Running a small business can be very challenging. Some of you have made the decision to open your own business because that is what you love to do and that is your passion, which is great. Others choose to do it because instead of working for someone else, they see a good potential for return on their investment in addition to having freedom and flexible hours for their lifestyles.
Regardless of the reasons, we all agree that for the business to be able to sustain itself, it must generate enough income to cover all expenses and pay a sufficient salary to the business owner.
Our goal, through providing accurate and timely reports, is to help you understand and identify any issues that create a negative impact to your bottom line and determine how to improve it. Our business financial experts will work very closely with you to evaluate your situation using the current business financials. This is probably one of the most critical steps in order to create a successful roadmap for your business. Benchmarking can also be an extra tool to ensure that, when compared to your peers you’ll know where to apply best practices to address outstanding issues.
Whether your business is already profitable, on the road to declaring profits or just starting its operation, especially during its first 2 years our goal is to find a way to minimize your tax consequences and leveraging your ability to keep all of the profits allowed by law.
One of the most common mistakes that we have found is an improper business structure. For example, with the same amount of profit declared by 2 different types of entities, the tax consequences could be vastly different; the difference between owing tax or getting a tax refund instead.
Another common mistake is not having proper bookkeeping procedures where all allowable business expenses are not captured and accounted for. Not only could you be paying taxes on the profits that your business does not actually have, you could also risk losing profitability and create cash flow issues.
Looking to pay your workers either W-2 employees or 1099 contractors? Our affordable Full-Service Payroll can be customized to your particular pay programs and also provide ease of mind that all taxes filings are done properly and timely.
We also assist with various tax filings including Year End Income Tax for both personal and business returns (Schedule C, Partnership, S-Corp and C-Corp), Sales Tax, Excise Tax, Employment and Payroll Taxes, and other state/ local tax reports and forms.
If you have been looking for the place to assist with any or all necessary tasks for your business, we would be honored to be your solution. Below is a list of services to help your business get on track and stay on track: