For accounting, Alpharetta business owners turn to Accounting Partners. So, are you a business owner in Alpharetta, GA, seeking expert accounting and advisory services? Look no further. Our team of accountants offers a range of services, including traditional accounting, corporate advisory, business consulting, network services, and IRS tax services. In addition, we provide NetSuite and QuickBooks ProAdvisor services, payroll administration and processing, and HR support.
We partner with you to tackle your toughest business challenges and help you achieve your goals. Whether you require assistance with corporate accounting, specialized audits, or other business solutions, we are here to provide you with strategic insights catered to your business. Our firm collaborates with you to develop an in-depth understanding of your business and deliver the right solutions. You need an accounting partner. Our clients count on us as their outsourcing resource for traditional accounting services, including tax, audit, and accounting services. Outsourced accounting and business services are the foundation of our firm.
Accounting Services Tailored For My Alpharetta, GA Company
At Accounting Partners, we take pride in providing unparalleled tax services to our clients. Our team of experienced professionals customizes guidance and solutions for each client’s specific needs. With a comprehensive suite of tax services available, including Federal Corporate Tax, Tax Accounting, International Tax, State & Local Tax, R&D Tax Credits, and Cost Segregation, we can help you navigate the complex world of taxation.
Being up to date with the ever-changing tax code is essential for proper financial planning and compliance for any business. With Accounting Partners, we constantly monitor and review tax regulations. And promptly inform our clients with frequent bulletins detailing important tax issues. Our team of accountants helps you minimize your tax burden and maximize your growth.
Business Tax Solutions From Consultative Accounting Professionals
Businesses, like individuals, must file a tax return. Among other factors, business structure, location, and net income determine which forms to file, which taxes to pay, and how much. And our insightful accountants are the experts a business needs for advanced solutions and simple tasks. For example, meeting filing deadlines.
Tax Compliance Failures Deepen Debt And Deplete Future Finances
Failing to pay taxes on time, businesses and individuals can incur huge debt with the IRS. For instance, if a business does not file on time, it may have to pay up to 5% of the unpaid taxes for each month or part of a month that the return is late.
Unfortunately, the IRS charges interest on any unpaid liabilities, including unpaid tax, penalties, additions to tax, or interest. Normally, interest on underpayments starts on the due date of the amount you owe and continues to accrue until you pay the full balance. Make sure to remember IRS taxes are due on the return filing date. And filing an extension does not extend the due date for tax payment. Meeting tax filing and payment deadlines is one of the essential ways an accountant in Alpharetta can help you achieve business success.
The IRS asserts various penalties. These penalties include Failure to File, Failure to Pay, Underpayment of Estimated Tax by Corporations, Underpayment of Estimated Tax by Individuals, and Dishonored Check penalties. If you receive a notice from the IRS, do not ignore it first. Our firm can assist you with any tax liability issue.
It is easy to see why meeting tax deadlines and obligations is imperative. It displays a business’s adherence to laws and regulations. That, in turn, helps to establish a solid business reputation. It helps build trust within your industry and community.
Alpharetta Accountants Talk Taxes You Need To Know
Before discussing business tax, let us define the term: Contrary to popular belief; business tax is not interchangeable with federal income tax. Business tax collectively refers to the taxes that may apply to your business. Expert accounting pros in Alpharetta understand that taxes are complex. But the more you know about taxes, the better.
Of course, your business in good standing with the IRS and other taxing authorities is ideal. But that may be a challenge at times. Legislative changes guarantee that from year to year, there will be uncertainty about what taxes apply to your business.
So, how can your business maintain compliance? Working with an accounting tax professional from Accounting Partners is a start. Contact us to get the assurance you need for your business before tax time.
Here is a list of the taxes you need to know:
Income Tax
Staying on top of tax deadlines is critical for responsible business owners. What better way to demonstrate compliance with the tax code, laws, and regulations? One of the most common taxes businesses need to be aware of is income tax.
Most states impose a business income tax. And all business entities except for partnerships must file an annual federal income tax return. It is a pay-as-you-go tax, so with earned income come the corresponding tax payments throughout the year. In addition, employers withhold income tax from employee paychecks. Still, estimated tax payments for non-withholding income in addition to income tax some will owe.
Payroll Tax
Businesses with employees are responsible for payroll tax. Payroll taxes support government funds for Social Security, Medicare, and unemployment programs. Your business should calculate payroll taxes and pay the IRS quarterly.
Estimated tax
Estimated tax payments are typically made quarterly throughout the year to avoid penalties. The tax is on income not subject to withholding, including income from self-employment, interest, and dividends. It is vital to promptly make these payments to exhibit full compliance with tax laws and regulations.
Self-Employment Tax
Self-employed people, like business owners and independent contractors, must pay self-employment tax on top of federal income tax. The self-employment tax covers the Social Security and Medicare taxes that employers deduct from employee paychecks; Employers pay an equal amount in payroll taxes. Self-employment taxes are often paid quarterly as estimated taxes. Please make sure to submit your estimated tax payments regularly throughout the year to stay in full compliance with tax laws and regulations.
Employment taxes
If a business has employees, they are responsible for withholding and depositing federal and state income taxes from employee wages. That includes Social Security and Medicare taxes, federal income withholding taxes, and the federal unemployment tax (FUTA).
Federal Income Tax
Federal income tax is the tax most people are familiar with. The individual income tax return most send to the IRS each April is for this federal tax. Businesses must also calculate taxable income and pay federal income taxes. Making quarterly estimated federal income tax payments is wise for any business.
State and Local Taxes
Another crucial component to calculating business tax liability is factoring in state and local taxes. States, cities, and counties impose taxes on small businesses. Small business owners should know the state and local taxes where they operate.
Excise tax
If a business produces or sells specific products, provides certain services, or utilizes certain equipment, facilities, or products, it must pay certain taxes. These taxes are excise taxes for selling harmful or nonessential products, such as tobacco, fuel, firearms, and airline tickets. Excise tax payments are quarterly.
Other Small Business Taxes
Depending on the specifics of a business, it can be subject to additional taxes. These taxes include state, city, and county income tax, net profit tax, gross receipts tax, and franchise tax. Other small business taxes include sales and use, withholding, property, and excise taxes. In Georgia, businesses may be subject to the film tax, state hotel-motel tax, fireworks excise tax, non-prepaid 911 and prepaid wireless 911 charges, or transportation services tax.
Outsource Accounting Solutions From CFO To Bookkeeping Services
Proper accounting and financial support are imperative to succeed in business. However, having a full-time accounting department can be both costly and time-consuming. If you are unable to maintain one in-house, you are not alone. Many small businesses are unsure how to get the accounting services and business consulting help they need. We are here to provide tailored financial solutions that cater to your unique needs and help your business flourish. And you can outsource one service or many.
Our team comprises professionals with experience in positions like CFO, Controller, Accounting Manager, Staff Accountant, and Bookkeeper. Utilizing our cloud-based tools, we provide a comprehensive and fully integrated financial management and accounting system that can adapt to evolving business needs both now and in the future.
CFO And Controller Services
Suppose you own a small company that cannot afford to hire an accounting staff or an established business that requires assistance with a special project, reporting, or advanced financial support and guidance. In that case, you should consider our outsourced services. Leveraging our years of experience and expertise enables us to provide clients with value-focused services. We do this by guiding them through a three-step process. We develop a tailored plan that caters to the accounting, financial, and management needs specific to their industry and organization.
Financial professionals provide forward-thinking insights to help your business thrive. Our CFO services include overseeing the accounting department and interpreting historical information to provide valuable insights into future profitability. We offer various services, including senior-level CFO Services, Controller Services, and daily accounting and bookkeeping services.
We can provide the perfect blend of services to meet your specific needs. Our team of professionals can manage and improve your current accounting department or take a few accounting tasks off your plate. CFO and controller services include strategic planning, forecasting and budgeting, performance reporting, project oversight, and accounting software integration.
Strengthen Your Business Operations with Robust Financial Solutions
At Accounting Partners, we provide helpful guidance and support for compliance and reporting, risk management, and organizational structuring. In addition, we recognize that every client has distinct needs and requires a customized approach to taxation. That is why we take the time to listen and learn about you and your Alpharetta business, enabling us to offer the finest service possible.
Our tax services, along with our team of skilled tax accountants, can assist you in recognizing opportunities for growth and minimizing your tax obligation. At Accounting Partners, our top priority is to offer outstanding service. Do not hesitate to contact us to find out how we can assist you in reaching your financial objectives.
Contact us whether it is a managing partner or tax partner for your national practice or a practice leader in advisory services. Join us for a free Alpharetta accounting consultation to find out what our advisory services, estate planning strategies, corporate tax planning solutions, and wealth services can do for you.
Get team support from expert accounts for your small business. Please provide us with a call to discuss your requirements at 678.990.0924.
