Entity Formation and Tax Classification:
- Provide guidance on choosing the right business entity (LLC, S-Corp, C-Corp, or Sole Proprietorship) based on tax advantages.
- Assist with proper tax classification to minimize liabilities and maximize tax benefits.
Tax ID and Federal/State Registrations:
- Help obtain the Employer Identification Number (EIN) from the IRS.
- Register the business with relevant federal, state, and local tax authorities for income tax, sales tax, and payroll tax purposes.
Sales Tax and Payroll Setup:
- Assist in setting up systems for collecting, reporting, and remitting sales tax, including state-specific requirements.
- Help implement payroll tax systems, ensuring proper employee tax withholding and compliance with federal and state regulations.
Startup Expense Deduction Planning:
- Advise on how to maximize tax savings by identifying deductible startup and organizational expenses.
- Guide new businesses in tracking and documenting expenses for tax purposes from day one.
Ongoing Tax Compliance and Reporting:
- Set up a tax filing calendar for all required tax returns (quarterly estimates, sales tax, payroll tax, and annual income tax).
- Provide ongoing support to ensure that the business stays compliant with filing deadlines and tax obligations.
- These services help new businesses navigate the complexities of tax compliance while minimizing tax burdens from the beginning.