Business Tax Preparation Wayne PA
MGS LLP has been executing business tax preparation in the Wayne PA and Radnor PA area for combined decades. Serving the entire Philadelphia and Mainline areas, we have served hundreds of businesses and with this experience, we know that failing to properly file your business taxes can quickly lead to large penalties and interest in addition to the taxes that you already owe or may owe in arrears. For this reason, our approach is to work with our business clients to get it right the first time.
“Death and taxes” the saying goes, you cannot avoid either. One thing you can do is better manage your tax liabilities by approaching your business tax planning wisely and using a solid strategy put forth by a professional firm with great experience. We offer expertise on a wide variety of business tax issues. Our goal is straightforward, simplify the tax filing process, reduce your tax burden and keep your business compliant.
We serve business clients of various sizes from sole proprietors to partnerships to corporations. Contact us today to learn more about our services and let us get started putting our knowledge and experience to work for you. Give us a call today for your free consultation at 610-688-6162.
Business Tax Services We Offer
MGS LLP can provide a number of business tax services for our clients.
Yearly and Quarterly Business Tax Preparation
MGS LLP will gather your quarterly data, determining the amount of income made over that time period and determing the appropriate withholdings for the quarter. Each quarter we will also project ahead for potential earnings and withholding
Business Tax Planning
It is not always about preparing returns, filing taxes and providing payment. Business taxes require a great deal of planning and strategic spending. Often times, businesses will be at an advantage to spend more in one year than another to help offset larger revenue years or take advantage of potential tax breaks. We will help you determine any strategic spend that should take place this tax year versus the next.
In addition, MGS LLP will help our clients in the Wayne PA and Radnor PA area to uncover all possible expenses for the year. You may not realize that certain purchases may be deductible or be subject to depreciation. By reviewing estimated tax payments and net income projections, we will help you view the big picture. Making not only strategic decisions, but taking advantage of those decisions already made. We have a goal for our business tax planning process that leaves our clients in a position to reduce costs while avoiding the payment of unnecessary taxes.
As a business, accurate and organized bookkeeping is critical. Business tax filing, strategic planning, cash flow management and so much more depends on accurate and available records. MGS LLP can assist you with balance sheets, income statements and other recordkeeping to ensure that all expenses have been accounted for and that the tax filing process will be easy and streamlined as a result. Properly maintained and managed books will help save time, reduce margin for error in tax filings and enable better decision making with an accurate and timely view of your available cash and past expenses. Our clients usually discover that fees paid for our professional bookkeeping services actually helps them pay less when it comes to business tax preparation because the process requires less time due to organization and pre-planning.
Business Tax Credits
As a business owner, you are excellent at what you do, but what you do probably does not involve knowing the tax laws and codes for both federal and state governments. How do you know if your business is taking advantage of all the available tax credits that might be an option for you? Most of our clients are shocked to find out they could be saving thousands of dollars per year by applying for available tax credits such as business research and manufacturing credits. With hundreds of potential credits, business owners stand to save more with these credits than they might spend on business tax preparation fees.
Franchise Tax Determination
MGS LLP will help you identify if you meet or exceed the threshold for filing for franchise tax. We will determine any appropriate deductions based on your entity type and help you apply them.
We live in an electronic age and MGS LLP uses online filing versus paper filing to ensure a timely method of filing your business taxes. We will know immediately whether your taxes were accepted ahead of any deadlines and eliminate any late filing fees that might be associated with manual filing delays or oversights.
The Intersection of Business and Personal Tax Preparation and Planning
As small business owners, you have the burden of filing both business taxes as well as your personal taxes. Government tax filing timelines are set such that business taxes are due in advance of personal taxes. This is by design since businesses need to set accurate records of income, wages and withheld employee taxes before passing those records onto individuals to file their returns. At MGS LLP, our business tax clients understand the important synergy between their business and personal tax returns and often seek our expertise to plan, prepare and file both. There are significant advantages to having both your business and personal filings done by the same accounting firm:
- Timely filing can be completed on both tax returns since preparation is done by the same entity. once business returns are complete, the forms necessary to file personal taxes are immediately available.
- With an understanding of both the business and personal landscape of business owners, MGS LLP can best apply deductions and credits to maximize returns on both returns.
- With line of sight into the two returns, MGS LLP can help in strategic tax planning for business owners, knowing when it may be best for expenditures to occur within the business versus on a personal level.
There are many more advantages to using the same firm to file both personal and business taxes, but these are just a few that can help eliminate potential late fees and interest or reduce the overall amount of taxes you may pay.
Using An Experienced Mainline PA Business Tax Accounting Firm
When using MGS LLP to prepare and file your business returns, your decision partners you with a trusted and experienced accounting firm with a long track record working with businesses throughout the Mainline and Philadelphia area. Our experience will be put to work for you through expert tax planning, accurate business tax preparation services and timely filing for both Federal and state returns, such as Pennsylvania.
Our goals are simple. We work for you to help you understand your business’s tax scenarios, maximize the deductions, take advantage of available credits to ensure you get everything you are entitled to take and prepare you with a strategic plan going into the future that will help keep your tax burden as low as possible. Failing to consider your tax situation in your long term business planning can be a mistake that may cost you potential savings and growth for years to come.
With offices in Wayne PA and Radnor PA, we serve the Mainline and Philadelphia areas, covering Montgomery, Chester and Delaware Counties. Business deadlines occur throughout the year, so contact us today and let us help you get your tax affairs in order and start planning for what is coming. Contact us for a free consultation or call us at 610-688-6162 so we can get started right away.