Protection Plus Audit Assistance
*Fee can be deducted from Refund.
- Last year, the IRS sent out over 5 million automated audit inquiries.
- In 2014, 1 out of every 14 Americans had their identity stolen.
- These are frightening experiences and they can happen to you.
- We have partnered with Protection Plus to provide our clients with
access to their experienced professionals to help our clients when
they need it.
- Many of our clients choose this benefit for the peace of mind it provides and
we recommend you do the same.
- We recommend that you include Protection Plus with your return to be
sure you have access to experienced professionals to help you in the
event of an IRS Audit or Identity Theft Incident.
Office Visit - Evaluation and assessment of managing requirements, follow ups and recommendations for maintaining everyday operations of business.
Initial phone inquiry and assessment determines office visit evaluation.
*Fees are subject to entity: Sole Proprietor, Partnership, LLC, S Corporation, C Corporation, Nonprofits.
Self-Prepare your Individual or Business Tax Return and we electronically file it for you.
*Preparation Fee applies if Refund or Liability is different from your results.
When starting a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also payroll taxes.
There are four general types of business taxes:
1. Income tax - The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. An employee usually has income tax withheld from his or her pay. If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax.
2. Self-employment tax - Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Your payments of SE tax contribute to your coverage under the social security system. Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits.
*Generally, you must pay SE tax and file Schedule SE (Form 1040) if either of the following applies.
- If your net earnings from self-employment were $400 or more.
- If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an
exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108.28 or more in wages from the church or organization.
3. Employment tax - As an employer you have certain employment tax responsibilities that you must pay and forms you must file. Employment taxes include the following:
- Social security and Medicare taxes
- Federal income tax withholding
- Federal unemployment (FUTA) tax
4. Excise tax - You may have to pay excise taxes if you do any of the following:
- Manufacture or sell certain products.
- Operate certain kinds of businesses.
- Use various kinds of equipment, facilities, or products.
- Receive payment for certain services.
The type of taxes your business pays usually depends on which type of business you choose to set up. You may need to pay your taxes by making estimated tax payments.
*Must provide PRIOR year business tax returns.
What you need to bring (individual circumstances subject to additional documentation):
- Social Security Cards (yourself, spouse, children and other dependents).*
- Government-Issued picture ID.
- Copy - (2) prior years tax returns.
- Expenses (paid in year filing).
- Childcare information (providers EIN & payment receipts).
- Voided check and/or savings account information for direct deposit.
- 1098 (student loan interest, mortgage interest and/or property tax).
- 1099 (interest, dividends, unemployment, government and miscellaneous income).
*Taxpayers are REQUIRED to provide social security cards for all dependents in household.
Affordable Care Act (ACA)
The Affordable Care Act (ACA), is health insurance coverage and financial assistance options for individuals and families, including the
premium tax credit. It also includes the individual shared responsibility provision and coverage exemptions from that provision.
- Have qualifying health care coverage, also called minimum essential coverage (Under the ACA, minimum essential coverage is a health care plan or arrangement specifically identified in the law as minimum essential coverage), or
- Qualify for a coverage exemption, or
- Make an individual shared responsibility payment when filing their federal income tax return. Taxpayers will report minimum essential coverage, report or claim exemptions, or make any individual shared responsibility payment when filing their federal income tax return.
Taxpayers whose entire tax household had minimum essential coverage for each month of their tax year will indicate this on their federal income tax
return by checking the box on their Form 1040, 1040A, or 1040EZ. No further action is required.
Taxpayers who did not maintain minimum essential coverage for each month of their tax year may claim a coverage exemption.
Form 8965, Health Coverage Exemptions must be used to claim exemptions or report exemptions granted by the Marketplace.
Taxpayers who did not maintain minimum essential coverage for each month of their tax year, or qualify for an exemption from coverage will make a
shared responsibility payment. Taxpayers should use the worksheets located in the instructions to Form 8965 to calculate the individual shared
responsibility payment amount due. The shared responsibility payment amount due is reported on Form 1040, line 61 in the Other Taxes section, and on
Most taxpayers have qualifying health care coverage for all 12 months in the year, and will check
the “Full-year coverage” box on their return.
If a taxpayer or a member of the taxpayer’s family enrolled in a qualified health plan through the Marketplace, the taxpayer must reconcile any advance
credit payments with their actual premium tax credit on:
• Form 8962, Premium Tax Credit. If excess advance credit payments were made on a taxpayer’s behalf, the taxpayer will enter the excess amount of advance credit payments on the tax return and increase tax liability by the excess, subject to a repayment cap if the taxpayer’s household income Is under 400% of the FPL, when filing his or her federal income tax return.
• Form 1095-A will contain the information necessary to complete Form 8962, Premium Tax Credit.
The net premium tax credit is claimed in the Payments section of the federal income tax return. Any excess advance credit payments are entered in the
Tax and Credits section of the federal income tax return.
Documentation you should receive. If you, or a member of your family were enrolled in health insurance during the year through a Marketplace, you will receive a statement from the Marketplace early in the year relating to last year’s health insurance coverage. If you or a family member enrolled in non-Marketplace coverage, the health coverage provider or employer through whom you enrolled may provide a statement to you to help you accurately report health coverage information for you, your spouse and any dependents when you file your individual income tax return. These forms will also be provided to the IRS:
•Form 1095-A, Health Insurance Marketplace Statement •Form 1095-B, Health Coverage •Form 1095-C, Employer-Provided Health Insurance Offer and Coverage
You shouldn’t file these forms with your tax return but the information from them may help you complete your tax return.
Most people will get at least one form; however, you may get more than one depending upon your circumstances. You are likely to get more than one
form if you had more than one insurance plan or if you worked for more than one employer that offered coverage. You are also likely to get more than
one form if you changed coverage or employers during the year or if different members of your family received coverage from different providers.
- From estimated taxes to withholding, tax reform has a significant effect on your taxes.
- SALT – State and Local Income Tax
- Qualified business income deduction
- Meals and Entertainment Deduction
Tax reform affects retirement plans, tax exempt organizations and governments.
- Retirement Plan Loan Offsets
- Unrelated Business Taxable Income
- Tax Credit, Direct-Pay Bond
QuickBooks and /or Excel reporting for Compilation Reports - Financial Statements: Balance Sheet (Statement of Financial Position), Income Statement
(Statement of Revenues and Expenses), Statement of Owner's Equity (Retained Earnings or Equity), and Statement of Cash Flows.
Small Business Accounting Services (SBAS)
SBAS - A full service start-up package that includes a record keeping system plus all business taxes and payroll setup specific to your particular
There are five basic guidelines for your new businesses to get off to a good start:
1. Business Structure. As you start out, you’ll need to choose the structure of your business. Some common types include sole proprietorship, partnership and corporation. You may also choose to be an S corporation or Limited Liability Company. We’ll report your business activity using the IRS forms which are right for your business structure.
2. Business Taxes. Income tax, self-employment tax, employment tax and excise tax.
3. Employer Identification Number. You may need to get an EIN (Employer Identification Number) for federal tax purposes.
4. Accounting Method. An accounting method will determine when to report income and expenses. Your business must use a consistent method. The two most common are the cash method and the accrual method.
- 1) Under the cash method, you normally report income in the year that you receive it and deduct expenses in the year that you pay them.
- 2) Under the accrual method, you generally report income in the year that you earn it and deduct expenses in the year that you incur them. Even if you receive the income or pay the expenses in a future year.
5. Employee Health Care. The Small Business Health Care Tax Credit helps small businesses and tax-exempt organizations pay for health care coverage they offer their employees. A small employer is eligible for the credit if it has fewer than 25 employees who work full-time, or a combination of full-time and