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What is tax preparation?

You know the dread you feel every year as April 15 draws near. Tax preparation services are the answer to that dread, taking all of your relevant financial information and turning it into a tax return that will satisfy the IRS while also saving you as much money as possible.

  • A tax audit is, universally, a tremendously stressful activity, and one that should be avoided at all costs.
  • The accuracy of your record-keeping and tax preparation can have an influence on your employees as they prepare their own tax returns.
  • Tax returns require year-round preparation for a once-a-year filing.
  • The pressure of worrying about taxes while you prepare them can actually make you less accurate and more likely to make mistakes.

Leaving your business tax preparation to an expert is the best way to protect yourself from audit, take an onerous task off of your hands, and preserve your peace of mind. GraphX has the resources to prepare an accurate return that will satisfy your obligations to the government with as little stress on your part as possible.

Why should I trust my tax preparation to GraphX?

You hate doing your own taxes. And personal taxes are fairly straightforward. Business taxes – taking into account payroll taxes, sales tax, interest on investments, capital gains or loss, business write-offs – are incredibly complex. And the experts at Back Office Center aren’t just experts at the process of preparing tax returns – they’re experts at keeping up to date with the ever-shifting set of state and federal tax regulations that affect the way your taxes will be calculated, and they’re experts at applying those regulations to help you keep as much of your revenue as possible while avoiding the threat of audit. Ultimately, the minor cost of tax preparation through Back Office Center is minimal compared to the potential cost of audits, fees, and penalties.

We have all of your receipts and paperwork right here. We have it because we’ve been imaging it from the beginning as part of the process. We’ve been processing invoices, recording receipts, tracking cash flow, and recording it all in your books and ledgers. Now it’s all securely stored but readily available in our high-tech data facility, so that we can provide you with reports and business-critical documents and we can provide the IRS with necessary information to process your return. It’s the secure, high-tech alternative to a filing cabinet and a shoebox full of receipts.

We prepare your for taxes all year long. The meticulous journaling, the comprehensive system, the team of experts attending to your accounting needs – they aren’t just keeping your books in order. They’re also preparing your company to satisfy its tax obligations, and keeping you on the government-approved straight and narrow where payroll taxes and business taxes are concerned. The numerous functions in our full suite of accounting services all position us to prepare you for tax season – as well as position you for business growth and arm you with the information and advice necessary to make good business decisions, of course.

We’re ready for anything. Our experts are trained and equipped for nearly all aspects of large and small business tax preparation:

  • Individual income taxes
  • C and S corporate income taxes
  • Partnership income taxes
  • Fiduciary income taxes
  • Non-profit corporation taxes
  • Intangible and tangible taxes
  • Charter and franchise taxes
  • Quarterly taxes

 

Tax Management

Tax return preparation is a cycle, not a process. It involves adhering to governmental tax regulations throughout the year, precise bookkeeping, and strategic saving to avoid the shock of an overwhelming tax burden.

  • Payroll taxes
  • Transactional taxes
  • Deductions
  • Statement analysis
  • Past returns

Payroll taxes. We look at your employees’ tax withholdings and assemble documents and payments to make sure that everyone has the necessary information to complete their own returns. But our seasoned experts also know how to handle taxes on your freelance or contract workers, your part-time employees, your out-of-town or overseas employees or contractors, or your employees on regular or extended sick leave.

Transactional taxes. Transactional taxes include VAT, property tax, and premium tax, and GraphX keeps all the procedures and regulations in mind so you don’t have to. And with all transactions recorded in your books on a daily basis by our team, the pertinent data is immediately available.

Deductions. Seemingly every year, the government changes standards on what can and can’t be deducted from a company’s income to decrease tax burden. Our analysts know the deductions that are available to you and how to take advantage of them – and just as importantly, they know what deductions aren’t available and how to avoid getting audited.

Statement analysis. To make sure every asset and liability has been properly characterized and reported, our tax preparation process includes a review of income statements, balance sheets, and bank and credit card statements. All pertinent documents are reconciled to make sure that nothing has been left out that could cause problems in the future.

Past returns. If you haven’t filed your returns in the past, or have filed and only paid some of your tax burden or none at all, or if you’ll need to amend a former return, we’ll be able to resolve those issues at the same time that we prepare this year’s return.

Filing

The actual filing process starts with preparing the return itself, but for GraphX, it isn’t over until all documents have been accepted and all questions have been answered.

  • Document preparation
  • Document management
  • Filing
  • Tracking your entry
  • Reports

Document preparation. The actual sitting down and writing out the tax return is the major part of the process, and even with the best-of-the-best tax preparation software we have at our disposal, it’s still a meticulous procedure. We check and double-check numbers and complete worksheets to ensure that your return is accurate and complete.

Document management. Most of the paperwork we’ll need to complete your return, we already have within our system. Other paperwork that your bank or creditors might provide specifically for tax purposes will need to be imaged and entered to be useful. Document management also means managing the receipts and other documents that will support your various kinds of deductions. Our system means that we’ll be able to lay our hands on all of that information quickly, precisely when and where we – and you – need it.

Filing. We make sure your return is filed the most efficient and secure way possible, well in advance of the deadline. We also handle documentation regarding foreign tax credits and international payment obligations.

Tracking your entry. We follow up with the IRS to know when your company’s returns have been received and accepted by the appropriate parties. We then track the progress of any refunds pending, and stay alert for any issues that may arise in the period after the returns have been processed.

Reports. As a matter of course, you’ll have access to your return in its digital format for approval before we submit it, and it will also be available online at any time via our secure server. But we also prepare a report after we file to supplement the complicated worksheets and tax terminology with easy-to-digest information that will help you understand what went into the preparation of your taxes, how your company stands, and what you can expect in the next year until tax season comes around again.

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