All Inclusive Service
Let us guide you and help manage your business financials. Our plan is designed to provide an ongoing snapshot of your profitability and prepare
for inevitable taxation. You should be able to primarily focus on selling your product or service and not on your accounting.
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Quarterly Payment Plan
1
FREE Federal LLC registration for Sole Proprietors
*Registering as a Limited Liability Company (LLC) instead of a sole proprietor is primarily done to shield personal assets (home, savings, car) from business lawsuits or debts, which a sole proprietorship does not provide. LLCs offer better credibility and flexible tax options (including potential S-corp status). We will guide you through the registration process.
Proposed name of LLC [Google Search]. All States?
*State registration fees additional. [AI search]
2
Use of Profit/Loss Calculator and Tax Advisory Software
We have developed first class tools that will document your sales and expenses so that you can tell instantly if your business is profitable, reduce taxes by not missing expense deductions and guide you through estimated tax requirements. As a client, you have exclusive use. The knowledge you gain through the use of this tool will practically pay for the cost of our service. [Add picture of calculator/How to Access On-Line/Accounts?]
3
Quarterly Estimated Tax Payments
Accurate profitability knowledge and accurate Quarterly payment of taxes to the IRS and State agencies prevents underpayment penalty fees. There is a fine balance between underpayment and over payment of taxes. We help you get it right...
Estimated Tax Due Dates (where th e15th falls on weekends and holidays, the due date is next business date):
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1st Payment (Q1): April 15 (covers Jan 1 – March 31)
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2nd Payment (Q2): June 15 (covers April 1 – May 31)
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3rd Payment (Q3): September 15 (covers June 1 – Aug 31)
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4th Payment (Q4): January 15 (covers Sept 1 – Dec 31)
Accounts need to be set up for Estimated Tax payments on line:
[ add the addresses here to register). [Using Calculator]
4
FREE Tax Advice (eg. Depreciation - Home Office Use, Benefits of a Solo 401k, etc.)
The ultimate goal is to pay less in taxes than is required. Tax avoidance (not to be confused with "evasion") is the goal. Documented sales, such as with money deposited in business accounts are to be taxed. However, every single business expense discovered reduces your taxable profit. We make sure none of these legal deductions are missed. For retirement:
Solo 401K [Significant Tax Deferral, if No employees]
Traditional or Roth [Smaller Tax Deferral, Income Limitation ]
[using calculator]
5
Prepare and Submit Federal and State Tax Returns
You are entitled to have your Individual Federal and State (where applicable) tax returns prepared and filed as an component of your subscription to our comprehensive service. There is an option to amend
a prior tax return for a refund of taxes already paid, if warranted.
6
Payroll Advising (if applicable)
There are 2 considerations if you have paid employees. Either as W-2 workers that require Quarterly withholding for taxes, SS, medicare, UI and FPL or 1099 workers. We can suggest and monitor your subscription to companies providing these on-line services, such as Paychex, Gusto or ADP.
7
S-Corporation Transition
Sole proprietors and LLC owners pay a heavy tax burden with self-employment taxes that is in addition to the tax on business income. As you grow and once your reach the crossover point in profitability we can resister your business as an S-corporation to reap the benefits of minimizing your self-employment taxes. Qualifications for an S-Corporation.
8
Total Bookeeping
In addition to features 1-7, we will download and categorize all of your income and expenses from your business bank accounts and credit cards and prepare a Monthly report. In effect, the burden of bookkeeping for your business is removed from your day-to-day operations. Reliance upon an in-house or visiting bookkeeper is minimized or completely eliminated.