Business Formation / Start up
New business advisor and formation
Corporation:
Depending on the nature of the business and each owner's share.
1120s Pass through, meaning the owner pays the taxes or losses.
1120c Stand alone, the corporation pays the taxes or losses.
Partnership:
Agreement between owners at different % or equal.
Sole owner:
Self-employed, Cash business and1099.
LLC: Limited Liability Company
We will contact the State Registrar's Business Office and get Certificate of Formation.
Contact the IRS to get the Federal Tax ID.
Tax Filings
Insuring business is in compliance with the Federal and State Laws.
Sales tax: Usually prepared 4 or 12 times throughout the year depending on the Income/Sales of the business. Get sales receipts and establish if taxable or not taxable. Ex: Liquor Store or restaurant.
Payroll tax: Prepare 941 quarterly and file form to ensure business is in compliance. Then at the end of the year complete 940.
Franchise tax: Mandatory form, must be filed regardless of income made. If income is less than $250K, no need to pay tax but it must be filed.
Property tax: Mandatory form must be filed regardless of value of the equipment.
Estimated tax payments: Depending on business you may be required to file quarterly (Federal Form).
Tax filings: Corporation 1120C & 1120S, Partnership-1065, Sole Owner-Sch-C, LLC- Sch-C
Filings based on specific tax or business situation
Classic Tax Resolution Bookkeeping Services
Bookkeeping Is An Integral Part Of A Successful Business
At Classic Tax Resolutions, we understand that bookkeeping is an integral part of any successful business. However, keeping up with all the financial records and transactions can be a daunting task. That's why we offer our expert bookkeeping services to help you stay on top of your financial game.
Our bookkeeping services are designed to help you keep track of all your financial records and transactions in a hassle-free manner. We use Peachtree or QuickBooks software to ensure accurate recording of all your invoices, statements, transactions, purchase orders, and sales invoices.
We also keep a close eye on over and under payments to make sure your financial records are accurate and up-to-date. Our team is well-versed in preparing bank account reconciliations and tracking employee advances.
Depending on the type of business you operate, we can provide you with different reports on a frequency that suits your needs. These reports include Balance Sheets, Profit and Loss Statements, and Cash Flow Statements. We believe that by regularly reviewing these reports, you can make informed business decisions and stay ahead of the curve.
Every Business Is Unique And Has Different Financial Requirements
At Classic Tax Resolutions, we know that each business is unique and has different financial requirements. That's why we offer tailored bookkeeping solutions to meet your specific needs. Our team of experienced professionals is dedicated to helping you manage your finances efficiently and effectively.
By trusting your bookkeeping to the experts at Classic Tax Resolutions, you can rest assured that your financial records are in good hands. We understand that bookkeeping can be a daunting task, but with our expertise, you can focus on what you do best – running your business.
Contact us today to learn more about our bookkeeping services and how we can help you manage your finances efficiently. We are always here to help you navigate the complex world of finances and taxes with ease.
Our Bookkeeping Services:
Peachtree or QuickBooks
- Record invoices
- Record statements
- Record transactions (sales)
- Record purchase orders
- Record sales invoices
- Track and record over and under payments
- Prepare bank account reconciliation
- Track employee advances
- Results: depending on the type of business will determine the frequency of reports:
- Balance sheet, Profit and loss statements and Cash flow statements.
Payroll
Classic ensures that your payroll is accurate, on-time, and meets all compliance standards.
Payroll preparation: Record in the system, cutting check and/or informing employer of the amount for the check to be cut.
Worker's compensation audits: Ensuring the required form is completed and that compensation is being paid to the Federal government.
Classic will use a checklist to ensure compliance.
Unemployment claims: Ensuring unemployment taxes are paid and/or compensation.
W-2 , W-3, 1099 & 1096 preparation: Prepare for all employees. Federal and State payroll tax: (See tax filing sheet)
940 is annual federal forms
941 is the quarterly forms