Small Business Tax
Prep + Planning
Changes to the tax code have made filing taxes for small businesses increasingly more complex. In order to meet the demand of small business owners who need assistance with filing timely and complete taxes, The Iowa Center has partnered with Intuit to launch Small Business Tax Prep + Planning.
Small Business Tax Prep + Planning is a flat free service for small businesses to understand and fulfill their tax obligations. You will meet with our Small Business Tax Preparer in our office to get caught back up with your tax filings and set up a plan to prepare for future tax success.
Qualifying for
Small Business
Tax Prep + Planning
Your small business may be a good fit for Small Business Tax Prep + Planning programming if it falls into any of the below categories:
• Total expenses (inventory, employees, contract labor …) over $35,000
• Net losses
• Payments made that require F 1099 to be filed
• Expenses (health insurance*, rent or lease of equipment*, contract labor, depletion, employee benefit programs, mortgage interest, pension and profit sharing, wages)
o Rentals or leases of equipment (including vehicles) for more than 30 days
• Accounting method is accrual, or anything other than Cash.
• Cost of goods sold (inventory)
• If the taxpayer has a business loss carried over from another tax year
• Vehicle Expenses* (Using actual expense deductions, such as gas, repairs, and depreciation)
• Business use of home
• Hobby income or not for profit activity
• Professional gamblers
• Bartering
• Any transactions involving digital assets
• Taxpayers who do not materially participate in the business
• Returns and allowances
• Depreciation or when F 4562 is required
• Casualty losses, amortization
Powered by partnership
Small Business Tax Prep + Planning is made possible through The Iowa Center’s partnership with Intuit.
