Small Business Bookkeeping

Introduction

The Tax Superstars “Team of Professionals” totally agrees with the following Small Business Association statement of fact.

“Understanding financial statements is essential to the success of a small business. They can be used as a roadmap to steer you in the right direction and help you avoid costly breakdowns. Financial statements have a value that goes far beyond preparing tax returns or applying for loans.” More https://www.sba.gov/content/financial-statements

At Tax Superstars, we help map your company’s most cost effective route to success and profitability. Our bookkeepers spend many of their non-billable hours staying abreast of tax code changes, new bookkeeping software additions and solutions.

Our goal and reputation as professional bookkeepers depend upon having solutions, the very best solutions, to your bookkeeping wants and needs. Having them when you need them and presenting them in an understandable manner.

If you have the time and/or inclination; you review, study, and understand all of the financial and other aspects of owning/managing a small business. We highly recommend the writings of the Small Business Association. Simply click; https://www.sba.gov/category/navigation-structure/starting-managing-business

However, if you would prefer for our company to help you interpret, simply give us a call. By teaming with Tax Superstars, you will have more time and support to do what you do best: managing your company. While we do what we do best: providing you the reports you need, compiling with the latest tax requirements, taking depreciation, maximizing tax advantages, and suggesting means of increasing your profitability.

Our first consultation is free. Simply tell us your bookkeeping questions, wants, and needs. Let us put you on the right track to a professional, cost effective bookkeeping solution.

Now, please read on.

Business tax forms – As a business owner, the IRS, state, and local tax authorities expect you to know what tax forms to file, when they are due, and if you are required to file electronically.

Unless you are an accountant, you may not be aware of all of your obligations. Tax rules, regulations, and due dates are constantly being updated. It is a full time job to keep abreast of them.

This is where the help of the Tax Superstars’ Professionals shine. We assist many different kinds of entities; Sole Proprietors, Partnerships, Sub Chapter S Corporation, and C Corporations with their filing obligations. Each of these have a different filing deadline and requirements.

Do you need to file a form 1120S, a form 1120, a form 1065, or maybe a schedule C? This is determined by how you chose to set up your business. Keep in mind that all of these forms are for reporting business activity and may be electronically filed.

Sales tax – We are often asked whether or not a clients’ particular business is required to collect sales tax. State governments issue guidelines on this question. For example, in Indiana, if you sell tangible personal property, you must collect sales tax. In addition, there are seven other categories that require additional Indiana sales tax to be collected.

Many accounting software packages allow for sales tax to be calculated “automatically”. These software packages also allow for multiple sales tax items to be used to accommodate the above explanation of Indiana sales tax.

One such software is QuickBooks Point of Sale. QuickBooks allows these Sales Tax functions to be performed effortlessly.

When you are not calculating sales tax for every transaction you will have more time to concentrate on running and growing your business. Our goal is to provide you more time to concentrate on serving your customers’ needs and making a profit.

Payroll taxes – Payroll taxes are one of the most confusing and interwoven of all the taxes you must collect and file. This is also an area where the Tax Superstars’ Professionals are proficient. The amount of payroll dollars you pay determines the filing frequency and forms. Usually, this is a burden that the business owner feels great relief by allowing a qualified third party professional to handle.

The Tax Superstars’ Professionals provide bookkeeping services for businesses of all shapes, sizes, and markets. Many of our relationships started by relieving businesses of the burdens of Payroll Taxes

Inventory – Stocking inventory has benefits and challenges. Naturally, one benefit is that you have something sell. One challenge is tying up your operating capital.

Most business owners appreciate and need some help with the financial and physical bookkeeping side of inventory. Help with the cost effective management of said inventory from the purchase order to the sales invoice is something the Tax Superstars’ Professionals have successfully trained many businesses.

There is an overwhelming amount of inventory software offerings. Each and all of these promise to solve your troubles and make your life a breeze. In our opinion, it isn’t quit that easy. But, with the proper set up and training, the process of tracking inventory and maintaining profits can become manageable. Not only does QuickBooks have inventory management within, it also allows for several third party software to integrate.

Summary

From the beginning questions of “Do I need to collect sales tax?” and “When do I pay payroll taxes?” through the filing of the annual income tax returns, Tax Superstars’ Professionals are ready to assist you in unraveling the web of taxation requirements. Requirements, that if not met, can be quite costly with penalties, levies, and warrants.

We are tax specialist. As an Enrolled Agent Patricia has chosen to specialize and focus on the tax issues of small businesses. She realized early in her bookkeeping career that many small business owners work really hard to give great products and services to their customers/clients. It is a privilege to work shoulder to shoulder with these entrepreneurial small business owners and, to provide the best tax planning and preparation possible. Small business owners wear many hats. We help to make the ‘tax hat’ as comfortable as possible.