Tired of Surprises on your Tax Return?
"Surprise! You owe 3X more than you were expecting," explains a dystopian jester known as your former CPA. Entrepreneurs deal with enough surprise expenses as is, so the last thing they need is to be surprised by their tax bill. When you own a business, your percentage of the profit earned by the business is taxed as if all of that cash went into your personal bank account. This can surprise those who don't understand pass-through entity taxation and those who don't have a clear understanding of how much profit their company is earning during the year. Dark Horse hates surprises as much as you do.
Understanding the Tax Planning, Paying and Filing Cycle
There are few things you can do after the year ends to lower your taxes for that year. All of that work is done during the year, whereas tax filing season merely memorializes the work done for the prior tax year.
Surprise, Surprise!
Surprises are eliminated through transparency and education. Our mission is to keep you informed of your business' performance and how that will impact your tax situation so that you're making the appropriate quarterly estimated tax payments throughout the year so that you don't owe a bunch of money when you file or, maybe even worse, provided the government with an interest free loan.
Surprise! You SHOULDN'T have paid yourself that much in w-2 wages….
Surprise! You didn't pay enough in estimated tax payments….
Surprise! You SHOULD have paid yourself more in w-2 wages….
Surprise! You don't have enough cash to pay your tax liability….
Surprise! You owe tax on a business vehicle your sold….
Surprise! Your books are a mess, you made more than expected….
We Believe in... No Surprises
No Surprises doesn't mean absolute certainty, but it does mean understanding risks taken with certain tax positions and having an understanding how moving parts could impact your global tax position. It may also mean we recommend that you amend a prior year tax return. Either way, once we've eliminated the lion's share of surprises out there, we can focus on the higher value items like strategically reducing your taxes through a Tax Assessment and partnering with your business as a Fractional CFO.
Bookkeeping and Business Tax Returns
Accurate and timely Bookkeeping is the foundation of your tax return. Thus, it stands to reason that having a pulse on your books as the year progresses will give you a strong understanding of where your tax situation is headed. It also enables you to course-correct to deploy strategies to lower your taxable income with our strategic tax advisory services. If you want to avoid surprises on your business tax return, you must have books that you understand and can rely upon.
Once you get your books dialed-in, you still have to get your tax return reporting right!
There are a number of elections, payments and informational reporting that goes well beyond punching-in numbers from your books into a tax return. Getting this wrong can have dire consequences.
What do I do if my current situation is a mess?
Some clients' messes are bigger than they think, others are smaller. Either way, we'll unpack your situation during our initial consultation to the extent that you can provide us with needed documentation beforehand, such as tax returns, IRS, state and local tax notices, etc. Once we've digested everything, we'll prescribe our game plan moving forward, which may include some of the following services:
Nancy R.
I have used James Larsen as my CPA for many years and am confident in his work ethic and tax knowledge.
Industries We Serve
While your business is unique, it's unlikely that you're in an industry we haven't served. Below are a few of the industries we have deep experience with.
Construction
Agriculture
Bio-Tech
Locations
Because we're entirely cloud-based, we can work with you from anywhere. If you prefer to work with a local CPA, check out our quickly growing list of locations.
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