Business Tax Services
Business Tax Filings
Sole proprietors, partnerships and LLC’s are required to file an income tax return if there is income or expenses within a given period. Corporations, on the other hand, are required to file annually whether there is activity or no activity within the corporation. The filing deadlines vary and depend upon what type of entity you have established. There are penalties assessed to corporations that do not file an annual return. At SCL Tax Services, we are experienced with all small business filings and can assist you to in remaining compliant with the tax code while keeping your tax obligations at a minimum. Contact us today!
Sales tax applies to retail sales of certain tangible personal property and services. Sales tax laws vary widely from state to state, by counties and by industry and can be extremely tricky if you don’t know the rules. At SCL Tax Services, we will find the answers to your specific sales tax requirements avoiding costly penalties and non-compliance. Don’t go it alone, contact us for help.
If your business has employees, you must run payroll and file appropriate federal and state filings. The process of running payroll can be very intimidating because you must make sure to withhold the correct amount of taxes for each employee and deposit these amounts into the appropriate tax accounts on a scheduled basis. There are also mandatory quarterly and annual tax filings. Whether you have one employee or 100 employees, SCL Tax Services can handle all aspects of payroll for your business freeing you up to go about the business of running your business. Start the process by contacting us.
Estimated Tax Payments
Taxes must be paid as you earn or receive income during the year, either through withholding or by making scheduled estimated tax payments. Individuals, including sole proprietors, partners, and corporations (including S Corp shareholders), generally must make estimated tax payments if they expect to owe tax of $1,000 or more when filing their annual return. At SCL Tax Services, we can set you up with a schedule for making the necessary estimated tax payments throughout the year so you can avoid being assessed penalties and interest. Contacting us and make an appointment.
Non-Profits 501 (c) 3, and Exempt Organizations
Non-Profits,501 (c) 3, organizations are the most common charitable tax-exempt organizations in the US. The tax-exempt laws are extremely complex. You must first make sure that your charitable organization is properly formed to qualify to be tax-exempt. This includes requesting tax exempt status from the IRS (Form 1023 or the newly created Form 1023-EZ). We will assist you in determining which form is right for your organization to file. After Tax-Exempt status is granted, you will still need to timely file a tax return for the organization (Form 990, 990 EZ or 990-N) or risk the chance of having your tax-exempt status revoked. We can help you every step of the way! Make the right choice and contact our office.
FBAR Filing (Foreign Bank Acct. Reporting)
If you are a taxpayer with a foreign bank account or foreign trust with an aggregate value of $10,000 or more at any one time during the filing season, you must report this to the IRS. Although this is not a taxable item, strict penalties for non-filers will be assessed. We can assist you with remaining compliant and obeying the law. Contact our office today!
Corporate Tax Planning
Here at SCL Tax Services, we can help you with strategic tax planning to minimize your tax obligations making your business more profitable by enabling you to keep more of your hard-earned money. Contact us now!
Bookkeeping and Small Business Accounting
We cannot stress enough the importance of keeping accurate records of income and expenses. Not only is it vital to you to gauge your profitability but it is required for the preparation of your annual income tax return. We often find small business owners try to do their own bookkeeping to keep their operating costs down, only to find out later that what they’ve done is increase their accounting fees substantially. We find their books in such disarray that before we can use the information, we must find the errors and make corrections before their books are useable. Sometimes, after spending hours trying to find and correct these issues, we find that the only solution is to start the bookkeeping from scratch. Some tasks are just better left to the professionals. Take advantage of our knowledge and expertise and contact us right away!
Business Formation (Corps, S-Corps, LLC)
Here at SCL Tax Services, we can incorporate your business into a legal entity. There are quite a few entity choices that you can choose from. LLC’s, Corporations, S-Corps, Sole Proprietors are just a few of your choices. Each entity type has various tax advantages and disadvantages. There is no one formula to fit all. Your choice will depend on your particular situation. Let us assist you in making the right decision for you. Start the process today!
After a company is legally formed, it must be properly dissolved if you are no longer in business. We can take care of the formalities for you. We are only a phone call away. Contact us today!
Changes to Corporations
Changes to your original corporate filing require you to formally make those changes with the Dept. of State. These changes include name change and change of address. These forms are tricky but we have experience filing forms with the department of states. Ask for help!
Annual and Biennial Statement
Some states require you to file annual or biennial statements. New York State, for example, requires you to update certain corporate information every two years by filing a biennial statement. A corporation or LLC that fails to file its Biennial Statement will be reflected in the New York Department of State’s records as past due in the filing of its Biennial Statement. This may prevent the corporation or LLC from completing certain business transactions. We can assist you in keeping current with your biennial statement.
A corporate kit is a binder that serves as a record book for your corporation or limited liability company. The corporate kit usually contains the corporate seal, blank stock certificates and forms for the adoption of by-laws and recording the minutes of meetings. If you already incorporated but did not purchase a corporate kit, no worries, we will be able to obtain one for you.
Federal Tax ID (EIN)
An employer identification number (EIN) is a nine-digit number assigned by the IRS. It is used to identify the tax accounts of employers and certain others who have no employees. The IRS uses the number to identify taxpayers who are required to file various business tax returns. We can help you to obtain an EIN. Start by contacting us today!