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 including, tax preparation, payroll services, and e-filing income taxes.

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. Not only does the accounting assist you in making business decisions, but it is the basis for the data to be reported on the 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.

When filing the corporate tax return there are various elections and statements which need to be filed with Internal Revenue Service to ensure that the corporation receives the treatment and benefits it desires. We assist in making sure these elections are appropriate and in force.

Like individuals, businesses which have a tax burden need to pay taxes on a periodic basis along the year to ensure that adequate amounts are paid in without penalties to be incurred. 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 – owners, employees, customers, taxes, employee benefits, liability protection and many more. Depending upon the objective of any given business we consider tax minimization, record keeping and benefits to the employees and owners.

Business man analysed report of profit finance data graph document in his office

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. 
Business man analysed report of profit finance data graph document in his office

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. Via this process the returns are sent through our software vendor to the IRS and state(s) involved. We receive positive confirmation in 24-48 hours that the return(s) have been 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 so they are in compliance with state regulations and have a clear vision of the next steps for their business.

Woman hand filling in invoice paper

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 called upon at times to keep the books for our clients who are busy keeping their clients happy. We are skilled at using QuickBooks, both desktop and online.

We 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 will 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 that these relationships be well managed. There are best practices and minimum requirements as to recordkeeping and filing appropriate payroll tax forms.

Payroll taxes can be difficult to manage. They include withholding of Social Security and Medicare Taxes, Federal and state Income Taxes. The employer must then also pay 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 has brought an additional burden to small businesses in that some businesses are required to provide health insurance for their employees. A qualified health insurance broker should be contacted to determine if this applies to given business.

There are specific dates these taxes must be paid and specific computations to be sure the correct amounts are being paid to the correct agencies. We can certainly guide a business as to how to manage this obligation.

Tax Question? Ask an Accountant. 301-869-8898

Tax Question? Ask an Accountant. 301-869-8898

Start typing and press Enter to search