The IRS defines a small business as one that has less than ten million dollars ($10,000,000) in assets. Once a business crosses that threshold it is required to financial statements based on double-entry bookkeeping. This is important for taxpayers who file Form 1040, Schedules C, E, F or Form 2106.
The optimal tax structure depends on where you stand in the growth model. What was once a hobby can progress to a sole proprietorship to a qualified joint venture. The Limited Liability Company (LLC) can elect to be taxed as a sole proprietorship, a partnership, or a corporation under Federal tax laws. Donald Trump and other high net-worth individuals use the 1120 Sub-S corporation to avoid the 3.8% Obamacare tax. Fortunately, there are ways to change how you do business.
Maintaining accurate financial records while remaining informed of the latest tax advantages is an added task for an already busy entrepreneur. Katy Income Tax Svc. experts review your books for payroll, sales tax, property taxes, and franchise tax solutions that secure financial benefits for Katy business owners. The penalties for non-compliance with payroll tax laws are really severe. A good payroll tax service like ADP or Intuit is essential.
Our team of qualified professionals is available to discuss various tax strategies and other financial service options with Katy small business organizations.
Katy Income Tax Svc. provides free consultations Tel: (832) 815-8258 or Email: email@example.com