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Tax Services

Tax Services for Business & Individuals

Zerbo Consulting Group, PC in Commerce Township offers more than thirty-five years of experience, knowledge, and insights when it comes to planning and preparing your taxes. We will help you get the most out of your tax returns.

Most of us aren't tax professionals, so around that time of year, there's a lot of confusion. Here are the answers to some of the top questions people ask about taxes.

When should taxes be paid?

Your tax liabilities are due to be paid every April. The day may fluctuate from the 15th in some years, but only by a day or two. Planning for payment is essential because a tax extension will only grant you more time to complete tax forms. If your tax money is not paid on time, you can accrue late charges and penalties.

Talk to your tax specialist at Zerbo Consulting Group, PC about paying estimated tax each quarter to help ease the burden of full payment in April.

Call Us: (248) 960-0278 Get Your Consultation

When is the tax reform going to affect my taxes?

Tax laws are always changing even during years without a reform. You can go to the IRS website to research the latest changes or talk to your tax specialist about how you will be affected.

7 common tax reform questions include:

  • Will I still receive the earned income tax credit (EITC)?
  • Do I pay tax on unemployment benefits?
  • Who can I claim as my dependent?
  • Do education expenses still qualify?
  • Can I deduct business meals and travel?
  • Do I qualify for childcare tax credit?
  • What tax return filing status would benefit me the most?
  • Can I deduct my home office space?

How long should I keep my tax returns?

Individuals – For most people, it is recommended that you keep your tax documents for three years in the event of an audit. If you claimed a loss from a bad debt deduction or worthless securities, hold on to seven years’ worth of tax records.

Businesses – The IRS suggests that you maintain seven years of business tax records since they can audit your business for up to six years for failing to report income.

What is the difference between employees and independent contractors?

An employee will work where, when, and how the business wants. The business payroll will withhold state and federal taxes for employees.

An independent contractor has their own business and can be hired for services. The independent contractor will use their own equipment and decide when and how they will work. They will receive full payment for services and is responsible for all taxes.

Should I incorporate my business?

Tax benefits for incorporated businesses are plentiful but will vary depending on formation and profitability. Zerbo Consulting Group, PC offers comprehensive tax services for businesses and can help new start-ups or growing companies make tax decisions regarding your registered or new entity selection.

Is it better to keep your own books and file yourself?

Individuals – The more complicated your tax records become, filing yourself may not be the best option for someone who is not tax savvy. A tax specialist will help you take advantage of deductions and tax credits. If you have more complicated income reporting like earned income from rental properties, a side business, have been through a divorce, or lost a spouse you would benefit from speaking to a tax professional before you file yourself.

Businesses – Keeping accurate books may be simple in the beginning, especially with the availability of paid software to help. As your company becomes more profitable, increases employees, builds out the HR department with health insurance and 401K benefits, it would be beneficial to consider hiring a professional to help.

5 common tax problems for business owners doing their own taxes

  • Mixing personal and business expenses
  • Missing receipts and expense logs
  • Misappropriation or lack of payroll tax withholdings
  • Missing deduction opportunities
  • Incorrect deductions for home office space

What can you do to simplify your tax filing?

The more you know, the smoother tax preparation and filing will go. If you are looking to improve your tax situation, follow these three steps.

  1. Reflect on what made things challenging.
  2. Look at investing in accounting software to help improve bookkeeping.
  3. Consider hiring an outsourced tax specialist to better plan for next year’s compliance and possible money-saving strategies.

Get Tax Help Today

If you are a business owner or individual in Commerce Township, and you think you would benefit from the services of tax professionals, contact Zerbo Consulting Group, PC today for an initial consultation and find out how we can help you.

Call Us: (248) 960-0278 Get Your Consultation

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