For many business owners, there is no time more stressful than tax season. For some, it is the reason they call it quits and sell or close their company. For individuals, they don’t have that option. The “death and taxes” adage is one everybody has heard for a reason. To make matters worse, the IRS and local governments seem to do everything in their power to make the process of calculating, preparing, and filing taxes as difficult as possible.
The point is, that taxes can be a nightmare. Whether you’re an individual taxpayer juggling multiple income sources or a small business owner managing a plethora of financial documents, the expertise of an accounting firm can be invaluable. From ensuring compliance with ever-changing tax laws to identifying opportunities for deductions, accountants play a crucial role.
If you are looking for personal income tax services please click here.
Tax Preparation for Businesses in St. Louis
Like most states, Missouri’s federal and state tax laws and requirements can be difficult to understand. Our goal is always to keep your taxes compliant while utilizing things like tax credits and deductions.
It’s important to account for both when preparing your taxes. Volpe’s tax experts can help keep you organized and compliant to reduce the risk of penalties. Key areas include sales tax, business income tax, and employment taxes.
Some of the tax prepartion and filing services we provide include:
- Federal and State Tax Compliance
- Tax Deductions and Credits
- Tax Records, Organization, and Documentation
- Tax Audit Assitance
- Financial Planning for Your Business
St. Louis Business Income Tax Services
Missouri imposes a state income tax on the net earnings of your business. This requires meticulous record-keeping and an understanding of what forms need to be filed to stay compliant. Volpe’s St. Louis tax accountants will make sure your business has all of the required documentation needed to accuratley file your company’s business income taxes on time.
Our client-first approach makes it easy for your company to stay stress-free during tax season. With our business income tax services we handle reporting things like income, deductions, tax credits, and all of the other information required on both a State and Federal level.
We keep your business compliant while maximizing tax credits and rebates
When you choose Volpe’s small business account services, you are partnered with experts who can help ensure you don’t miss out on potential savings and that your filings are accurate and timely. When we integrate our custom tax guidance with broader wealth management strategies, you can maximize your business’s financial health while meeting all statutory obligations.
Businesses in Missouri must file Form MO-1120, the Missouri Corporation Income Tax Return, or the appropriate form corresponding to their business structure.
We provide comprehensive business income tax services, which include:
Preparation and Filing
Volpe stays up-to-date with the latest tax laws, ensuring that you benefit from all available deductions and credits. Whether it’s handling IRS Schedule A for itemized deductions, filing Form MO-1120, or ensuring you maximize your tax credits, we’ve got you covered. Our meticulous management of your tax records ensures that every financial decision takes potential tax implications into account, avoiding costly mistakes.
We integrate our tax planning and strategies with your overall financial planning and wealth management to provide a holistic approach that keeps your business financially healthy and compliant. From claiming dependents to optimizing itemized deductions, our St. Louis, Missouri tax accountants have the expertise to ensure you are always making the best financial choices.
Strategic Tax Planning
Our team is dedicated to understanding the intricacies of your financial situation, ensuring you stay ahead of any potential tax liabilities.
With our business tax planning services, you can expect:
- Comprehensive Tax Analysis: We review your financial landscape to uncover all available deductions and credits.
- Year-Round Support: Tax planning isn’t just for tax season. We provide guidance throughout the year, helping you make informed decisions that benefit your financial health.
- Customized Tax Guidance: We integrate tax planning with overall wealth management strategies to help you achieve optimal financial outcomes.
Industry-Specific Tax Services
Every client is different, and because of this, we want to make sure your financial and tax strategies are specific to each business. Volpe’s goal is to create a custom plan for every client. We will analyze your business based on the industry it is in, your current financial situation, and where you want to be in the future.
We have provided business income tax services to a wide range of small business, but we have also grown into one of the most well known franchise accounting firms in the country.
By partnering with us, you gain a dedicated accounting team that provides not just tax preparation, but also proactive advice to enhance your financial well-being. We aim to simplify your tax process so you can focus on what you do best – running your business.
Sales Tax Services
Sales tax is a state-imposed tax on the sale of goods and services. Missouri’s statewide base sales tax rate is currently 4.225%. However, local jurisdictions can apply additional sales taxes, which can lead to varying total sales tax rates depending on the specific location within the state.
St. Louis County and St. Louis City County have different tax rates, and cities within both counties have additional Sales Taxes as well. If your business is in St. Louis City County your combined Sales Tax is 9.6790%, but you will have a different Sales Tax Rate if your business is in the County. St. Louis County has a tax rate of 3.5130% but each city within St. Louis County has its own additional Sales Tax Rate.
You can view the Missouri Department of Revenue’s Interactive Map here.
The point is, sales tax can be extremely confusing. Our accountants can help you better understand Sales Tax while also helping with things like organization, filing, and any other Sales Tax Compliance needs you may have.
Some additional sales tax services we provide include:
- Sales Tax Registration
- Sales Tax Return Preparation and Filing
- Sales Tax Audit Representation
- Sales Tax Exemption Certificates
- Sales Tax Consulting and Planning
Employment Tax Services
Employment taxes are the taxes employers must withhold and pay on behalf of their employees. Missouri’s Employment Taxes include federal income tax, Social Security and Medicare taxes, and state income tax. As an employer, you’re responsible for withholding these taxes from your employees’ wages and then depositing these funds with the appropriate agencies.
With Volpe as your accountants, we help you setup a plan to completely automize this process to make life easier.
The Employment tax services we provide include:
Federal Employment Taxes
Federal employment taxes encompass Social Security and Medicare taxes (commonly known as FICA), as well as federal income tax. Employers must withhold these amounts from employees’ paychecks and send them to the IRS. Additionally, employers are required to match the Social Security and Medicare taxes withheld.
Volpe makes sure your Federal Employment Taxes are being properly withheld and filed on time.
Missouri State Employment Taxes
On the state level, Missouri requires employers to withhold state income taxes from employees’ wages. The amount depends on the employee’s earnings and the information provided on their W-4 form. Missouri also mandates the payment of state unemployment tax, which funds the state’s Unemployment Insurance program that supports workers who lose their jobs through no fault of their own.
Speak to the St. Louis Business Tax Experts at Volpe
To most, taxes are boring and one of life’s biggest inconveniences. To us, they are an ever-changing set of numbers that require meticulous documenting and calculating. The only thing we love more than organizing numbers is helping relieve stress from our client’s day-to-date operations. Our goal is to make taxes and accounting as stress-free as possible. To do this, we make sure you are organized and every penny is accounted for while also making sure you don’t pay more than necessary.
We understand that every situation is unique. Our custom tax guidance is seamlessly integrated with wealth management to help you make the most of your financial resources. From industry-specific tax services to strategizing tax credits and rebates, we craft tailored solutions that align with your personal or business goals.
Reach out to Volpe’s tax team today and see how we can help simplify your tax preparation process while ensuring compliance and optimizing financial growth. Let Volpe be your trusted partner in navigating the complexities of tax law.
