We will help you increase your tax and financial management
In running your own business, there is no shortage of things to keep up with. Sales…revenue…expenses…payroll…regulations…there is no shortage of things to keep you busy. Many of those things can also cause quite a bit of stress at times.
All businesses are required by law to file an income tax return every year. How your business is structured (more on that in a minute) determines what forms you use, but everyone has to do one.
All individuals who work for themselves must pay self-employment tax (a way of paying into Social Security and Medicare) .
Individuals who are employees typically have their income tax withheld throughout the year through a “pay-as-you-go” method. Quarterly payments to the IRS based on their income tax.
The way you choose to structure your business can determine quite a bit about how your company will pay taxes. There are 4 basic business entities you can choose from:
1. Sole Proprietorship
2. Partnership
b. Limited Liability Partnership
3. Limited Liability Corporation (LLC)
4. Corporation
