Business Taxation
Federal, State, and Local Income Tax
Income taxes do not have to be strictly the simple reporting of a businesses' results. We work with you and your financial data to legally minimize the amount of taxes due to the government. By applying these strategies, we can help you avoid paying unnecessary taxes and instead use your hard earned money to further the success of you and your business.
Planning for your year-end is a vital part of the business cycle that is under-utilized. Contact us so we can have a conversation about how an hour of time now can possibly save your hundreds or thousands of dollars later.
Gross Receipts and Franchise Taxes
Depending on where you do business, it may be necessary to file gross receipts or franchise taxes. We have many years of experience filing these types of returns and can work with you to minimized these types of taxes.
Self-Employment Taxes
One of the disadvantages of being self-employed is the 15.3% self-employment tax associated with it. Businesses want to have the largest profits possible, but when you bottom line is further reduced for taxes, it can come as surprise expense that may not have been planned for. We can work with you to see what options and strategies are available in order to reduce your tax liability to the lowest amount possible.
Personal Property Taxes
Taxes levied on the value of the personal property used in a business are personal property taxes, which are generally levied by the local government. It is vital for a business to keep accurate asset records in order to reduce the amount of unnecessary taxes to be paid. We can help you maintain and update your fixed asset schedules, and prepare tax returns or exemption forms. In the case where you do not agree with the taxable value of your assets, we work with a team of professionals to help you appeal the government's assessment.
Sales, Use, and Excise Taxes
Another type of tax based on the gross receipts of an item are sales taxes. Excise taxes are very similar. It is important to keep accurate records of both taxable and non-taxable sales, file the returns timely, and keep up on the payment of the amount collected from customers. While this may seem simple, it is very easy to get behind quickly - but we can help you stay on track!
Many times, sales tax is not collected on items purchased from vendors outside of your home state. In this case, use tax is due, and it is becoming a more common target for taxing authorities to collect revenue from businesses. Businesses must be vigilant in recording and paying their liabilities properly, as it is much easier to stay currently compliant than to be approached by the government when it comes time to pay past taxes due. Whether you are just starting this procedure or have already been audited, we can help!
Payroll Taxes
Another area of taxation, particularly painful for employers with many employees, are payroll taxes. Although nearly one-half of payroll taxes due to the federal, state, and sometimes local government are withheld by employees, employers are responsible for collecting, record-keeping, paying their portion, and remitting the total amount due. While not impossible, it is a tedious, time-consuming, and often times confusing task. We have experience in all areas of payroll processing and filing and can answer any questions that you may have.
Behind on filing or paying your payroll taxes? Contact us to see what we can do to make the notices stop, and your compliance begin.
Unemployment Taxes
It definitely pays to keep your employees - especially when it comes to calculating your unemployment taxes. Your tax rate is determined by many factors, one of which is how often a previous employee collects unemployment benefits. We can help you plan for these types of taxes and help you create a strategy to keep your taxes as low as possible.