Best QuickBooks Consulting & Training in Tampa, FL

#3 - $23,341 in taxes saved - QBI Error Amendment Our third client was one of the more interesting cases. This client had 2 businesses: a for-profit daycare and a not-for-profit daycare. This was their first year operating the for-profit. The client had self-prepared their tax return and owed $23k. After the shock set in, they set up a monthly payment plan and contacted us to see how they could tax plan for the next year to lower that bill from the new for-profit business. Upon reviewing their prior-year return we noticed a few things: (1) self-prepared returns notoriously have the most errors so we spend extra time reviewing these line by line to see exactly WHY your tax bill was so high, (2) this client only had $40k of K1 income which means the tax was unlikely to be from the for-profit net income and (3) the client donated all of their earnings to their non-profit so their taxable income for the year was $0. Again, all of the above created a few alarm bells as to why in the world a $23k tax bill would be assessed on such a low tax return. So we began digging.