Business Tax Returns & Tax Planning
Business Tax Returns and Tax Planning Done Right
Business tax returns done right by a professional CPA. Everyone has to file one. No one wants to. We make it easy no matter what kind of business you have. We have 50 years of combined accounting experience and won’t let your business tax return out the door until we know we’ve saved you every penny we can. Here are a few tips!
Corporate Tax Returns and Planning
At 35% plus your state’s corporate tax percentage, the United States has the highest nominal corporate tax in any of the world’s developed economies! Maybe this perspective will help you realize how important it is to have detailed, accurate, and up to date records at all times.
Good records are vital to tax planning, business decisions, and retirement planning. You can’t expect these records to be done overnight and sometimes the decisions you make can’t wait. So be prepared! Our corporate tax experts can help you minimize your taxes and help you plan for a secure future.
Partnership Tax Returns and Planning
When dealing with the complexities of a partnership, it is vital the books are kept accurate and tax planning is done multiple times throughout the year to ensure estimated tax payments are being made properly for each partner’s benefit. There will need to be distributions from the partnership to cover the partner’s income taxes which means an impact on cash flow. It is best to know exactly where your cash flow and your income tax positions are at all times.
Partnerships do not actually pay income tax but must file an income tax return. All income from the partnership flows through to the partners’ individual income tax returns and it flows through as self-employment income! This means the income is subject to an additional 15.3% self-employment tax rate!
Partnerships also have multiple sets of books – one for the partnership and one for each partner’s purposes. An item can have a completely different gain or loss position for partner purposes than it does for partnership purposes.
Tax Preparation Services
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Monthly Accounting & Payroll Solutions
Todd & Associates CPAs’ cloud-based MAPS program allows businesses to streamline their accounting needs into one of the three packages, with monthly recurring rates based on transaction volumes:
The GPS Package is for small businesses navigating from point A to point B. This package offers basic bookkeeping and payroll support tailored for routing operations.
The Road Map Package is for growing businesses who need visibility into all potential routes to get to their destination. This package offers monthly financial statements and analysis on the changing nature of the business, along with more robust payroll and payroll tax support.
The Globe Package is a comprehensive accounting support system for larger businesses without their own accounting departments. This system includes client-selected features such as cash flow analysis, bill pay, and invoice management. Our payroll system can also serve as an HR support function offering employee handbooks, onboarding, and other employee paperwork.