Business Services: Incorporation, Quickbooks, Payroll and Taxes
I’m experienced in helping small to medium-sized businesses manage their accounting and tax challenges. My goal for small businesses is simple: to provide cost-saving accounting help that allows you to keep more of your money on your books.
My Accounting Services geared to businesses generally fall into two categories:
Tax Preparation & Planning
I can help you prepare your tax returns, proactively reduce your tax liability and help with overall tax planning.
Bookkeeping & Payroll Services
I will help you decide what level of service you need.
Our Process for Business Tax
Initial Consultation – Phone, Zoom, or In Office Meeting • Review Documents • Provide Service Quote
Sign Engagement Letter – Services Provided • Delivery Promise Date • Collect Payment
Deliver Product – Discuss Outcome • Sign E-file Authorization • Electronically File and Follow Up
FREE 15-minute Consultation
CLIENT TESTIMONIAL
“Evelyn Edwards CPA, has helped keep me and my business in good financial shape. She has provided awesome services, doing taxes, reviewing my needs and making suggestions to always guide my business in the best direction. I am very grateful to Evelyn Edwards, CPA for her calm, caring professional manner and awesome service for over 10 years. Thank you Evelyn!”
– JK Khalsa, Owner/Practitioner, Harmony & Health Acupuncture, Georgetown, TX
Common Business Tax Discussion Topics
Sole Proprietorship
A Sole Proprietorship is a type of business structure that is reported on the individual tax return’s Schedule C. There are several areas that need to be considered:
Mileage – are you keeping proper records?
Depreciation – are you eligible for Section 179? Economic Stimulus? MACKS?
Contract Labor – Must you issue 1099-MISC’s?
Office in Home – are you eligible? Will you report the 8879?
Estimated Tax Payments – how much do you need to send in? Are you keeping proper records?
Partnership
A partnership is a business structure where two or more individuals agree to share in the profits or losses of a business. It's typically simpler to set up than a corporation but offers less personal liability protection.
Who are the partners?
What is the Ownership percentage breakdown?
Are there foreign partners?
Is there a partnership agreement?
Who receives guaranteed payments?
S-Corp
An S-Corp (S corporation) is a special tax election available to certain corporations that allows profits and some losses to be passed directly to the owners' personal income without being subject to corporate tax rates. This avoids the "double taxation" typically found with traditional C corporations.
Who receives a salary?
How much will you receive in distributions?
How will it affect your tax rate on your individual tax return?
C-Corp
A C-Corp (C corporation) is a legal business entity that is separate from its owners. It offers limited liability protection to its shareholders, meaning their personal assets are protected from business debts and lawsuits. C-Corps are subject to "double taxation," where the corporation pays taxes on its profits, and shareholders then pay taxes again on any dividends they receive.
What basis is appropriate for your entity?
Who will receive a salary?
Who is a 1099 vendor?
Franchise Tax Returns
If a company is incorporated in the state of Texas, they must file a franchise tax return. A CPA will determine what type of franchise tax return needs to be filed. Unfiled tax returns create a status of “Not in good standing”. It is public information and can affect whether a customer will give you their business.
1099’s for Independent Contractors
IRS has tightened their requirements for filing 1099’s
There are specific questions on the tax returns related to 1099’s
If you pay an individual non-employee compensation > $600, you must issue a 1099 in order to take the deduction
Penalty of $500 per person
What to do with IRS Notices
Business owners who receive IRS notices are often taken by surprise and worried. These notices should be addressed immediately by a qualified accounting professional because there is a deadline for the response. We know how to deal with these IRS notifications quickly and effectively.