Small Business Tax
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Business Tax Filings
Whether you have established a sole proprietorship, partnership, or LLC, you are required to file your income taxes if there was income or expenses within a given time period. Corporations need to file regardless if activity occurred or not; therefore, depending on your type of business, you have a specific filing deadline, which will depend on your industry and location. If you file your small business taxes late, you could find yourself assessed with expensive penalties.
Don’t worry! We are experienced with all aspects of small business tax services and can assist you in remaining tax code compliant while keeping your related obligations to the absolute minimum. Contact us today!
We are a tax preparation business that can help you in and near the Bronx, Eastchester, Westchester, Mount Vernon, and Yonkers, NY.
The ones active in retail sales of specific personal property and services should pay tax sales. To find out if you are required to pay it, and to keep in compliance with its law, SCL can help you. We have the experience and training to answer your specific sales tax requirements to help you avoid penalties and non-compliance.
Running your own payroll tax can be a hassle whether you have ten employees or one-hundred. You must withhold the correct amount of taxes for each employee, then deposit those amounts into the appropriate accounts on a regular basis.
Do not forget that with quarterly and annual tax filings, we can help you keep up with payroll tax so that you can go about the business of running your business.
Estimated Tax Payments
You must pay taxes on any income received or earned during the year. You can pay them by withholding the necessary amounts or by making scheduled estimated payments. Individuals, sole proprietors, partners, and corporations (which includes S-Corp shareholders), must make estimated tax payments if they plan to pay more than $1,000 when filing their annual tax returns.
You know that we can set you up with a regular schedule for making the necessary payments through the year to avoid being penalized with high fees and interest.
Non-Profits 501 (c) 3, and Exempt Organizations
Non-Profits 501 (c) 3 organizations are the most common charitable organizations that are considered tax-exempt in the United States. You may have trouble understanding the complexities of the related laws. To ensure that your organization is properly formed to qualify as tax-exempt, you will need to request a status from the IRS.
We can help you request Form 1023 or the newly created form 1023-EZ, depending on your type of organization. Once your tax-exempt status is granted, you will need to file the tax return for your organization (Form 990, 990 EZ or 990-N) or risk the chance of having your status revoked.
Our professional tax service can help you with all aspects of tax-exempt status requests and proper tax filing to help your organization thrive!
FBAR Filing (Foreign Bank Acct. Reporting)
If you are a taxpayer with a foreign bank account or trust with an aggregate value of over $10,000 at any time during the filing season, the IRS should be informed. While foreign accounts and trusts are not taxable items, you can face strict penalties if you fail to file the necessary tax returns.
We can help you remain compliant with the IRS and obey the law when it comes to the proper reporting of your foreign bank account or foreign trust.
Corporate Tax Planning
We can help with strategic tax planning in order to minimize your obligations. Our tax preparation experts can help to make your business more profitable by letting you keep more of your hard-earned money.
Bookkeeping and Small Business Accounting
Keeping accurate records of income and expenses is vital to the profitability of your small business. Moreover, keeping the necessary records makes filing your annual income tax returns a much simpler and stress-free affair.
Many small business owners attempt to handle their own bookkeeping in an effort to minimize their operating costs. These business owners often keep books that are in disarray with errors that must be corrected to make the data useful.
Some tasks are better left to our professional tax preparers. We know small business accounting and bookkeeping.
Take advantage of our knowledge and expertise by contacting us. We serve you in and near the Bronx, Eastechester, Westchester, Mount Vernon and Yonkers, NY.
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. There is no one formula to fit all as each entity type has various tax advantages and disadvantages. As a result, your choice will depend on your particular situation. Let us assist you in making the right decision for you, so let’s start the process today!
Do you need help to incorporate your small business into a legal tax entity? You have a few options when forming your business. Whether your organization becomes an LLC, Corporation, S-Corp, Partnership, or Sole Proprietorship, we can assist you in making the right business and tax decisions to suit your needs and goals.
A legally formed company must be properly dissolved if you no longer plan to be in business. We can take care of all aspects of business dissolution to help you close that chapter of life and start anew.
Changes to Corporations
If you wish to change your original corporate filing, you must request those changes from the Department of State. Whether you plan to change your corporation name or address, we can help you fill out the complex forms for proper compliance. Trust us once and you will become our repeat customer.
Annual and Biennial Statement
New York State requires you to update certain corporate tax information every two years. You can do this by filing a biennial statement. A corporation or LLC that fails to file its Biennial Statement will receive a Past Due mark with the New York Department of State.
Having one or more past due marks on your record may prevent your corporation or LLC from completing certain business transactions.
We can help you remain current with your biennial statement. Contact one of our tax professionals today to get started.
Corporate Kits & EINs
A corporate kit is a binder that serves as a record book for your corporation or limited liability company (LLC). The kit typically contains the corporate seal, blank stock certificates and forms for by-laws adoption, along with proper recording of meeting minutes.
If your business is already incorporated, but you failed to purchase a corporate kit, we can obtain one for you.
We can also help you obtain an employer identification number (EIN), which is a nine-digit number assigned by the IRS. The number is used to identify the tax accounts of employers and various others who don’t have any employees. The IRS uses the EIN to identify taxpayers who are required to file the necessary business tax returns.
For corporate kits, EINs, and all other business tax services, SCL Tax Services is on your side. Working on your behalf, we can help with all facets of business tax law and preparation to save you time, money, and frustration.
If you live in and near the Bronx, Eastchester, Westchester, Mount Vernon, and Yonkers, New York, contact our tax experts today and request a free tax consultation for 15 minutes or call us and make an appointment.