Get Help with Tax Season for Yourself or your Business

This tax season, make sure you are getting the tax return you deserve with our help. Taxes are a complex system and having a knowledgeable and experienced professional at your back can be the best way to improve your return. We offer tax planning and preparation for both individuals and small to medium sized businesses.

Tax Preparation for Businesses

For business owners, your personal and businesses taxes are closely linked. It’s especially important for business owners to have proper tax preparation. One issue many business owners face is that sometimes business owners think only of yearly taxes, but they are subject to many more such as:

  • tax seasonFederal and state payroll withholding and taxes
  • Appropriate tax deposits to avoid penalties
  • Sales tax and use tax issues
  • Worker’s compensation issues
  • Local sales taxes
  • Union reporting
  • Retirement plan contributions and deductions

We have the experience and knowledge required to guide you through the many regulations and laws. Minimizing these taxes is a goal of every business. We can help you and your business through our advising!

Tax Preparation for Individuals

Many individuals believe that their tax return is relatively simple. You can go the simple route, but you are likely making mistakes and missing out on deductions you are able to claim. We can help you get the most out of your tax return.

  • tax seasonIf you are a new client, we review your last 2-3 years tax returns to check for accuracy.
  • No matter if you owe money on your return or have a large refund, we will help you adjust your withholding tax to eliminate problems.
  • Tax returns are carefully reviewed to ensure you take all the deductions you are entitled to.
  • As part of our income tax preparation process, we electronically file your tax return.
  • We prepare most state income tax returns.
  • We can also help you with out-of-state individual tax preparation.

Get the most out of your tax return, call us today so we can provide you with professional tax preparation. You’ll see the difference for yourself and your business.

5 Reasons to Hire A Tax Consultant

If you are like most people when it comes to taxes, you don’t feel confident in what you are doing. A tax consultant can help relieve stress and reduce mistakes while filing taxes. Check out five reasons why you should consider hiring a tax consultant.

1. You Find A Mistake On A Previous Return

Have you found a mistake on a previous tax return in the past three years? You can work with a tax constant to file an amended return. A consultant can help to minimize any damage that may have been caused. It can also provide you with peace of mind in knowing that your tax return will be properly handled.

2. Your Marital Status Has Changed Tax consultant

Have you gotten married or divorced in the last year? If so, your tax filing may be affected.

  • Newly Married Couples: A consultant can help you decide whether to file your taxes together or separate. It is helpful to get a tax consultant’s opinion of what will be most beneficial since every couple’s situation is different.
  • Recently Divorced Couples: A consultant can help you determine if it is best to file separate or together. They can also help ensure that alimony has either been paid or received properly.

3. Filling Your Own Taxes Can Be Time Consuming

Filling Your taxes can be time-consuming. A tax consultant will be able to work quickly and efficiently. They will be able to save you the stress of making sure your taxes are done right.

4. You Work or Live In Different States

Taxes can become confusing if you live and work in different states. If you’ve recently moved to a new state it can be confusing as well.

A tax consultant will be able to assist you in the different states’ tax rules and can help you sort out any issues that arise.

5. You’ve Started A Business

A common mistake of new business owners is waiting to hire a tax professional. How you file your taxes the first year can impact future tax filings. It is important to start off right.

David Mills Can Assist You With Taxes

David Mills is proud to assist our customers with their taxes and make recommendations that fit your needs. Check out our Income Tax Planning service HERE. If you need assistance with your taxes, contact David Mills today. We look forward to working with you!

 

 

Planning & Preparation For Taxes

Planning & Preparation For Taxes

With tax season approaching, it is time to start planning and preparing for taxes. In order to effectively plan for taxes, it is important to plan with an experienced professional. Continue reading to learn about David Mills’ approach to tax planning and tax preparation.

Tax Planning planning and preparation for taxes

How does David Mills help you and your company with effective tax planning? We take into consideration the following things:

  • Interviewing you to find out what your goals are
  • Review past year’s returns
  • Advise on current and proposed tax legislation.

If you are a business owner, we take into consideration both your personal and business objectives. At David Mills, we take a long-term approach to planning. Our team will provide several planning scenarios that consider both your short and long term goals.

Tax Preparation

In recent years, there have been over 300 tax law changes and revisions. Several of the laws have limited time frames. The David Mill’s team keeps up with all of the current tax law developments that affect you and your business.

We also can answer any questions about any returns that you have prepared yourself or by someone else who prepared them for you. Our team can review your past tax returns to ensure they are accurate and provide you with advice.  Click HERE to learn more about our tax preparation service.

Contact David Mills CPA Today

As tax season approaches, it is time to call David Mills. Our team will be happy to help you with both planning and preparation for taxes. Contact our team today for all of your tax needs!

5 Reasons to File Your Taxes Early

5 Reasons to File Your Taxes Early

When it comes to paying your taxes, many people find themselves scrambling in April trying to get their act together. While you may think it would be an annual routine for many, about 20% of people wait until the last week to pay their taxes. Are you in that 20%? Whether you are or are not, understanding the benefits of filing taxes earlier than later is very important and will help taxpayers in the long run.

1. The faster you file, the faster you receive your tax refund.

The most obvious reason to file your taxes early is to receive your tax refund as soon as you can. Last year the IRS made it possible to have your tax refund direct deposited into your account, which will allow you to receive your tax refund even faster rather than waiting weeks for a paper return.

2. Filing your taxes early helps prevent tax fraud.

Tax fraud is a major issue that many people end up having to deal with. While tax fraud is more common than you think, there are ways to prevent it. One of these ways is to file your taxes as early as possible. By filing taxes early, it will be more difficult for criminals to pull off. This is because if the IRS receives a duplicate return after you have already filed yours, it will be noted as fraudulent. If you have not filed yours yet, you could be in trouble.

3. If you end up owing taxes, you’ll have extra time.

If you discover that you owe a balance to the IRS, filing taxes early will allow you extra time to sort everything out. If you file as soon as you can in January, then you will have until mid-April to come up with the extra money that you owe. The extra time makes it much less stressful for you and your financial situation.

4. Filing early ensures you won’t need a tax extension.

If you wait until the last minute to file your taxes, you may find yourself scrambling in search of receipts, personal information, etc. Thus, leading to the need for a tax extension. This turns into a serious issue when you owe a balance to the IRS and do not pay what you owe. The IRS will charge you interest and penalties until the full amount is paid off. Filing your taxes early will help you avoid all of these potential issues.

5. Save yourself the stress of waiting until the last minute.

Waiting until the last minute to file taxes will do nothing but add additional stress to your life. You will feel the pressure to find your needed information and file as fast as you possibly can, which can lead to errors and other problems down the road. Tax season is stressful enough, there is no need to add even more stress by waiting until the last minute.

If you are in need of additional tax information or need assistance in filing your taxes, contact David Mills CPA LLC today. We provide expert accounting and financial services to small and medium-sized businesses, as well as individuals across Morton, Peoria, & the rest of Central Illinois. We look forward to answering any questions you may have!

Get Your Books in Order

Get Your Books in Order

Get Your Books in OrderNo matter the type or size of your business, the tax man will come knocking on your door when tax season comes among us. It is always best to have your books in order and up to date when that time comes. We are aware this may seem like a hassle to keep up with yourself, but by following our tips below you will be on your way to better, more organized accounts this year and a more successful business.

1. Stay Organized

Becoming and remaining organized is incredibly important when it comes to keeping your finances in order. The good news is, this doesn’t have to be a difficult task. Keeping up with basic spreadsheets showing all of your funds received and funds paid out is a simple way to track your finances. At the end of every month, check to make sure your records all align with the money in your bank account to ensure balanced accounts.

2. Hire an Accountant

We understand that handling your financials is not the easiest task to take on by yourself, which is why we always recommend hiring a professional accountant in your area to take care of the dirty work for you. Through hiring a professional, you can rest assured knowing your accounts are in good hands and you are up to date with all rules, laws, and aren’t missing out on any tax allowances. Through hiring an accountant, you can put all of your attention on growing your business.

3. Separate Personal & Business Finances

There are many benefits when it comes to separating your personal and business finances. Not only will it make your business look more professional, but it will make it much easier to separate personal and business expenses when tax time comes. Depending on how your business is set up, it may be required by law to have separate accounts. Ask a local accountant in your area if you are curious if this is required for your business or not.

Clock - Don't wait to get books in order4. Don’t Procrastinate

Waiting until the last minute to get your finances in order is never a good idea. Procrastinating this task usually leads to additional issues down the road and by then, it is too late to have sorted out. Staying on top of your receipts and invoices will make it easier for you and your accountant to get your accounts sorted out in a timely manner. And not to mention, will help your overall business run more smoothly.

By following the four tips above, you should be on your way to better, more organized accounts. The more you keep track of and have up to date, the easier it will be when tax season comes along. If you are looking for additional help with your finances or have any questions about getting your books in order, contact a professional accountant in your area. David Mills CPA LLC provides expert accounting and financial services to both small and medium businesses, as well as to individuals across Peoria, Morton, and the rest of Central Illinois. If you are looking to get your books in order this year, feel free to contact us here.