SMALL BUSINESS TAXATION

When is a business “small”?

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.

How can a Katy business ensure optimal tax savings and benefits?

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.

How do Katy Income Tax Svc.’s small business tax services benefit Katy businesses throughout the year?

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.

Commercial Income Tax services:

  • Preparation and filing of Federal and State Income Tax
  • Unfiled back taxes
  • Sales Tax
  • IRS Representation (by Enrolled Agents, CPAs, or Attorney)
  • Convenient and accurate electronic filing

Financial Services:

  • Bookkeeping system set-up and write-up (monthly, quarterly, annually)
    Note: depending on available staff.
  • Accounting services (QuickBooks Accounting Help and assistance)
  • Financial statements
  • Payroll services and deductions
  • Tax planning
  • Audit representation
  • Business Valuation
  • Estate and Trust Planning and Tax Preparation
  • Cash Flow and Budgeting Analysis
  • Personal Income Tax solutions geared toward small or medium sized business owners

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: james@katytax.com