Kalispell, Montana
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Kalispell, MT 59901

3 Reasons Why Small Businesses Must Have Accurate Tax Returns January 19, 2017

Kalispell, Flathead
3 Reasons Why Small Businesses Must Have Accurate Tax Returns , Kalispell, Montana

Given the litany of regulations small businesses must follow, providing accurate information on tax returns is critical for avoiding fines and penalties from the Internal Revenue Service (IRS). Essential Accounting & Tax Service in Kalispell, MT specializes in providing professional tax preparation processing to a wide range of industries. Clients continue to return each year because of the local firm’s reputation for personalized attention, affordability and extensive knowledge of the latest tax codes.

Businesses are held to a high standard when it comes to providing complete tax returns. Here are just a few reasons why correct filings can help satisfy federal, state and local tax agencies:

  • Track Profits/Losses: A company’s financial statements should show detailed information on profit earnings and losses. Also, balance sheets provide a list of all assets, liabilities, and equity for the business over certain periods of time. All of the figures must be accurate so that tax authorities have a complete financial picture.Tax Preparation
  • Audit Request: Should the IRS or other agencies request an audit, businesses must also have records, receipts, and documentation to back up information provided on tax returns. If the evidence is not produced, there could be questions and circumstances that could complicate audit proceedings.
  • Deduction Review: Businesses have access to a number of deductions designed to reduce or even eliminate certain taxes. All company-related expenses are required to be documented and recorded to ensure eligibility requirements for tax deductions are met.

The team of accountants and tax professionals at Essential Accounting & Tax Service have the training and experience needed to file accurate and compliant business tax returns. From the preparation of invoices and billing to calculating estimated taxes and every transaction in between, business owners can count on this local firm to provide the information needed to remain in tax compliance.

When it comes to business tax returns, Essential Accounting & Tax Service works with companies from more than 30 different industries. Experience the tax preparation and planning difference with a firm that genuinely cares. Call (406) 257-1455 to schedule an appointment or visit the website for more information on helping your company.

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