Tax season can be a very intimidating process for all. Business owners have an annual obligation to report net profit (or loss) to multiple agencies with various due dates.
Not knowing what to file and when to file can put a damper on operations. And the effects of missing those deadlines can turn your cash flow plan upside down. Our practice is equipped with handling these processes and can assist you with remaining compliant.
Our processes includes daily, weekly and monthly analysis to ensure all income and expenses are properly capture
Federal Income Tax
Annual tax filings can send your sanity to the floor. You must report all income incurred during the tax year and assess which expenses are tax deductible and at what limit. You also may be required to file and pay a State Income tax depending on where you live.
To maximize your deductions to reduce or eliminate a balance due, you must know what expenses are deductible and if they are fully or partial beneficial to your tax filing. The IRS tax laws are forever changing, and proper bookkeeping and tax planning activities are the best method to ensure you stay ahead of the IRS’ penalties and interest charges for late payments.
Are you self-employed? If you work for yourself or own a business, then you are required to make quarterly self-employment tax payments. Preparing your return requires organization and good bookkeeping practices and working with an expert can ensure you remain within compliance with the IRS.
Quarterly Estimated Tax
Do you typically owe income tax when you file annually? Did you know you are assessed a penalty on your tax return when you have a balance due and don’t make quarterly payments? Keeping up with the quarterly schedule to file can be time consuming. It’s the same process as filing on an annual basis but it occurs more frequent throughout the tax year.
Knowing if your business revenues are subject to sales tax is an important step in proper setup. Not only are products taxable, but certain service providers are required to collect and remit income tax to their state revenue board. Based on revenues and the number of activities, that governing agency may require monthly, quarterly or annual sales tax remittances.
We Can Help
We are eager to assist you with your business financials. If you would like to receive a free consultation about our Services, please complete this form.