Business Tax Services
As tax consultants and enrolled agents, we can also offer a second opinion if you have a return already prepared by another accountant or firm and have questions about it. Additionally, we can perform a comprehensive review of previous years returns or just the preceding years books and help you file your taxes accordingly. Lastly, tax payment assistance, that is how much to pay and when is another of our business tax services that we offer to our clients.
Review and Preparation
When it comes to preparing your company’s tax return it is paramount that the preparer stay abreast of all the current or changing tax law. At J&M Accounting we protect our client’s interest by staying up to date on the most current tax legislation, regulations, rulings and tax law, we do this so that our customer’s will have the most accurate tax filing. We are also happy to review previous tax filings for accuracy and to ensure they are error free. A comprehensive review is performed for all of our business tax clients.
Filing
Filing is easy with us, we prepare the return for your review, discuss the tax filing and file the paperwork. We do filings for limited liability corporations, partnerships, sole proprietors, and c corporations. The work is done professionally and efficiently in a manner that our clients trust.
Planning
Planning involves cost planning for how you will pay your estimated tax payments. After we have a good idea of your tax liability, we can assist in budgeting your quarterly or yearly tax payments. Part of our planning process also involves retirement budgeting and assisting your company with budgets for the purpose of retirement. Client organizers are helpful for subsequent years tax preparations and filings.
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