At Bhatt Advisory, we believe in empowering our clients with the tools and information they need for informed decision-making. Our comprehensive resource library is carefully curated to support your financial and business journey.
Small Business Tax Preparation Checklist (Short) (pdf)
DownloadSmall Business Tax Preparation Checklist Long (pdf)
Download2023_Year-End_Tax_Planning (pdf)
Download2023 Taxes - Things You Must Know (pdf)
DownloadW4 - FY2024 (pdf)
DownloadBlank Form W9 - For Contractors (pdf)
DownloadForm I9 for New Hires (pdf)
Download2022_Inflation_Reduction_Act (pdf)
DownloadAt Bhatt Advisory, we understand that you may have questions about our services and how we can assist you. Below, you'll find answers to some of the most frequently asked questions. If your question isn’t covered here, please feel free to contact us directly at contact@bhattadvisory.com
The federal tax filing deadline is usually April 15. If this falls on a weekend or holiday, it's moved to the next business day. Ensure you're aware of this date to avoid late filing penalties.
Submit IRS Form 4868 by the regular filing deadline. This grants a six-month extension, but remember, it extends the filing time, not the time to pay any taxes due. You can apply for your extension directly at IRS.gov aafter creating an account with them.
Yes, e-filing is the preferred method. It's faster, more secure, and you'll receive your refunds quicker compared to paper filing.
Tax preparation involves completing and filing your tax return, while tax planning is the process of looking at various tax options to determine how best to conduct business and personal transactions to minimize tax liability.
Ideally, tax planning should be a year-round activity to ensure you can take advantage of opportunities as they arise. However, it's particularly important to review your plan towards the end of the fiscal year.
Yes, you can file your own business taxes, but it is recommended to consult with a tax professional, especially if your business structure is complex.
Keep detailed records of all income and expenses, bank statements, invoices, receipts, and any other documents related to financial transactions of your business.
Generally, you should keep tax records for at least three years from the date you filed the original return or two years from the date you paid the tax, whichever is later.
Common deductions include office expenses, travel expenses, vehicle use, employee salaries, and retirement contributions.
Your business structure (sole proprietorship, partnership, corporation, etc.) determines your tax rates, how you pay taxes, and which deductions and credits you can claim.
A tax credit is an amount that taxpayers can subtract directly from taxes owed to the government. Unlike deductions, which reduce taxable income, credits reduce tax liability.
Estimated tax payments are quarterly payments made by business owners and individuals who do not have their taxes withheld by an employer.
Yes, if you use part of your home regularly and exclusively for business purposes, you may be able to deduct expenses related to the business use of your home.
A tax deduction reduces your taxable income, while a tax exemption is a specific amount excluded from your taxable income.
The deductibility of entertainment expenses varies based on circumstances and tax laws. Generally, some entertainment expenses may be partially deductible.
Review your tax plan at least annually or whenever there is a significant change in your business or the tax laws.
If you make a mistake, you can file an amended return using Form 1040X for individuals or the appropriate form for your business type.
Yes, businesses can deduct charitable contributions, but the rules vary depending on the business structure.
Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.
The self-employment tax refers to the Social Security and Medicare taxes for individuals who work for themselves.
The IRS may choose businesses for an audit based on various factors including inconsistencies, random selection, or business types prone to error.
An IRS audit is a review of a business's or individual's accounts and financial information to ensure information is reported correctly according to the tax laws.
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