Roseville and Sacramento Accountant for Small Business Amended Tax Returns
Our Roseville and Sacremento small business amended tax return accountants can assist you with amending tax returns for your businesses in California.
As the owner of a business, managing your taxes can seem like an entirely new job. It is important to understand the filing requirements that the Internal Revenue Service has set for the type of business you operate. For example, if you are running a partnership, filing a tax form for corporations is a serious error. If you believe you filed an inaccurate tax form for your business, you should consult with an experienced Roseville small business accountant today. The tax return accountants at Cook CPA Group can help your business rectify any errors in a previous tax filing. We recognize the difficulty of operating a successful business and managing your tax liability, and we are here to help you alleviate the process.
When to File an Amended Business Tax ReturnIf you believe you made an error when filing taxes for your small business, it is important to understand when you may need to correct that mistake. If there is a serious issue with your business tax return, the IRS will typically mail you a notice that instructs you to amend your return. If you received a message like this, do not panic; it does not automatically mean that you are going to be audited. However, you should be aware of some common filing errors so that you can avoid receiving a notice from the IRS entirely. One common error that is committed when filing a business return is to fail to claim tax credits. This mistake hurts taxpayers far more than it hurts the IRS. A tax credit is a reward for businesses that meet certain criteria. For example, if you employed a disabled worker, your business may accumulate tax credits. Tax credits are preferable to deductions because a tax credit is deducted from your business income before gross income and taxes are calculated. Alternatively, a tax deduction will decrease your net taxable income. When you claim a tax credit, not only does your business profit, but so do your employees and the United States economy. One new tax credit that you should know about is the family leave credit that was established as part of the 2017 Tax Cuts and Jobs Act (TCJA). Your business may be entitled to a family leave credit if you have a policy that permits qualifying employees to utilize a minimum of two weeks of paid family leave in addition to other vacation or sick days they are entitled to. Additional tax credits your business may be able to claim include:
- Implementing environmentally friendly business programs
- Research and development credits
- Renovating your business properties to accommodate disabled people
- Alternative motor vehicle credit (using hybrid vehicles)
- Health care credits
- Work opportunity credits