For individual tax returns, please bring: W-2 forms, 1099 forms, Social Security numbers for you and dependents, receipts for deductible expenses, last year's tax return, and any tax-related documents you received throughout the year. For business returns, bring income statements, expense records, asset purchases/sales records, and previous year's return.
For most individual tax returns, the deadline is April 15th. If this date falls on a weekend or holiday, the deadline is extended to the next business day. For businesses, deadlines vary depending on the business structure: S-Corporations and Partnerships typically must file by March 15th, while C-Corporations and sole proprietors file by April 15th. Extensions are available if needed.
Tax deductions reduce your taxable income, which can lower the amount of tax you owe. For example, if you have $50,000 in taxable income and a $1,000 tax deduction, you would be taxed on $49,000. Tax credits, on the other hand, directly reduce the amount of tax you owe, dollar for dollar. A $1,000 tax credit would reduce your tax bill by $1,000, making tax credits generally more valuable than deductions of the same amount.
Bookkeeping should be performed regularly, ideally on a monthly basis. This allows you to catch errors early, monitor your cash flow, and make informed business decisions based on current financial data. For smaller businesses with fewer transactions, quarterly bookkeeping might be sufficient, but monthly is still recommended for the most accurate financial management.
In cash accounting, revenues and expenses are recorded when cash is actually received or paid. In accrual accounting, revenues and expenses are recorded when they are earned or incurred, regardless of when the money changes hands. Accrual accounting provides a more accurate picture of a company's financial health but can be more complex. Most small businesses use cash accounting for its simplicity, while larger businesses and those with inventory typically use accrual accounting.
As an employer, you're responsible for: Federal income tax withholding, Social Security and Medicare taxes (FICA) - both the employee portion you withhold and the matching employer portion, Federal unemployment tax (FUTA), State income tax withholding (where applicable), State unemployment tax (SUTA), and potentially local taxes depending on your location. You must also report these taxes to the appropriate agencies and make timely deposits.
The frequency of payroll processing depends on your business needs and employee expectations. Common payroll schedules include weekly, bi-weekly (every two weeks), semi-monthly (twice a month), and monthly. Weekly payroll is more labor-intensive but provides employees with more frequent income. Monthly payroll requires less processing but creates longer gaps between paychecks. Bi-weekly and semi-monthly are popular middle-ground options. Whatever schedule you choose, consistency is important for employee satisfaction.
You can schedule an appointment with us in several ways: Use our online appointment booking system on our website, call our office at (704) 741-9939, send a WhatsApp message to (704) 923-1169, or email us at info@taxmembers.net. During tax season (January-April), we recommend booking appointments at least 1-2 weeks in advance due to high demand.
Yes, we offer virtual consultations via video conferencing for clients who cannot visit our office in person. This service allows you to discuss your financial needs, ask questions, and receive expert advice from the comfort of your home or office. Documents can be securely shared electronically. To schedule a virtual consultation, please contact our office or use our online booking system and select the 'Virtual Meeting' option.
We accept multiple forms of payment, including: Credit and debit cards (Visa, MasterCard, American Express, Discover), Cash, Personal checks, Electronic bank transfers, and Mobile payment apps (Zelle, Venmo, Cash App). For tax preparation services, we also offer the option to deduct our fee directly from your tax refund for an additional processing fee.
Our team is ready to answer any additional questions you may have.
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