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Washington DC Tax Preparation
Business & Financial Solutions tax preparers assist individuals with preparation of simple returns or the more complex individual tax returns. Our firm provides help with the preparation of business tax returns, as well as Estate returns and income tax returns for non-profit entities. In the course of your self-employment, if you paid any non-corporate vendor $600 or more during the year, you must issue them a 1099, which should be distributed to vendors by January 31. You then have until February 28 to mail copy A of all the 1099s to the IRS, along with copy A of a single 1096. Form 1096 is a summary of all the 1099s you have issued. .

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The IRS allows you 3 years to make changes to your income tax returns after they have been filed. So you discover a tax-saving strategy that was overlooked on your return, you can file an amended return which implements that tax-saving strategy in order to receive a refund. In other words, 3 years is the statute for making changes to a return, which reflect in a refund.

The deadline to file and pay any tax due for corporate tax returns (forms 1120, 1120A, and 1120S) or to request an automatic 6-month extension of time to file was March 15, 2011. Like with the individual returns, the extension to file is not an extension to pay any tax due.

Business & Financial Solutions can provide all these tax services and more. Services are provided in the greater Washington DC Metropolitan Area, and throughout the United States.

A MONTGOMERY COUNTY MD FIRM

LOCATED IN ROCKVILLE MARYLAND

Audits in the Washington DC Metro Area seem to be on the rise. The IRS training manual tells its auditors that they are examining you, not just your tax return. The District of Columbia, and states throughout the country, generally follow suit with those standards set by the Internal Revenue Service. Auditors want to see how you match up with the income reported on your return. Areas for examination will include, does your lifestyle match your reported income? An auditor will take note of the way you dress, your jewelry, car, and furnishings in your home or office, and any other observations where they can gain access. If you are self-employed and your business makes a lot of cash transaction this will be scrutinized. Business & Financial Solutions helps clients work through these Washington DC and IRS audits.

Other areas of concern are exorbitant automobile expenses, personal use of your business-deducted auto expensives, so keep good records. In Washington DC, where loads of meals and entertainment are common, auditors for DC and IRS auditors will want to examine these for legitimacy. Did you claim personal entertainment, meals, or vacation costs as business expenses? Travel and entertainment business expenses are another area where the IRS and the Washington DC governments are interested. Document all travel and entertainment deductions. Taking buddies to the ball game and calling it business will not work if you can't explain the business relationship.

Our tax preparers, advisors and consultants provide a variety of other tax solutions to common IRS and Washington DC tax problems if you got to us too late. Please view our site for additional information on Maryland, Virginia Washington DC and other state taxation problems and solutions. Local areas for tax preparation services include Prince Georges County, St. Mary's County, Baltimore, Howard County, Washington, Takoma Park MD, Potomac Maryland, Bethesda Maryland, Chevy Chase Maryland, Burtonsville MD, College Park MD, Upper Marlboro MD, Montgomery Village MD, Washington DC, Fairfax County Virginia and Arlington VA. Services include income tax preparation tax abatements, relief from levies and liens and tax resolutions for individuals and businesses.

BFS tax preparers and tax accountants, in addition to tax services, offer a wide variety of accounting and management advisory services. Our Montgomery County, MD firm has the capability to act as an outside controller and assume responsibility for the entire range of financial planning, accounting, and reporting requirements of a company or organization. We prepare business plans, business valuations, profit plans and tax planning for our individual and corporation clients. Business & Financial Solutions also provides representation before the Internal Revenue Service for audits and other tax issues..

Visit us in Rockville, Maryland (Washington DC Metro Area)

17 W. Jefferson Street, Suite 2, Rockville, MD 20850
Phone 240-403-0845, Fax 301-754-3638

e-mail: info@bfswebsite.com

Montgomery County, MD