Full Service Accounting
The nature of accounting is to provide reports that bring pieces of financial data together. These reports help with a clearer understanding of profitability and cash flow for your business. At J&M Accounting we take this information and turn it into viable data that gives our customer a more accurate picture of their business and it’s financial health. We provide our customers valuable pieces of info on their business that help with tax planning, forecasting and tax filing. We are full service accounting, we also provide the day to day, month to month record keeping that ties all this information together.
Set-Up
Small and medium businesses often start as an idea or passion and progress into a business quickly. In this time of fast moving pieces, sometimes the formation of the business and the responsibility of accounting practices can get overlooked or forgotten. At J&M Accounting we help businesses ask the right questions to form their business correctly with tax filing in mind from the beginning. We also will ensure the proper bookkeeping methods are implemented saving the business time, resources and money in the long run.
Management
Upon creating a plan and formulating a strategy for management, many businesses will just need oversight on a yearly basis. For the businesses who need a little more involvement throughout the year, J&M Accounting offers bookkeeping services to ensure the plan is adhered to properly. When it comes to making big financial decisions within the company such as expansion or large purchases, our management of the accounting responsibilities can help make those decisions with real data that tell the financial health of the company. Management can be implemented at regular intervals and can also include payroll services, general ledger balancing, and more.
Monitoring
If you have a bookkeeper separate from J&M Accounting, we can offer monitoring throughout the year to ensure that financial objectives are being met. Additionally monitoring your accounts can prevent oversight in bookkeeping, possible entry mistakes, and profit and loss statements.
Frequently Asked Questions
January 31st W-2s and 1099s need to be mailed out
March 15th Corporate and Partnership returns are due
April 15th Personal income tax returns are due
September 15th business return extension deadline
October 15th personal extension deadline
No, your taxes are still required to be paid in full by April 15th to avoid penalties and interest.
Yes, you should have a separate bank account for your business. It is easier to keep track of your expenses and income if they are not mixed with your personal.
Yes, you should apply for FEIN #. It is free to apply for online and you can instantly receive your number. If you are a corporation or partnership it is required. I suggest even sole-proprietors receive one that way you are not giving out your social security number to other businesses or individuals.
The minimum is 4 years. For employment records or property transactions it can be longer.
You should keep all bank statements, copies of cancelled checks, credit card statements, invoices, expense receipts, and mileage logs.
The quick answer is an employee is someone you hire that you set the hours, pay rate, and dictate the tasks to be performed. An independent contractor is someone who is providing an outside service to your company. They have other customers than your company and they set their own hours and pay rate. There are a number of set criteria showing the distinction between the two. For more detail please visit irs.gov.
Quick Books is one of the most recognized accounting software programs. It is user friendly, industry specific, and a good way to track all of the income and expenses in one place.
There are many different business forms from corporations, partnerships, LLCs, to sole-proprietors. It is best to seek the advice of an accountant to see which type best suits your needs.
It depends. There are two ways to deduct auto expenses. A business can choose deducting actual expenses or mileage. Depending on your current situation one might be a better deduction than the other. You should consult with an accountant to see which is the best option for your company. They can also explain the difference between the two methods in order to help you make an education decision