Business Forms
An accountable plan is a tax-advantaged way for businesses to reimburse their employees for business-related expenses. This plan allows for the reimbursement of expenses such as telephone, internet, home office, and travel. The advantage of an accountable plan is that if properly set up, all reimbursements are deductible by the business and considered non-income to owners.
Small Business and Self-employed
Completing a tax application is essential for clients who have a small business or self-employed income that needs to be filed along with their personal tax return. This application is specifically designed to provide tax professionals with all the necessary information they need to accurately file taxes for your business. By completing the application, you eliminate any assumptions and ensure that your business records are organized.
Completing a tax application is crucial for clients who have rental income that needs to be filed along with their personal tax return. This application is specifically designed to provide tax professionals with all the necessary information they need to accurately file taxes for your rental income. By completing the application, you eliminate any assumptions and ensure that your business records are organized.
Medical Expense Estimate Sheet
Use this worksheet to calculate your yearly medical expenses for possible tax deductions and better tax planning. Originally designed for HRA (Health Reimbursement Arrangement), the worksheet can be used to deduct qualified expenses with or without HRA plan. The main benefit of setting up an HRA is a dollar-for-dollar deduction through small business as employee benefit. However, if the taxpayer is using Itemized Deduction for tax purposes, he/she can still use medical expenses without HRA. Just remember, there might be additional limitations such as 7.5% AGI limitation.
Revocation of S-Corp Election.
This is a 2-page application that includes:
- Letter of Revocation of S-Corporation Election.
- Statement of Consent of LLC Members for S Election Revocation.
The application is filed along with Form 8832 when changing from LLC taxed as S-Corp to another tax structure. It’s important to note that proper filings ensure speedy IRS processing without delay.
Sample Reports
Tax projection is a process that involves estimating taxes for a current year. This is a valuable tool for clients to gain insight into their tax liability for the year. The primary benefit of tax projection is the ability to take a quick look at the numbers and estimates to anticipate a refund or balance due. This knowledge empowers clients to take action before the year-end to reduce their tax liability. For example, businesses can buy tools, equipment, or vehicles to take advantage of tax deductions, calculate bonus payroll, or prepare to make estimated payments to avoid any interest or penalty. In short, tax projection is a great benefit that enables clients to make informed decisions and take proactive measures to manage their tax liability effectively.
Determining reasonable compensation for owners of S-corporations is essential for complying with tax laws and ensuring the growth of the business. While payroll is an expensive way to compensate oneself from the business, it is a necessary requirement for S-corp. owners. The challenge for S-corp. owners is to strike a balance between paying themselves enough to comply with the legal requirements, while also leaving enough funds within the business to fuel its growth. Therefore, calculating a reasonable compensation requires considering various factors such as the owner’s qualifications, the nature of the business, and the level of responsibility and workload. By doing so, S-corp. owners can ensure that their compensation is reasonable, and the business can continue to thrive.
Sample Financial Statements
I have broken down the basic Financial Statements into 10 sections that summarize all the accounts. The purpose of revamping the Chart of Accounts is to focus on the bigger picture, such as the well-being of the business, the direction it’s headed, and the projections of your anticipated goals.
Personal Application
Dependents – Application (2022)
Completing a tax application is crucial for clients who have dependents that are claimed on their personal tax return. The tax application is a detailed form that captures all the relevant information your dependents. By filling out this application, you provide your tax professional with accurate and complete information, allowing them to file your taxes correctly and avoid any errors or discrepancies.