Doesn’t really matter for tax purposes. Currently (2023) the LLC appears to be the better option However, If you want to be an S-Corp good. If you prefer LLC elect to be taxed as a corporation and file S-elections. Same tax return either way. There are some minor cost differences depending on what state and type of entity you chose and your lawyer might have recommendations to address legal concerns but being taxed as an entity rather than an individual will always save you money.

NO. If you are not incorporated and earn your money by freelancing you are paying 20 to 30% more in tax than you have to.  If you gross 30k or more your administrative expenses (our fees and state fees) will be less than the tax savings.  Over 30k in gross earnings you enjoy the tax savings with no additional costs.

All or as much as you want with the focus of favorable tax compliance! We offer full tax and management services. If you want nothing to do with the process, we can fully manage your account including bookkeeping, billing clients, collecting payments, paying bills and filing your taxes.  PTA does NOT bill by the hour.  Most clients will pay our standard rate for the service requested.  Fair and balanced billing that encourages you to communicate with us.

If we can’t save you more than the cost of our service, then we won’t recommend our service. The BEST part is that you can find out FOR FREE!  We only charge you when you file your tax return.  If you chose not to file a return, we prepared with you for any reason you do not pay.  That is how we ensure you will be happy with our service and advise.

Yes, click free consultation and schedule a time.  Choose three names for your new business in preference order.  Have them ready for your call! Let our team of experts do the rest.  Once we complete the documents needed, you will need to open a new business checking account.  That is all you need to do to ensure proper compliance and amazing tax results. Just make sure you don’t skip step one – Schedule that consultation today!

1. Preparer shall assist Client in preparing a response to any audit as a result of returns prepared by Preparer

Preparer will provide the following services:

• Review the tax authority notice or inquiry and explain what the inquiry means.
• Help research issues involved.
• Assist the Client in assembling documents and records for the audit.
• Explain to the client what to expect during the audit.
• Review the audit findings and explain them to the client.
• Explain the appeal process and other options available to the client in the event the Client disagrees with the tax authority’s findings.

2. For the additional sum of $65 (Individuals Return) and $95 (Business Returns), at the time the return is prepared, Preparer can provide representation to the Client. Preparer will provide the following services when representing Clients:

• Communicate directly with the tax authority on the Client’s behalf.
• Answer questions for the taxing authority about the preparation of the Client’s tax return
• Act on and assert arguments on the Client’s behalf.
• Challenge the tax authority’s position if necessary.
• Follow up regarding any outstanding issues or further documentation that has been requested
• Research any issues that may come up during the audit. 
• Meet again with the tax authority to resolve any further issues.
• Negotiate and settle claims with the tax authority. 
• Assist with the appeals process.

3. Client shall provide Preparer with a letter of Engagement and a Power of Attorney in order for preparer to represent Client.

4. Preparer shall provide tax advice only. Client shall consult with an Attorney of his or her choosing forlegal advice

Quality bookkeeping is crucial for small businesses for several reasons listed below.  Our tax team will tell you the main benefit is it allows us to help you build supporting documentation for the deductions you want to enjoy which is critical in assessing risk.  :

1. Accurate Financial Records: Quality bookkeeping ensures that your financial records are accurate and up-to-date. This accuracy is essential for making informed business decisions and maintaining financial stability.
2. Compliance: Small businesses are often subject to various tax regulations and reporting requirements. Quality bookkeeping helps you stay compliant with tax laws and regulations, reducing the risk of penalties and legal issues.
3. Budgeting and Financial Planning: When you have reliable financial records, you can create realistic budgets and financial forecasts. This allows you to set goals, allocate resources effectively, and plan for the future.
4. Business Performance Analysis: Bookkeeping provides valuable insights into your business’s performance. You can track income and expenses, identify trends, and measure key performance indicators (KPIs) to assess how your business is doing over time.
5. Cash Flow Management: Maintaining accurate records helps you manage your cash flow effectively. You can track when payments are due, identify cash flow gaps, and plan accordingly to ensure you have enough liquidity to cover expenses.
6. Tax Efficiency: Proper bookkeeping can help you identify opportunities for tax deductions and credits, ultimately reducing your tax liability. This can result in cost savings for your small business.
7. Financial Transparency: Transparent financial records can build trust with investors, lenders, and partners. It makes it easier to secure funding or loans when needed and fosters confidence in your business’s financial health.
8. Risk Management: Quality bookkeeping can help you identify financial risks early on. By monitoring your financial data, you can take proactive steps to address issues and avoid financial crises.
9. Audit Preparedness: If your business is ever audited, having well-organized and accurate financial records can make the process smoother and less stressful. It demonstrates your commitment to compliance and transparency.
10. Business Growth: As your small business grows, quality bookkeeping becomes even more critical. It provides a solid foundation for scaling your operations, seeking investment, and expanding into new markets.
11. Legal Protection: Proper bookkeeping can protect you legally in case of disputes or legal issues. It serves as evidence of your business’s financial transactions and can be valuable in resolving disputes or legal matters.
12. Valuation: If you ever plan to sell your business or seek investors, accurate financial records are essential for determining your company’s value. Quality bookkeeping can help you maximize the value of your business.

In summary, quality bookkeeping is the backbone of sound financial management for small businesses. It not only ensures compliance and financial accuracy but also provides the data and insights needed to make informed decisions and achieve long-term success.

Our affordable bookkeeping service takes the hassle out of financial record-keeping. With our proprietary software, financial institutions send us transactions, which we categorize and reconcile each month. This frees up your time to focus on growing your business and ensures accurate, stress-free bookkeeping.

Our expertise lies in assisting clients who have missed filing tax returns for several years. We’ll guide you through the process, ensuring accurate filings and helping you resolve any outstanding tax issues. We can access most of the information needed to resolve back tax issues without you providing any documents.  We can get most directly from the IRS.  Get back on track with your taxes today.

Yes, we can help you with filing your sales tax. We have expertise in tax compliance and can assist you in understanding your sales tax obligations, collecting, and remitting sales tax, filing the necessary returns, and ensuring that you remain compliant with local tax laws. If you’re looking for professional assistance with sales tax filing, consider reaching out to a qualified tax professional or firm in your area to discuss your specific needs and requirements.

Yes, the IRS generally requires S-corporations to pay officer compensation. S-corporations are a type of business entity that allows pass-through taxation, meaning the company’s profits and losses are passed through to the shareholders’ personal tax returns. To maintain this tax status and avoid potential IRS scrutiny, S-corporations must adhere to specific rules, including paying reasonable compensation to officers who perform services for the company.

Determining what constitutes “reasonable compensation” can be subjective and may depend on factors such as the officer’s role, industry standards, and the company’s financial performance. It’s advisable for S-corporations to consult with a tax professional to help determine and document what is considered reasonable compensation for their specific circumstances to remain compliant with IRS regulations.

Give us a call, we are here to help you.