Business & Personal Combined Tax Submissions—All the Advice You Were Looking for

There are many tax dates coming up in the coming months. And even with extensions being announced, April and May will be one of the most important seasons in terms of tax. Are you ready yet or have you been putting off this task for a while now? Often, if you can simply get started, the rest of the process quickly falls into place. Instead of seeing your tax submission as one huge obstacle, let’s break it down into small, achievable milestones. Precise can assist you every step of the way.

Your Plan of Action

 

Steps in the Process
Not sure where to start? These are common steps for most people filing personal or business tax returns:

  • Get paperwork ready: This requires meticulous saving of all paperwork related to business expenses throughout the year. Apart from proof of expenses, your accountant will also need wage statements, real estate documents, and certain identification documents.
  • Receive documents from relevant parties: For personal tax, you’ll need documents detailing your earnings, such as 1099 forms.
  • Find out about deductions: There are many deductions related to personal and business tax. You can decide between itemized or standard deductions.
  • Submit a tax return: This can happen via your accountant or you can do it online.
  • Pay tax bill or receive a refund: After working through all the information and entering it during your submission, you’ll see whether you’ll get a refund. Alternatively, payments can be done via online payment options.

 

How Precise Can Help
Many of the steps listed above can still be daunting, right? You’ve probably asked some of these questions:

  • Did I give my accountant all the necessary paperwork so he or she can benefit my case optimally?
  • Should I opt for itemized or standard deductions?
  • What deductions am I eligible for?
  • How do I know calculations are done correctly?

 

First, with our many automation and outsourcing services, we can simplify various tasks related to taxes. From bookkeeping to bill payments and even optimizing your accounting software, we’re here to help.

 

Second, while accountants will of course do their jobs, they rarely have the time or interest to help you manage your paperwork throughout the year. Also, they will only work with what you give them. What if you missed a document that could affect your refund? Put your mind at rest by partnering with Precise who offers the following:

  • Interview: To understand your company, household, and needs.
  • Tax plan: We prepare a plan to help you understand options. Together we discuss it to show strategies and possible savings.
  • Communication: Ongoing calls or meetings to answer your questions.
  • Pick a maintenance package: Based on your package selection, we can assist with tasks like:
    o Business and personal tax preparation
    o Year-end tax review and bookkeeping reconciliation
    o Quarterly tax monitoring
    o Due date monitoring

Final Thoughts

The Precise team is ready to help you with any tax requirements for the coming months. But don’t simply think of this year’s deadlines. If you partner with us now, chances are you can save as much as $10 000 over the next 12 months; simply by doing bookkeeping and taxes right from now on.

Why not allow us to worry about the numbers so you can go back to enjoying life and business? It’s what we’re good at—so you can concentrate on what you’re good at.