MICHIGAN TAX ADVISORY FIRM | WHY YOU NEED TO WORK WITH ONE
Being a small business owner is a tough job and filing taxes can make it even more difficult. An owner plays many roles to help their business succeed, but you don’t have to do every job on your own. At Numerico, we believe every small business needs the help of a business accounting firm. Our Michigan tax advisory firm puts our clients’ success first.
Contact us at (313) 278-8030 for more information about our business services.
TAX LAWS ARE CONSTANTLY CHANGING
Navigating taxation laws is difficult. Doing your taxes the wrong way may leave you paying more than your fair share. The IRS might even fine you for incorrectly reporting your taxes.
Tax laws change constantly. That’s why you need Numerico to do the taxes for your small business. We watch for important legislation that alters existing tax laws or creates new rules entirely.
For example, this year, you must pay the latter half of the 2020 Social Security payments the IRS deferred due to COVID-19. The federal government has also increased the deduction amount from 10% to 25% of qualifying charitable donations. Another change is the 100% deduction of COVID-19 sick leave for the first quarter of 2021.
It takes a strong, up-to-date understanding of tax laws to track yearly changes. Without a professional, you may miss tax payments or opportunities to lower your taxes.
TAKE ADVANTAGE OF EVERY DEDUCTION AND CREDIT AVAILABLE
All the income your business makes after subtracting expenses is taxable. The government doesn’t always make information available about deductions. Therefore, you’ll overpay in taxes if you don’t take deductions into account.