Many people do the same type of work and preparation every year when filing their taxes. This leads many individuals to think that all taxes are the same, but this is not true. Personal tax preparation and filing is not the same as tax preparation and filing for business taxes. CPA’s with often work with individuals and business owners differently when they are providing tax services. Hernando Beach residents should know that there is a lot more work and documentation that is taken into consideration when doing the tax services of a business than someone who does not own a business.

Why is Filing Taxes as an Individual Considered Easy?

Many tax professionals say how easy it is to file as an individual, but many people will disagree with that statement. This is because when it comes to one person looking for tax services, Hernando Beach CPA’s will often only have to file one 1040 form for income taxes. This is easy compared to some many options that business owners have to choose from when filing their tax information for the year. This often corresponds with the business structure of the company that someone is filing for.

Big Differences between Filing Personal Taxes and Business Taxes

Apart from the type of form that a business owner has to file to report their tax information, there are many bigger differences than simply what form must be filed when getting professional tax services. Hernando Beach business owners have to worry about different tax rates that affect businesses, which do not affect individuals. Additionally, when it comes to business taxes, there are many more deduction opportunities that a business owner can claim that an individual cannot. Even if the taxes themselves are not confusing, it does take a much longer time to finish the yearly taxes of a company than it does for an individual filing a 1040 form.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*