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Specializing In QuickBooks® Consulting
Custom Design & Install Accounting Systems Identify & Fulfill Compliance Reporting Needs Perform the Accounting Function Train Staff Provide Complete Payroll Manage Accounting Departments Maintain Remote Access Capability QuickBooks is #1 Small Business Financial Software
Business Intelligence In combination with QuickBooks®, We use Microsoft Excel® and Access to spot, dig-out, and analyze 'hard' data, such as sales revenue by product or department or associated costs and incomes, with the objectives of:
Complete Tax Services
Preparation & Planning Individuals, Sole Proprietors, Partnerships, Corporations Payroll
Business Organization Formation Consider Incorporating
You don’t have to be a large operation with dozens of employees to benefit from incorporating. In fact, quite the opposite is true. Many one-person businesses with less than $50,000 in revenues—or even no revenues and just getting started would benefit from incorporating in one form or another. Let's look at some of the advantages. Protect Your Personal Assets I n our increasingly litigious society, it is becoming ever more important to limit your exposure and protect yourself from liability. As a sole proprietor, your liability for business debt is unlimited, meaning personal assets such as your home, personal bank accounts and other valued assets may be at risk.Forming a corporation or LLC draws a firm line between your personal and business assets, helping protect your personal assets from risks or debts associated with running your business. Realize Tax Savings As your business income grows, there may be tax advantages to incorporating and paying taxes at corporate rather than personal tax rates. Additionally, if you’re paying substantial self-employment taxes today, forming an S-corporation could help you save on income taxes. Reduce Chance of Tax Audit Sole proprietors tend to be more likely to file incorrect returns (many are self-prepared), and tend to underreport revenue or over report deductions. For these reasons, the IRS has continually audited a much higher percentage of sole proprietor tax filings than corporate filings. In 2004, 1.86% of sole proprietors with earnings of >$100K were audited, where only .19% of S-Corporations were audited… So, you’re ten times more likely to be audited if you are a sole proprietor. Establish a Professional Identity Many small businesses choose to incorporate or form an LLC to prove their legitimacy to both customers and suppliers. Including the “Inc.” or “LLC” at the end of your business name in all marketing and communications can help to separate you from the competition. Raise Capital I f you are looking to raise capital, incorporating or forming an LLC also increases the legitimacy of your company from an investor’s standpoint. Investors are interested in making sure they are investing in a sound business – one that has adhered to the proper formalities (whether you’ve formed a corporation or an LLC).
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