Atlanta CPA...Need to File Your Proprietorship Returns?

Atlanta CPA...Need to File Your Proprietorship Returns?

Are You an Independent Contractor and Not Yet Filed Your Taxes?

Have Independent Contractor Income and Need to File Your Proprietorship Returns?

Need to Look at Incorporating Your Business in Georgia/yoiur state as an S Corporation?

At His CPA we seek not only to save you taxes but to look long term both strategically and tax wise. The below is a sample letter we might receive off of our web site from a taxpayer who is beginning to address their open tax return issues with the IRS:

My business was as a independent contractor from the years 2008 to 2011 and during this time I did not file. Obviously a horrible choice and it's finally catching up to me with letters from the IRS. During those years, I earned about $50K per year. I have hard information about being an S Corporation and want to explore setting up my business as one in the future.

I have my 1099's from years past but I most likely couldn't provide anything more than bank statements for deducting business expenses. What's my next step from here and what could you do to help me?

Below is my response:

Just following up on getting your past old tax returns filed ASAP. I will send you under separate e mail a checklist you can use to pull your information together. When you are ready let me know and we will get your tax returns filed ASAP.

If we aggressively are able to file and pay the old back returns we are in the best position to be able to forestall any IRS collection efforts, liens and levies.

Please note the checklist, directions and a form you can use to recap your independent contractor income are available on the contact page of my web-site at http://www.hiscpa.com/contact_us.htm 

Documenting Your Tax Deductions for the IRS

Tax law, surrounding the area of documenting most general business expenses, is generally summarized into three general areas. Failure to satisfy all of these areas may result in an otherwise potentially deductible receipt being voided. Tax law does not summarize the deductible tax items in this fashion. However, following these general guidelines will greatly assist in determining both the validity of a deduction as well as the maintenance of substantive collaborating documentation. It will be important to pull together this information. For more guidance visit http://www.hiscpa.com/business-expenses.html 

When looking to incorporate your business

Among the different ways of incorporating your business — C corporations, S corporations, and Limited Liability Companies — there are practical reasons for choosing a given method, such as the number of shareholders or liability considerations. For many small businesses that are going to consider incorporating in Georgia, the tax advantage of the Georgia S corporation should not be overlooked. To see for yourself how different entity types are taxes see http://www.hiscpa.com/article6.html