Expert Payroll Services Near Charlotte NC

Small Business Payroll Services

We setup and run your small businesses payroll.

Expert Payroll Services Near Charlotte NC

Making Payroll Simple

Comprehensive Payroll Solutions For Your Business

With Bluprint CPA's comprehensive payroll solutions, making payroll simple is our priority. We handle accurate employee compensation calculations, timely tax filings, and ensure compliance, so you can focus on running your business. Experience seamless payroll management with our trusted services.

Never Overpay Tax Again

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Book a no-cost tax strategy call where we'll analyze your tax return & accounting to find opportunities to reduce taxes.

Expert Payroll Services Near Charlotte NC

Payroll Services Your Business Deserves

Say Goodbye To Payroll Headaches

Say goodbye to payroll headaches with Bluprint CPA's payroll services. We provide the payroll solutions your business deserves, handling everything from accurate employee compensation calculations to timely tax filings. Focus on growing your business while we take care of your payroll needs with expertise and precision.

BLUPRINT CPA | Charlotte | Matthews | Rock Hill

What Makes Our Accounting
Service Stand Out?

Maximize Your Tax Savings with Pro-Active Strategies

Lower Taxes by the Thousands

Throughout the year, we'll identify and implement aggressive tax reduction strategies so you never overpay.

We'll Do It Right The First Time

Every week we'll keep your bookkeeping up to date, done to perfection, while building the foundation to scale & grow.

Avoid Hiring Unnecessary Staff

Our outsourced team will handle the accounting & bookkeeping, so you can reduce administration costs.

Avoid Costly Mistakes

Don't get caught up in audits or red tape because you're making mistakes. We're highly trained Certified Public Accountants that carefully avoid mistakes.

Super Responsive Service

You deserve prompt service when you call, and we'll also have pro-active communication throughout the year.

We're Never Too Busy

Typical accountants get so busy helping individuals, that they can't provide in-depth, hyper-focused service to small business. We're completely focused on entrepreneurs & businesses.

Avoid Mistakes & Avoid Audit Red Flags

Accurate Payroll Processing in North Carolina

Ensure your payroll is error-free and audit-proof with Bluprint CPA's accurate payroll processing services in North Carolina. Our meticulous attention to detail and compliance expertise help you avoid costly mistakes and audit red flags, giving you peace of mind and confidence in your payroll operations.

Expert Payroll Services Near Charlotte NC

Say Goodbye to Payroll Headaches

Proactive Leadership In Finances

Say goodbye to payroll headaches and gain peace of mind with Bluprint CPA's proactive leadership in finances. Our comprehensive payroll solutions ensure accurate and timely payroll processing, tax compliance, and employee compensation, freeing you to focus on growing your business and leaving the payroll worries behind.

Get Back to Business & Let Us Handle the Books

Maximize your time and productivity by entrusting your accounting & bookkeeping needs to our team of experts. We'll keep your finances in order while you focus on growing your business.

Small Business CPA Tax Bookkeeping & Accounting

All-In-One Business Support

With our integrated comprehensive solutions for tax, accounting, payroll, and
bookkeeping, we help small businesses streamline their
financials, save money, & stay focused on growth.

Expert Payroll Services Near Charlotte NC

North Carolina's Premier Payroll Processing Firm

Simplify Your Payroll with Expert Solutions

When it comes to payroll processing, you need a trusted partner who can handle the intricacies of payroll management with precision and efficiency.

At Bluprint CPA, we are North Carolina's premier payroll processing firm.

We specialize in providing comprehensive payroll solutions tailored to the unique needs of businesses in the region.

With our expertise and dedication to accuracy, you can streamline your payroll processes and focus on what matters most – growing your business.

Tailored Payroll Solutions for Small Businesses

Charlotte, NC Small Business Payroll Services

As a small business near Charlotte, NC, managing payroll can be a daunting task.

Our small business payroll services are designed to simplify the process and ensure compliance with tax and labor regulations.

From calculating accurate employee compensation to handling tax withholdings and direct deposits, we handle it all.

With Bluprint CPA as your payroll partner, you can rest assured that your payroll processes are in expert hands, allowing you to save time, reduce errors, and mitigate payroll-related risks.

Trusted Payroll Solutions for Business Owners

Partner with Us for Your Payroll Needs

Partnering with Bluprint CPA for your payroll needs comes with a host of benefits.

Our experienced team of payroll professionals takes care of every aspect of payroll processing, ensuring accuracy and timeliness.

We stay up-to-date with the latest tax regulations and labor laws, so you can have peace of mind knowing that your payroll is in compliance.

By entrusting us with your payroll, you can save time, reduce administrative burdens, and allocate your resources more effectively.

Save Time & Money

Cotswold NC | Efficient Payroll Solutions for Cost & Time Savings

Outsourcing your payroll to Bluprint CPA can save you valuable time and money.

Our streamlined payroll processes and advanced technology enable us to process payroll with speed and accuracy.

By eliminating the need for manual calculations and paperwork, you can free up valuable resources and focus on core business activities.

Our cost-effective payroll solutions ensure that you only pay for the services you need, without the overhead costs of maintaining an in-house payroll department.

Covering Tax Withholdings to Direct Deposits, We Handle It All

Comprehensive Payroll Services for Hassle-Free Processing near Montford NC

With Bluprint CPA, you can rely on us to handle every aspect of your payroll.

From calculating and managing tax withholdings to facilitating direct deposits, we take care of the entire payroll process.

Our expertise ensures accurate payroll calculations, timely tax filings, and adherence to compliance requirements.

With our comprehensive payroll services, you can eliminate payroll-related stress and focus on driving your Montford NC business forward.

Expert Payroll Services

Local Payroll Solutions for Cotswold NC Businesses

If you are a business owner near Cotswold, NC, seeking expert payroll services, look no further than Bluprint CPA.

Our local presence enables us to understand the unique needs of Cotswold businesses and provide tailored payroll solutions.

We are committed to delivering exceptional service and building lasting relationships with our clients.

While we love helping small businesses near Cotswold NC, we also humbly service across North Carolina including:

With our local expertise, you can trust that your payroll is in capable hands, allowing you to run your business smoothly and efficiently.

Bluprint CPA offers is the premier payroll processing company in North Carolina.

By partnering with us, you can simplify your payroll processes, save time and money, and ensure compliance with tax and labor regulations.

With our expertise and comprehensive payroll solutions, you can focus on growing your business while we handle your payroll needs.
Contact us today to discover how we can streamline your payroll operations and provide you with the peace of mind you deserve.

SPEAK WITH A TAX EXPERT

919-608-7299

book a tax strategy call

We Fight to Reduce Taxes & Scale Your Business

Don't let taxes hold your business back.
Let us fight for you and create a customized plan
to reduce your tax burden and drive growth.

Expert Payroll Services Near Charlotte NC

Hassle-Free Charlotte NC Business Tax Planning & Strategy

Stress-Free Processing

At Bluprint CPA, we provide stress-free processing to help you navigate the complex world of taxes with ease.

Our team of experienced professionals takes care of all the intricate details, ensuring that your business near Charlotte NC remains compliant and optimized for tax savings.

With our expertise and personalized approach, you can focus on what you do best – running your business – while we handle your tax planning and strategy.

Small Business Focused Services

Tailored Solutions for Small Businesses near Montford NC

As a small business owner near Montford NC, you have unique needs when it comes to tax planning and strategy and that's why we offer specialized services specifically designed for small businesses.

Our team understands the challenges you face and works closely with you to develop customized strategies that maximize your tax benefits and position your business for growth.

From identifying deductions to implementing tax-saving techniques, we ensure that you receive personalized attention and expert guidance every step of the way.

Expert Payroll Management for Peace of Mind

Keep Your Payroll Organized & Up-to-Date

Managing payroll can be a time-consuming and error-prone task for businesses.

Our team at Bluprint CPA is here to keep your payroll organized and up-to-date, so you can focus on more important aspects of your business.

We handle all aspects of payroll management, including accurate employee compensation calculations, tax withholdings, and timely payroll tax filings.

With our meticulous attention to detail, you can have peace of mind knowing that your payroll is in expert hands.

Streamlined Payroll Solutions

Simplify Payroll Processing | Myers Park, NC

In the fast-paced business environment of Myers Park, NC, it's crucial to have a streamlined payroll process.

At Bluprint CPA, we simplify payroll processing for businesses near Myers Park and help you stay compliant with payroll tax regulations.

Our team leverages advanced technology and efficient processes to ensure accurate and timely payroll calculations, direct deposits, and payroll reporting.

With our simplified payroll solutions, you can save time, reduce administrative burdens, and focus on what matters most – growing your business.

Keeping Payroll Organized

Accurate & Reliable Payroll Management

Keeping your payroll organized is essential for smooth business operations.

With Bluprint CPA, you can trust that your payroll will be handled with the utmost accuracy and reliability.

Our team is dedicated to maintaining meticulous records, ensuring that all payroll information is up-to-date and readily accessible.

We handle all the necessary calculations, tax filings, and compliance requirements, allowing you to have peace of mind and focus on running your business efficiently.

Strategic Tax Planning for Brewery Businesses

Top Brewery CPA Near Charlotte, NC

For breweries near Charlotte, NC, strategic tax planning is vital for financial success.

As a top brewery CPA, we understand the unique tax considerations and opportunities within the industry.

Our team works closely with brewery owners to develop comprehensive tax strategies that maximize deductions, reduce tax liabilities, and optimize profitability.

From tax planning to compliance, we provide expert guidance tailored to the specific needs of brewery businesses.

With our specialized knowledge and strategic approach, we help breweries thrive in a competitive market.

Bluprint CPA offers stress-free business tax planning and strategy services with a focus on small businesses and industries such as breweries.

We simplify payroll processing, keep your payroll organized and up-to-date, and provide tailored solutions for small businesses.

With our expertise and personalized approach, you can navigate the complexities of taxes with ease, ensuring compliance and maximizing tax benefits.

Partner with us and experience peace of mind, knowing that your business is in capable hands.

North Carolina's Most Trusted Business CPA, Tax, Bookkeeping, & Payroll Company

We understand the unique challenges faced by businesses in North Carolina, and we offer streamlined payroll solutions to simplify your payroll processing and ensure compliance with payroll tax regulations.

With Bluprint CPA, you can trust that your payroll will be accurate, reliable, and organized, allowing you to focus on other critical aspects of your business.

Don't settle for rushed tax accountants or generic payroll services.

Choose Bluprint CPA for our tailored approach, industry expertise, and commitment to delivering exceptional value.

Let us handle your business tax planning, payroll processing, and financial management, so you can concentrate on what you do best – building and growing your business.

Contact us today to schedule a consultation and experience the difference of working with a trusted partner who is dedicated to your success.

Tax Accountant near Charlotte NC

We love serving
North Carolina
small businesses.

We are proud to serve the diverse communities across North Carolina. From small towns to bustling cities, our team is dedicated to providing exceptional accounting services and supporting local businesses in achieving their financial goals. Together, we contribute to the growth and prosperity of North Carolina communities.

Expert Payroll Services Near Charlotte NC

North Carolina's Best Payroll Processing Firm

Streamlined & Reliable Solutions for Small Businesses

Running a small business in North Carolina comes with its own set of challenges, and managing payroll can be a time-consuming and complex task.

At Bluprint CPA, we understand the importance of efficient payroll processing for small businesses.

Our dedicated team of payroll experts ensures that your employees are paid accurately and on time, allowing you to focus on growing your business.

Stay on Top of Payroll

Efficient Payroll Solutions for Small Businesses near Charlotte NC

Keeping up with payroll can be overwhelming, especially as your Charlotte NC business grows.

Our comprehensive payroll services are designed to help you stay on top of your payroll responsibilities.

From accurately calculating employee wages and deductions to processing payroll tax filings, we handle all aspects of payroll administration.

With Bluprint CPA by your side, you can have peace of mind knowing that your payroll is in capable hands.

Crafting Tax Efficiency for Craft Beverage Producers

Bookkeeping, Payroll, and Tax Strategies for Breweries & Distilleries near Matthews NC

Bluprint CPA understands the unique tax challenges faced by breweries and distilleries.

Our tax planning services are tailored to the craft beverage industry, helping you navigate complex tax regulations, identify available credits and deductions, and optimize your tax position.

We also offer comprehensive bookkeeping and attestation services to ensure accurate financial records and support your tax strategy.

With our expertise, you can achieve tax efficiency, minimize liabilities, and focus on what you do best – crafting exceptional beverages and growing your brewery or distillery business.

Employee Onboarding, Simplified

Expert Payroll Services & New Employees

Hiring new employees is an exciting milestone for your business, but it also means additional responsibilities when it comes to payroll.

Our payroll services include seamless onboarding for new employees, ensuring that they are set up correctly in the payroll system and that all necessary paperwork is completed accurately and efficiently.

We handle the entire onboarding process, allowing you to focus on integrating new team members into your business.

Cost-Effective Payroll Services Near Montford, NC

As a small business near Montford NC, controlling costs is crucial to your success.

We offer cost-effective payroll services that provide exceptional value for your investment.

Our streamlined processes and advanced payroll software enable us to offer competitive pricing without compromising on the quality of our services.

With us, you can save time and money while ensuring accurate and compliant payroll processing.

Integrated With Our Other Accounting Services

Full-Service Payroll, Bookkeeping, Tax, & Business Strategy Services near Cotswold NC

One of the advantages of partnering with Bluprint CPA is our integrated approach to accounting services.

We understand that payroll is just one piece of the financial puzzle for your Cotswold NC business.

Our payroll services seamlessly integrate with our other accounting services, including bookkeeping, tax planning, and business strategy.

This integration ensures that all aspects of your financial management are aligned and optimized for maximum efficiency and success.

Construction Contractor Payroll Processing Services

For construction contractors, payroll processing can be particularly challenging due to factors such as prevailing wage rates, union requirements, and job costing.

We have extensive experience in handling payroll for construction contractors.

Our team is well-versed in the unique payroll needs of the industry and can provide accurate and compliant payroll processing tailored to your specific requirements.

Partner with Bluprint CPA for Your Payroll Needs

Choosing the right payroll services provider is crucial for the success of your small business.

With Bluprint CPA, you can trust that your payroll needs are in expert hands.

We offer efficient, cost-effective, and integrated payroll solutions that save you time, money, and headaches.

Focus on what you do best – growing your business – and let us handle your payroll with precision and efficiency.

Contact us today to schedule a consultation and experience the difference of working with a trusted partner committed to your success.

Expert Guidance & Peace of Mind

Gain confidence and security with our expert guidance and accounting services. Experience the reassurance of having a trusted advisor by your side.

FAQs

Looking for answers to common accounting, bookkeeping, and tax questions? Browse our frequently asked questions to find the information you need.

What are the payroll tax forms that a business needs to complete yearly?

Form NC-5

In North Carolina, all employees are required to complete the Employee's Withholding Allowance Certificate.

This form helps determine the amount of state income tax that should be withheld from their paychecks.

Form NC-3

It's used to report the total amount of state income tax that was withheld from employees' paychecks throughout the year.

The form is basically a summary of all the income tax that was taken out of employees' pay, and it helps the state keep track of how much money has been collected.

Form NC-4

Upon starting a new job, your employer will hand over a form to you, which requires certain personal details such as your marital status, the number of dependents and eligible deductions

This form helps your employer calculate the accurate amount of state income tax to be withheld from your paycheck

The main objective of this form is to ensure that you neither overpay nor underpay your state income tax during the year.

Form NCUI 101

Businesses are required to file this form every quarter to report the total amount of wages paid and the unemployment taxes owed.

The information on this form is used by the state to determine the amount of unemployment benefits that should be paid to eligible workers.

Form W-2

Form W-2 is a tax form that employers in the United States are required to give to their employees every year.

The form summarizes the amount of money an employee earned throughout the year and the taxes that were withheld from their paychecks.

Employers must provide Form W-2 to their employees by January 31st of the following year, and the employees must use it to file their income tax returns with the Internal Revenue Service.

How does an accountant different from a certified public accountant?

An accountant is a qualified expert who focuses on managing, categorizing, and interpreting financial data for individuals or organizations.

They deliver services such as bookkeeping, preparing financial statements, and filing tax returns.

A certified public accountant (CPA) is an accountant who has completed specific education, work, and test criteria to secure a license from a state board of accountancy.

Along with handling accounting duties, a CPA can conduct audits, examine financial statements, offer tax planning and consulting services, and represent clients before tax agencies like the IRS.

What are some typical methods that business owners in North Carolina use to lower their taxes?

Take advantage of tax deductions

Businesses can decrease their tax bills by utilizing tax deductions, which are expenses that businesses can subtract from their income, such as rent for office space, equipment purchases, employee salaries and benefits, travel expenses, advertising and marketing expenses, and charitable donations.

By accumulating and tracking these expenses throughout the year, businesses can enhance their deductions and decrease their taxable income.

For instance, if a business made $100,000 but had $20,000 in deductible expenses, their taxable income would reduce to $80,000, reducing their taxes.

It's crucial to note that businesses need to fulfill specific requirements to be eligible for tax deductions and that not every expense is deductible.

Use tax credits

Tax credits can be more advantageous than tax deductions since they directly reduce the amount of taxes a business owes.

Tax credits work as a dollar-to-dollar deduction in the tax amount.

For businesses in North Carolina, various tax credits are available if they do specific things, such as employing new workers, investing in sustainable energy, or undertaking research and development.

However, to be eligible for these tax credits, businesses must complete criteria and adhere to specific regulations.

Maximize retirement plan contributions

To save money on taxes, businesses can maximize their retirement plan contributions.

Employees may allocate a portion of their earnings to retirement plans, such as 401(k)s or individual retirement accounts (IRAs), which brings down their taxable income.

Likewise, employers can contribute to their staff members' retirement plans, which can be tax-deductible for the business.

By offering retirement plans and contributing to them, businesses can reduce their taxable income, ultimately minimizing the taxes they are liable to pay.

Keep track of inventory

Maintaining accurate inventory records is important for businesses to keep track of the products they have in stock.

It helps them avoid making errors while reporting excess inventory as income, which would result in paying more taxes.

Besides, proper inventory management assists businesses in identifying slow-moving or outdated products.

This knowledge helps them make informed decisions, prevent losses, and stay profitable.

Structure the business as a pass-through entity

One way that business owners can lower their taxes is by structuring their business as a pass-through entity.

A pass-through entity is a type of business structure where the business income is not taxed at the corporate level, but instead "passes through" to the owners and is reported on their personal income tax returns.

This can result in lower taxes for business owners because the tax rate for individuals may be lower than the tax rate for corporations.

Additionally, pass-through entities may be eligible for certain deductions and credits that are not available to corporations.

However, it's important to note that the specific tax benefits of a pass-through entity will depend on various factors such as the business's income, expenses, and structure.

What's required to start a landscaping business?

Starting your own landscaping business requires some basic equipment, knowledge, and most importantly passion.

You can choose between working under your own name for tax purposes or filing for a DBA to establish a business name.

If you're a sole proprietor, you can use your personal bank account and don't need to obtain an EIN from the IRS.

However, since accidents are a looming risk when using heavy machinery on clients' properties, it's highly recommended to set up an LLC to protect your personal assets from any possible lawsuits.

An LLC ensures that only your business assets can be collected in case your company faces any legal claims.

To establish an LLC, you need to file for an EIN from the IRS website and open a separate bank account.

Keeping your personal and business finances separate is crucial to enjoy the benefits of liability protection that come with an LLC, as failing to do so might make your personal assets vulnerable to court action.

What financing choices do I have for funding my business expansion or capital investments?

If you're considering funding for your business expansions or capital investments, there are several financing options to choose from.

Some choices are:

1 - Business Loans

Business loans are a reliable way to access funds necessary to expand your business.

In essence, you borrow money from a lender and repay it over time with interest.

Business loans are offered by banks, credit unions, and other financial institutions.

You can use the money to invest in your business, such as purchasing new equipment or expanding your workforce.

To apply for a business loan, you typically need a solid business plan and an excellent credit history.

2 - SBA Loans

SBA loans are available through lenders such as banks and credit unions, and are backed by the U.S. Small Business Administration.

SBA loans have some advantages over traditional business loans, such as requiring lower down payments, having longer repayment periods, and more flexible eligibility criteria

Furthermore, SBA loans typically have lower interest rates, which can be beneficial for small business owners who may not qualify for traditional loans.

3 - Crowdfunding

Crowdfunding is an excellent way to raise money for your business by getting support from a large group of people through an online platform.

These people can be anyone who is interested in your business idea and willing to contribute financially, including friends, family, and even strangers.

Crowdfunding comes in different types, such as rewards-based crowdfunding where supporters get a product or service in return for their contribution, or equity crowdfunding where supporters get a share of ownership in your business.

One of the major benefits of crowdfunding is that it enables you to access a wider audience of potential investors that might not be reachable through traditional financing options.

Additionally, crowdfunding can function as a way to test the market and receive vital feedback from potential customers.

4 - Venture Capitalists

Venture capitalists are investors who fund startups or small businesses that have high potential for growth, in exchange for a portion of the ownership in the company.

They usually invest in businesses with unique products or services, a capable team, and the potential to scale quickly

To secure venture capital funding, you'll need a well-defined business plan, a clear roadmap for growth, and a management team with a proven track record.

Venture capitalists will also typically want to see evidence of customer interest and market traction.

Can you provide assistance with financial forecasting and budgeting for my landscaping business?

I am skilled in providing financial forecasting and budgeting services for landscaping business owners.

My services involve analyzing your past financial performance, assessing your current financial state, and identifying future goals to create a comprehensive financial roadmap for your business.

I can assist you in identifying possible revenue streams and cost-saving opportunities, as well as developing strategies to enhance cash flow and profitability.

This process may involve creating financial statements, projecting income and expenses, and establishing a budget that aligns with your business objectives.

Furthermore, I can also help you keep track of essential performance indicators (KPIs) to monitor your business progress and make informed decisions.

What is the best way to structure my business for tax purposes?

There are a variety of factors you need to consider in order to know the best way to structure your business.

Schedule a consultation with us and we can discuss further to help you!

Can I deduct my website as an expense?

Certainly, you can deduct website expenses on your taxes if they are necessary and ordinary business expenses.

What tax forms do I need to give my contracted workers?

If you're an employer, it's important to give certain tax forms to your freelancers or independent contractors.

The most common tax form needed is Form 1099, which provides a record of the total payment made to the contractor in a tax year.

You have to give Form 1099 to any contractor who made $600 or more during the tax year for work they did for your trade or business.

What is an outsourced accountant?

An outsourced accountant is a professional accountant or accounting firm that a company hires to complete various accounting tasks remotely.

Rather than employing an in-house accountant, the company hires the outsourced accountant to manage financial tasks including bookkeeping, payroll, tax preparation, and financial analysis.

This approach can save businesses both time and money by outsourcing tasks to an expert who can complete them at a lower cost while providing high-quality services.

Outsourcing accounting work also allows companies to concentrate on their primary business operations.

Should I hire a year-round CPA for my business?

If your business is intricate and needs consistent financial management, it could be advantageous to hire a year-round CPA.

They can offer you continuous financial guidance and support and help you maintain precise financial records, while also preparing and submitting tax returns, and developing strategic plans for your business.

But if your business is relatively simple and you only require financial guidance once in a while, you may be able to work with a CPA as needed or outsource your accounting requirements to an accounting firm.

This alternative is generally more cost-effective than hiring a year-round CPA.

Outsourced Accounting vs Traditional Accounting

Outsourcing accounting involves hiring an external accounting firm or professional to manage financial tasks remotely.

On the other hand, traditional accounting involves employing an in-house accountant or team to manage financial tasks on-site.

Whether to opt for outsourced or traditional accounting depends on your business's specific goals and requirements.

Outsourced accounting can provide cost savings and access to specialized expertise, while traditional accounting can offer more direct control and supervision.

What is the process for tracking business travel expenses?

Tracking business travel expenses typically involves gathering all the necessary receipts and documenting the purpose and particulars of each expense.

This information is then recorded in a tracking system like a spreadsheet or accounting software to generate an expense report.

The report should cover all essential information such as date, location, amount and reason for each expense, and must be claimed for repayment according to the company's expense reimbursement guideline.

How do I pick the right insurance for my brewery?

To select suitable insurance for your brewery, it's crucial to evaluate your specific risks and insurance requirements.

In general, the types of insurance that could be applicable to your brewery include property, general liability, liquor liability, and workers' compensation insurance.

To receive the best advice possible, you may want to work with an insurance agent experienced in the brewing sector.

They can help you comprehend the necessary types and amounts of coverage you might require.

Additionally, they can assist you in comparing policies and premiums from different insurance providers to find the best coverage for your brewery.

Regularly reviewing and updating your insurance coverage as your business evolves and changes is also essential.

How do I file my business taxes?
How to choose a tax accountant for my small business?

You're going to want to go with a tax accountant that is a certified public accountant, the certification shows they can provide you with reliable and accurate advice.

Having a tax accountant that is knowledgeable in your industry may help with knowing different tax strategies specific to your industry.

Do some research on the accountant and see what other businesses they have helped and determine if they are a reputable reference. A responsive accountant is someone who answers your questions and helps you in a timely manner.

How much should I save for taxes?

The general rule is that if you're self employed that you should set aside 25-30% of your income to pay for taxes. When you are a business owner or self employed individual, you'll want to plan for both income tax, as well as self employment tax which includes both social security tax and medicare tax. We work with our clients to pay in their estimated taxes throughout the year according to a tax reduction plan that we will create.

Save 15.3% for the self employment taxes, and then you'll want to also save for your income tax, which will be based upon your combined income on form 1040.

It's also important to ensure you have a business bank account.  You should have you income flow into your business bank account, and then pay yourself out of that business bank account.

How do I report deductions used for my home office?

You can report your deductions used for your home office when you are filing your regular tax return. The form that is need is Form 8829, Part of Your Home Used for Business.

How is a S-Corp taxed?

S-Corporations are not taxed, but instead, the profits from the S-Corporation will flow through to the individual, which is why S-Corps are called "passthrough entities".

Can I claim deductions without receipts?

Yes you can claim deductions without receipts, however it is not recommended to do so. If you were to get audited you would need to prove you bought these for your business. In general, it's wise for a business owner to track their mileage and then make sure you've kept note of purchases using either your bookkeeping system or keep receipts.  Generally speaking, the main receipts you might want to keep are those for meals etc.

You should always track mileage and you should also ensure that you keep track of business use of major purchases such as your home office, your vehicle, trailers, storage etc.

Still have questions?

Feel free to contact our team of tax experts today for a consultation and get the answers you need to elevate your business to new heights.