One way that business returns differ from a personal return or payroll tax return, is they rely on financial statements. Specifically, the income statement and balance sheet of a business.
This means that the bookkeeping that is done to produce those financial statements must also be accurate. Really, we want it to be perfect.
If the financial statements are not accurate, then neither will the tax return. Halon can only use the figures that are inside your financials and QuickBooks Online.
Example Balance Sheet
In order to ensure you are delivered a perfect tax return, we have expert bookkeepers we employ to review the bookkeeping along with the Halon Tax system.
This review consists of several checks:
- Analysis of sales to ensure no double-counted income or payments
- Review of the deductions and expenses
- Ensuring no distributions are present on the income statement
- Analyzing the balance sheet for negative items
- Reviewing the equity sections of the balance sheet
- and about 30 other screening processes
If our review uncovers problems or changes that need to be made, we inform you right away and give you a couple of options:
- You can make the changes and corrections yourself. We will not review your corrections, we will move forward with the return once you have completed your work. We do give you a list of what needs to be done with a short explanation of how to do it.
- You can pay for us to do the corrections. This involves providing the HFA access to your QBO file for a day or two, and the changes are made and the return moves instantly into Halon tax prep. The cost of the service varies, but usually comes about to about $35/hr.
- You don't make the changes at all, don't want us to make them, and want us to proceed with the tax return anyway. We will do our best to make sure the tax return is as correct as it can be, but we will also note in our file you did not want changes made.
Our hope is that you can find value in our team fixing things for you, it is very reasonably priced and you can be assured of your tax return's accuracy and results.