BUSINESS TAX SERVICES
Business Tax Services
It’s the dream of many Americans to run their own business. This motivation to “Be Your Own Boss” is strong and inspire many entrepreneurs to provide a unique product or service. Many have specific expertise and want to leverage that in the marketplace. Our business tax services include working with our clients on several specific areas of business management. Services such as tax preparation, payroll services, e-filing income taxes, and business planning.
Business Income Taxes
Some Corporations will file their calendar year income tax returns by March 15th and some file by April 15th. It is important, therefore, to have your business accounting up to date. Business accounting assists you in making important decisions. It also the basis for the data reporting on corporate tax return. Sometimes there are expenditures which apply to both the business and an individual. Please consult with us on how to handle those mixed-use items.
Various elections and statements need to be filed with the Internal Revenue Service to ensure the corporation receives the desired treatment and benefits. We assist in making sure these elections are appropriate and in force.
Like individuals, businesses with a tax burden should pay taxes on a periodic basis along the year. This ensures the adequate amounts were paid without penalties. We help our clients determine the correct amount and advise as to the most efficient payment method.
Our Skills Include
- Knowledge of the ever-changing tax laws and regulations
- Recordkeeping and filing appropriate payroll tax forms
- Keep business accounting up-to-date for the yearly income tax returns
- E-filing income tax returns
- Assist with planning and executing annual business meetings so they are in compliance with state regulations
Business Formation & Organization
While the business lawyer is the point of contact for the actual legal document, filing with the state and establishing the business, we assist our clients in the decision making when forming the organization for a particular business. There is no one form of organization which fits all businesses. As part of the business plan a company considers many things. For example, we consider owners, employees, customers, taxes, employee benefits, liability protection and many more. Additionally, we consider tax minimization, record keeping and benefits to the employees and owners. However this depends upon the objective of any given business.
Tax Planning
As a trusted and knowledgeable CPA in Gaithersburg, Maryland, Thompson Tax Associates provides planning services including budget and spending, income tax planning, and succession planning.
Tax Planning
As a trusted and knowledgeable CPA in Gaithersburg, Maryland, Thompson Tax Associates provides planning services including budget and spending, income tax planning, and succession planning.
E-filing Income Taxes
We fully participate in the e-filing of business income tax returns. Our software vendor sends the returns to the IRS and state(s) involved. We receive positive confirmation in 24-48 hours if the return(s) are accepted. This is by far the most secure way of filing your income tax returns. It also saves time in the processing of your returns.
Consultations and Annual Meetings
Each business should hold annual meetings reviewing the operations of the previous year and setting out any actions by the shareholders and board of directors. Even businesses which are not corporations should take the effort to step back annually to evaluate the operations and plan for any changes in the upcoming year. We assist our clients in planning, executing and recording the minutes of the annual meetings. Then they are in compliance with state regulations and have a clear vision of the next steps for their business.
Bookkeeping and Accounting
Some small businesses need assistance setting up and keeping their bookkeeping and accounting up to date. It is this information that a successful business uses to make business decisions. We are highly skilled at using QuickBooks, and sometimes clients ask us to manage the bookkeeping.
Thompson Tax can consult with you about your QuickBooks and do some initial training on how to use QuickBooks and how to record certain transactions. Each transaction should be timely and property annotated with a clear concise description of the details. Even the business owner does not know in weeks or months what the expenditure was about unless it is noted.
Payroll Services
Some of our business clients use Contractors and hire Employees to serve the customers/clients/patients and further the company goals. It is important to manage these relationships well. There are best practices and minimum requirements as to record keeping and filing appropriate payroll tax forms.
Payroll taxes can be difficult to manage. This is because they include withholding of Social Security and Medicare Taxes, Federal and state Income Taxes. The employer also pays a matching amount of Social Security and Medicare Taxes from their budgets. Additionally, the employer pays Federal and State Unemployment and sometimes additional local taxes depending upon the jurisdiction.
The Affordable Care Act brings an additional burden to small businesses. This is because the act requires some businesses to provide health insurance. A qualified health insurance broker determines if this applies to a business or not.
There are specific deadlines to pay these taxes. Additionally, we make specific calculations to be sure the correct amounts were paid to the correct agencies. We guide companies on managing this obligation.