BUSINESS TAX PREPARATION
Business Tax Preparation
Budget & Spending Planning
Effective Businesses, profit and non-profit establish budgets annually and review them at least quarterly. By having set expectations, the managers and employees will have a yardstick against which to measure performance. Sometimes that is easy to accomplish and sometimes we need a little assistance. We have worked with many businesses to effectively make a spending and saving plan which will help accomplish the overall objectives. Our business tax planning services include budget and spending, income tax planning, succession planning, and more. We offer business tax services and preparation to areas in Montgomery County, including Gaithersburg, Rockville, Germantown, and more.
Planning for Profit & Non-Profit Companies
- Starting a Business and making a business plan
- Expanding a business- either new geographical area, new product line, or adding staff
- Adding staff and employee benefits
- Law changes- Sales Tax, the Wayfair case, and more.
- Selling all or part of a business
- Retirement of the business owners, and working with the next team
- Accomplishing the objectives of the Management Team
Tax Services
As a trusted and knowledgeable Certified Public Accountant in Gaithersburg, Maryland, Thompson Tax Associates provides tax services for businesses including income taxes, bookkeeping and accounting, and payroll services.
Tax Services
As a trusted and knowledgeable Certified Public Accountant in Gaithersburg, Maryland, Thompson Tax Associates provides tax services for businesses including income taxes, bookkeeping and accounting, and payroll services.
Income Tax Planning
Whether it’s facing a new tax legislation or making sure the agencies are not keeping too much of your hard-earned money, effective tax planning is important. Planning for tax season means there are many fewer surprises at “tax time”. We work with our business clients to estimate their annual tax burden and preparation. We identify, if possible, any income shifting to manage Taxable Income. This is particularly helpful during times of change. For example, 2018 brought such a huge shift in tax policy that planning was essential. But it’s not always a global shift which causes the need to plan. Each year businesses come to us with changes requiring changing their tax plans.
Our Business’ changes also directly affect income tax considerations such as:
- Employees’ Growth- Additional compensation, employee plans and the most tax effective way to afford additional expenses
- Working with qualified Contractors – what tax burdens and deadlines ensue
- Expansion of office/warehouse space and how the deductions reduce tax burdens
- Changing the Entity of the business – sole proprietorship to C Corporation or S Corporation is very typically used as a tax savings technique
- Management of taxes other than income tax – such as Social Security and Medicare tax, Workers Compensation tax, Unemployment tax
- Ensuring that your bookkeeping and accounting systems are adequate and that you are capturing all deductible expenses. Leaving expenses out of the equation equals higher profit and taxation.
- Effective use of an Accountable Plan for expenses incurred by employees and contractors will save income and payroll taxes.
Succession Planning
With any business operating for many years, having a succession plan is important to ensure the objectives of the business are met. Additionally, the needs of customers, patients and clients’ needs are met without interruption. With the assistance of attorneys and insurance experts we can be helpful in planning for a smooth succession. If there is no succession plan, clients, employees, spouses and others may be unprotected.