Small Business Tax & Accounting

Too often we meet with clients who have never been advised of all the essential ways they can save money on taxes. This can stem from their business not being structured correctly or deductions that they never even considered! Many times, clients have even had tax preparers advise them NOT to claim certain deductions they are rightfully owed.

When you become a Polston Tax small business tax and accounting client, you’ll benefit from a year-end tax planning meeting with an experienced tax accountant. We’ll help you approach the upcoming fiscal year with a comprehensive strategy that can help you keep more of your hard-earned money.

When you come in for your tax planning meeting, we will review your tax returns, discuss in detail every aspect of your business and put a plan in place to reduce your tax burden. Depending on your situation, your strategy can focus on one or more of the following:

• Identifying all available deductions
• Offsetting capital gains by divesting assets that represent unrealized losses
• Restructuring your business income to create tax advantages
• Delaying the receipt of customer payments until after the start of the next fiscal year
• Expediting business expense payments

Our team of accountants work diligently to ensure your accounting is consistently current. This allows you to know each month exactly what income has been received and what expenses have been paid. This information is crucial in making proper business decisions as well as knowing how to improve your tax situation before the end of the year.

Outsourcing your bookkeeping to Polston Tax can provide multiple benefits for your small business. You’ll reduce the errors that can often occur when doing it yourself. You’ll also be able to make smarter decisions by having accurate, up-to-date financial information at your fingertips. We can easily scale our services as your business continues to grow and prosper.

Processing payroll can be challenging, even for companies with only a few employees. Requirements include calculating accurate compensation amounts, withholding taxes and generating a slew of reports to meet compliance requirements. This accounting area is also a source of scrutiny by federal and state tax authorities.

Because there are multiple filing requirements not only with the IRS but also state entities, our accountants can save you time and relieve stress! Payroll can be messy and costly if done incorrectly, so let us do it for you! We’ll remove the burden from your shoulders and allow you to focus on running your business.

Whether you operate your business as a sole proprietorship, partnership, corporation, nonprofit or LLC, you want to prepare your taxes accurately and ensure you’re not paying more than your fair share. You also want to meet all your filing deadlines for quarterly estimates and other relevant areas throughout the year.

Our team of Tax Preparers has incredible knowledge and experience in hundreds of industries and can make sure your returns are filed timely, correctly, and in a way that’s most beneficial to you and your business. We’ll also make sure you’ve classified your entity correctly to avoid the necessary overpaying of taxes.

Some small business owners who were once employees may not know to make quarterly estimated payments on the taxes they owe. Consequently, they may end up owing much more than expected at the end of the year. The IRS and state may also levy additional penalties when failing to make these payments on time.

We don’t want you to be surprised when you get your tax return. Our team of tax preparers will calculate your estimated tax return each quarter to ensure you can make decisions in the fourth quarter that will help reduce your tax burden before the year ends. You’ll have a better understanding of your business’s cash flow and manage it more efficiently throughout the fiscal year.

Distinguishing employees from independent contractors is confusing for companies of all sizes. Unfortunately, it’s not uncommon to see business owners who are inappropriately filing 1099s for their contractors. Considering the IRS penalties for these incorrect or late filings just increased, let us help you make sure this is done accurately and timely!

We can also assist you if you’re a worker who receives 1099 income. We’ll verify that the companies that receive your services classify your status correctly. We can also help you develop an effective strategy to reduce your tax burden as a self-employed individual.

Every state has different rules for sales tax which can be tremendously overwhelming. Our team is incredibly knowledgeable when it comes to these rules and can help make sure you don’t see huge penalties for incorrect sales tax reporting.

Although sales tax most often applies to the sales of tangible products, some states also impose it on businesses that offer services. We can determine if your company must pay the tax, even if you operate in multiple states. We can also identify the need to pay a “use” tax when purchasing equipment or inventory from an out-of-state seller that doesn’t charge a sales tax and other situations.