed to show whether your business is producing a profit or loss. As a general rule, you must be able to back up your deductions with certain clear proof, such as receipts, canceled checks and other documentation. If you do not have this proof, your deductions may be disallowed! ITP will organize all your records and provide you with an accurate and complete set of books. Let us show you how to take advantage of all the tax breaks your business qualifies for. This will include the allowable deductions along with a breakdown of credits available.
