Is your Business Ready to Prepare, File and Pay?
Bookkeeper360 is contacted every year by businesses looking to simplify and ease the stress of tax season. We will explore the top frustrations and common problems small and medium sized business owners face filing and handling their taxes.
The First Tax Return Filing
- Many small businesses in their first year of operation are not aware of tax compliance and regulations impacting their firm on a local, state, and federal level.
Quarterly Estimated Payments Not Made
- Businesses not making quarterly estimated payments may be in for a large tax obligation and not enough cash on hand.
- Bookkeeper360’s tax planning team will keep your firm in compliance for all IRS rules and regulations, never have oversights again.
- The team will assist with quarterly tax payments to avoid an annual sizeable amount, keeping cash flows stable, throughout the entire year.
Corporate Structure not Correctly Arranged
- If your firm’s structure is not properly set-up, the tax burden may increase, unnecessarily impacting your bottom line.
- Bookkeeper360 will analyze your entire firm’s structure to see if there are any beneficial changes to be made.
- With many business entity types in existence, the decision you make will affect your business for many years to come – BK360’s team will construct your operation, so not even the sky will be a limit.
Operating across State Lines
- Conducting business across multiple states will trigger nexus, which may incur multiple tax obligations in each individual state. It is important to prepare for these obligations throughout the year and know the individual regulation and rates in each state.
S Corp – Salary Draw
- S Corporations allow you to avoid double taxation; however, forgetting to take a officer salary will incur notices and penalties.
- Do you know the difference between owners draw and owner’s salary? There is a difference. Your salary will reduce your business profit, meanwhile, a draw does not impact profitability.
Underpayment of Sales Tax on Income Generation
- It is essential to be aware of all dollars that are taxable. Not fully paying sales tax on income generation will severely affect your firm if audited – prevent this from happening with complete awareness of income.
- When is sales tax required? Who do you remit sales Tax to? Is sales tax required in each state? Are the rules for each state the same? We will help you understand the complexities of sales tax.
Tax Deadline Organization
- Deadlines for business taxes are much different from individual taxes.There are many dates a business owner needs to be aware of each year to properly comply to tax filing and reporting requirements. There are different Sales, Withholding and Income tax deadlines you have to comply with to avoid penalties and interest.
Accounts Setup Prior to Payroll Running and Workers Compensation
- Setting up an unemployment and withholding account prior to running payroll is a must. Don’t run your business into trouble by not having these reserves created.
- Workers compensation is required in many situations to be in compliance and avoid penalties, starting in the thousands of dollars, for failure to have coverage. Payroll and workers compensation are important functions for a business. Setting up payroll is a stressful task, requiring a lot of information, and time. Why waste time – Bookkeeper360 has a Payroll and Human Resource Solution for your business.
The Difference Between Cash and Accrual & Managing Financials
- Cash: records revenue when cash is received, and expenses when they are paid.
- Accrual: records revenues and expenses when they are incurred – regardless of when cash is exchanged.
- As a business owner, understanding your income statement and balance sheet is very important.These reports are always used by financial institutions to determine if you qualify for a bank loan, or a credit card.