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PADGETT BUSINESS SERVICES®

Vol. 3, 2021

Tax time is here once again, and as such, it’s important to make sure you’ve got everything organized for your return. That’s because, just like the murkiness that accompanied 2020, there’s a great deal of unclarity as businesses gear up for their filings in 2021.

It’ll take some smart planning and a lot of patience to be able to navigate this year’s tax filing. That's why in this month’s SmallBiz Builder we dive into some helpful tips to help you start preparing your return with confidence this year. Check out our latest blogs to learn more, and reach out to Padgett today for helping in crafting a plan to tackle this year’s tax deadlines!

Seven tax deductions every self-employed worker should know

Curious about what deductions you might be eligible for this year? There are a host of tax deductions, such as home office and PPP expenses, available to self-employed individuals that can generate real savings when filing your tax return.

As you prepare to file your taxes this year, here are a few deductions you should be mindful of.

Here’s why you shouldn’t go it alone this tax season

There’s no mistaking that tax time can be confusing.

There are enough deadlines and deductions to make your head spin, and this year adds a new level of complexity to the mix. Thanks to the various COVID-19 economic programs and tax tweaks, this might be the year you reconsider filing on your own and turn to a tax professional to help with your 2020 return.

While it may be faster and cheaper to file your own tax return, you could be missing out on valuable deductions and credits that lower your taxable income or generate a larger refund for you, your business and your family.

Here are just a handful of the various things to consider this year.

Get your business ready for tax time with these four tax tips

For many, tax time may conjure up visions of last-minute meetings, late-night number crunching and racing to beat the deadline to file a return. With tax deadlines right around the corner, however, it’s more important than ever to swap that hectic approach with one that is more measured, more strategic and more thoughtful.

Now is the time to make sure your finances are in order, recognizing that the journey to filing your taxes may feature some new twists and turns, thanks to the various COVID-19-related economic programs and tax tweaks that rolled out over the past year.

As you get ready to file your taxes this year, here are a few helpful hints from PADGETT BUSINESS SERVICES® to keep in mind.

How to spot the difference between a CPA and Enrolled Agent

Filing your taxes can be a complicated and time-consuming process, particularly if you own a business and are focused on the day-to-day needs of its operations. Finding a tax professional who can help you is important.

When most people think of finding tax help, they often instinctively consider a Certified Public Accountant (CPA). However, there are other tax professionals with the experience and training necessary to help your business navigate any tricky tax topics.

An Enrolled Agent, for instance, can provide the tax services your business may need. Let’s learn a little more about what Enrolled Agents do, and the role they play when it comes to tax planning and preparation.