Income Tax Prep and Accounting Services for Individuals and Small Businesses
Professional Income Tax Preparation
Navigate the complexities of income tax filing with our expert services tailored for both individuals and small businesses.
Our approach integrates state-of-the-art tax software with the personal touch of experienced tax professionals, ensuring your tax returns are prepared accurately and efficiently. From self-employed individuals to growing small enterprises, we offer comprehensive tax solutions that not only aim to maximize your deductions and credits but also plan for your future financial growth.
Accounting Services
Bookkeeping Services for Performance Tracking and Tax Planning – Our accounting services are designed to provide a clear picture of your financial health, enabling strategic planning and decision-making.
By entrusting us with your bookkeeping, you’re not just keeping your records up to date; you’re gaining insights into your financial performance that can drive your business forward.
Our services range from routine daily transaction recording to comprehensive financial statement preparation. We work closely with you to tailor our bookkeeping solutions to your unique needs, ensuring that you’re always ready for tax season and beyond.
TAX PREP
Individual and Business returns done fast and accurately.
Accounting Services
Bookkeeping, Financial Statements, Payroll and more!
consulting
Clean up Accounting, Financial Review, Fractional CFO and other Projects.
Richard is always easy to get a hold of, as well as easy to communicate with – which is a big deal for me as a restaurant owner working odd hours. After working with other CPA’s, I’ve realized how important it is to have someone that simply cares, and feels invested in the success of my own business as much as I do.”
“Our family casino business has was put in a very difficult position when our Director of Finance passed away unexpectedly. With no time to plan for succession, in a heavily regulated industry, I reached out to my contacts within the gaming industry for help. Rich came heavily recommended from trusted sources as someone who could help us on an interim basis. We brought Rich in and he worked side by side with my team until we could properly identify a permanent replacement. I cannot speak highly enough of the quality of Rich’s work, his ethics, and his protection of client confidentiality. I would not hesitate to call upon Rich again if the need arose.”
“I have been acquainted with Richard Crocco in a professional and business environment for almost (20) years. Early on in our association Richard held a senior accounting position that challenged him to raise his game as he confronted uncharted waters related to complex accounting and compliance matters. Richard always demonstrated a calm demeanor as he solved complex accounting issues that were able to withstand intense scrutiny after the fact.
Suffice it to say I was ecstatic to learn Richard was opening his own CPA firm specializing in tax preparation. It was exceptionally fortuitous for me as this coincided with the end of a (40) year relationship with a past CPA due to retirement. It was an easy decision to hand off my tax matters to Richard; interestingly year two of our association Richard has been tasked with sorting out the complexities related to the sale of an entity and the transfer of a real estate asset to a new entity. As I would have expected this has been handled in a manner that puts my mind at ease should there be an audit down the road.
Richard is the best, anyone would be hard pressed to do better.”
FROM THE BLOG
Crocco CPA Reno Nv
Small Business Accounting
Avoid These Common Mistakes: Filing Taxes as a Small Business Owner
Filing taxes can be a daunting task for small business owners, especially when navigating the intricate maze of tax laws and regulations. While some entrepreneurs may attempt to tackle their taxes independently to save costs, this approach often leads to mistakes that can have serious consequences. In this blog post, we’ll explore some common mistakes small business owners make when filing taxes on their own and why seeking professional guidance is essential.
Neglecting Documentation and Recordkeeping
One of the most common mistakes small business owners make is neglecting proper documentation and recordkeeping throughout the year. Without accurate and organized financial records, it’s challenging to prepare an accurate tax return. Missing or incomplete records can result in overlooked deductions, overpayment of taxes, or even triggering an audit by the IRS. Maintaining detailed records of income, expenses, receipts, and other financial transactions is crucial for tax compliance and financial management.
Misclassifying Workers
Another common pitfall for small business owners is misclassifying workers as independent contractors instead of employees (or vice versa). The distinction between employees and independent contractors is significant for tax purposes, as it determines the tax obligations and reporting requirements for both the business and the worker. Misclassification can result in penalties, back taxes, and legal liabilities. Small business owners must understand the criteria used by the IRS to differentiate between employees and independent contractors and ensure proper classification to avoid costly errors.
Overlooking Deductions and Credits
Many small business owners fail to take advantage of all available deductions and credits when filing their taxes. Whether it’s overlooking deductible business expenses, failing to claim eligible tax credits, or not maximizing retirement contributions, missing out on tax-saving opportunities can result in higher tax liabilities. Working with a tax professional who understands the intricacies of small business taxes can help identify and maximize deductions and credits, ultimately reducing the tax burden and increasing tax savings.
Failing to Separate Personal and Business Finances
Mixing personal and business finances is a common mistake among small business owners, but it can have serious tax implications. Failing to maintain separate bank accounts, credit cards, and financial records for business transactions can lead to confusion, errors, and potential IRS scrutiny. It’s essential to establish clear boundaries between personal and business finances to accurately track income and expenses, maintain compliance with tax laws, and protect personal assets from business liabilities.
Ignoring Tax Deadlines and Filing Requirements
Missing tax deadlines and filing requirements is a costly mistake that small business owners cannot afford to make. Whether it’s failing to file quarterly estimated tax payments, overlooking filing deadlines for business tax returns, or neglecting to submit required tax forms, noncompliance can result in penalties and interest charges. Staying organized, keeping track of important tax deadlines, and understanding filing requirements are essential for avoiding costly penalties and maintaining good standing with tax authorities.
Filing taxes as a small business owner can be complex and challenging, but avoiding common mistakes is crucial for financial stability and compliance. By addressing documentation and recordkeeping, worker classification, deductions and credits, financial separation, and tax deadlines, small business owners can mitigate risks and optimize tax outcomes. Seeking professional guidance from a qualified tax advisor or CPA is highly recommended to navigate the complexities of small business taxes effectively. With expert assistance, small business owners can ensure accurate tax filings, minimize tax liabilities, and focus on growing their businesses with confidence.
Local Services
Tax Resources
Remember – Q2 Estimated Tax Payments are due Monday June 17th!!
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The Small Business Administration (SBA) set to launch a Working Capital Pilot Program. Go to pymnts.com for more information.
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Checklist for Newlyweds!
1. Report a name change to the Social Security Administration (SSA).
2. Update your address with the postal service and IRS (Form 8822).
3. Update your W-4 with your employer.
4. Review your tax filing status.
Remember – your filing status as of December 31st is your status for the whole year!
About
Rich Crocco, CPA
I am a finance professional working in Northern Nevada for the past 18 years.
I have spent 23 years in the Hospitality, F&B & Gaming industries and work in the Tax Industry as well.