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Welcome to Lewis Business Services

We understand that filing taxes is not an easy matter. The filing process can be complicated, cumbersome and at times can overwhelm individuals and businesses. To make matters worse, the tax laws are changing constantly, and if the law didn't change, the IRS focus did.

At LBS Tax our mission is to provide every client with an accurately prepared tax return while maximizing deductions and minimizing taxes.

We are licensed by the IRS and offer year-round service to individuals and small to mid size businesses.

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How A Business Plan Can Help Your Business

business planIf you run your own business, you know how difficult it can be at times, especially as the economy rises and falls throughout the years. The best way to handle the changing times is to form a business plan that will set your business up for success. A business plan has many advantages that can keep your business going and help you expand your market as time goes on. If you need help forming your business plan, a tax professional in Chandler can work with you to develop something that works. By setting up a business plan, you set your business up for success now and well into the future.

Sets Goals and Strategies

While you go about your daily routines, it can be easy to forget what your original strategies and goals were. By setting a business plan and sticking to it, you will always have those overall goals in mind. This means that as you go about your daily routines, you will not forget what you are working towards. Your business will be set up for success this way, as you and your employees will keep the bigger picture in mind and will be less likely to stray off track as the grind goes on.

Delegation Benefits

By forming a business plan, you will be better able to set responsibilities to your employees. This will also help clarify the responsibilities each person has to take care of every day. Without a business plan, these tasks can get confusing and people may begin to argue over who needs to do what. With a business plan, each person will know his or her task, and will have a set goal to accomplish that task each and every day. As a whole, your business will thrive when everyone knows what is expected.

Better Planning and Managing

Mismanagement is the bane of any business, and often results in troubles arising. With a business plan developed and implemented on your business, you will be better able to manage cash flow and plan for future endeavors. With the help of a professional, you can turn a business plan into a guide that allows you, your staff, and your business to thrive well into the future. This is better for everyone involved and will set you up for success.

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Tips For Tax Preparation

Tax preparation can be a complicated task, no matter how many documents you are working with. There are many things to remember, and if you forget something, you have to start the whole thing over again. For assistance with tax preparation in Chandler, you can contact a professional tax specialist to help you through all of the paperwork. With the help of a professional, you can guarantee that you will not forget any part of the process and will get the maximum refund that you can. Not only that, but you will also not have to worry about any audits that happen in your future. There are several things to remember when it comes to tax preparation.

Keep on the Lookout for Theft

As tax season approaches every year, the thieves seem to multiply. There are numerous websites and ads online that promise simple and easy tax preparation. You need to be aware that many of these are scam artists who will do nothing but steal your information and use it against you. You will want to ensure that the business you go to has a physical location, is licensed, and can back up all of their claims of legitimacy. The worst thing that can happen during tax season is to have your information stolen, so be aware of the risks before going in.

Don’t Wait

Waiting until the last minute to file your taxes seems to be the way many people do things. However, by waiting so long to file, you run the risk of forgetting write-offs that you could otherwise take advantage of. You may not get the refund that you wanted if that is the case. By doing everything with enough time to spare, you have the opportunity to take things slow and ensure you get everything right before sending the documents in.

Get Assistance

Whether you use a computer program like Turbo Tax to help you or get the assistance of a professional tax preparer, it is always better to have an additional pair of eyes on your tax documents. This ensures mistakes won’t be made and will keep you up-to-date on any new tax issues.

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How A Professional Can Help With Your Business Tax Return

Tax returns and tax laws are a constantly evolving and changing business. If you have a business, it can sometimes be confusing for you if you wish to prepare your own taxes. That is why you should hire a professional tax advisor to help you with your business tax return. A professional tax advisor will work directly with you and help you with the entire process to make sure you always file your taxes properly every year. There are many steps to the business tax return process, and a tax professional can make sure you complete every one without any confusion or stress.

Financial Reports

Your business should have daily, weekly, monthly, and yearly financial reports that log all of the necessary data you need. A tax advisor can help you record all of the proper information to make sure you have everything you need for the tax return filing process. They can even perform the bookkeeping and accounting services themselves so you won’t have to worry about any financial miscues when it comes time to file your business tax return. A tax advisor will make sure all of your financial reports check out completely.

Deductions

While running your business, you are sure to have some deductions that you can report on your business tax return. A professional tax advisor can help you understand which items are able to be deducted and then can help you apply those deductions to your business tax return. Your business could show a loss in a specific area, could have made a generous donation to a charity of some sort, or made a large purchase for new business equipment. You can even claim mileage and car expenses if you use your vehicle for business purposes. A tax professional can help you out a lot if you are a new business, as the entire process can be very confusing if you are new to the business tax return field.

Paperwork

Filling out the paperwork for your business tax return can take a lot of time. This time can be better spent by you in the daily operations of your business. Once a tax advisor has all of the information he or she needs to file the business tax return, you can focus on other things while the paperwork is filled out for you. Once the paperwork is complete, you can submit the tax return and go about running your business once again.

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