Business Tax Planning
We understand the challenges you face when preparing taxes for your business. As an owner, running a business means you have important obligations overseeing day-to-day operations, keeping your product relevant, taking care of your employees, and staying on top of marketing. Having to put aside additional time to do your yearly business tax preparation can be daunting. Our tax service does this work for you, so you can focus on your business knowing your taxes are being handled by a professional with your best interest at heart. We are here to protect your business and see you succeed.
How Do We Prepare Your Business Taxes?
After gathering your income information, we begin by estimating your quarterly tax payments. This diminishes the possibility that you will be subject to penalties. It is also crucial to separate any of your personal accounts from that of your business account. We also recommend you have an account that is solely used for taxes. By setting up this account, you can put money aside so it is available if and when you need it. We also help you organize and keep track of any business related travel and expenses that occur during these times. As a business owner, you can also open a health savings account. This allows you to deposit money pretax for any health care related expenses.
What You Need to Know About Quarterly Tax Payment Estimates
Depending on the type of business you own and how much you owe you may need to pay estimated taxes. When you own a business, you may not receive a paycheck like your employees do. This means that income taxes, Social Security taxes, and Medicare taxes are not withheld from payments. However, the IRS requires that these be paid during the year. Due to this requirement, paying estimated taxes is your best option as a business owner.
We calculate the amount of estimated tax to include the following requirements:
1. The income make from your business during the year
2. The total amount of self-employment tax you owe based on your income
The type of business you have also determines how your taxes are calculated. We deal with sole proprietors, partnerships, LLC, S-Corporations, Corporations, Trusts, and Non-Profit organizations. As experts we know how each of these businesses differ in tax requirements and what forms are necessary for filing. Having our experts take care of the intricacies of these taxes for you will save your business time and money. No matter what your business type, we look at your income from all sources. This includes your business and personal tax returns.
How Much Do I Have To Pay In Estimated Taxes?
This is a question we are often asked by our clients who own businesses. Simply put, you match your estimated taxes with your tax income. The important thing to remember is that you are required to pay enough tax in order to avoid being charged a penalty. We crunch the numbers for you and keep detailed records so you are never put in a position where you are at a risk of paying penalties. Even if our numbers show you are likely to receive a refund, these estimated taxes must be taken care of. We also make sure your 1040-ES and 1120-W are filled out correctly. These refer to your personal tax return and your corporation tax return.
How Should I Pay My Estimated Taxes?
You have options when paying your estimated taxes. You can pay by check. You can use the Electronic Federal Tax Payment System. You can use Direct Pay, which is linked to your bank account and credit card. If you choose to pay by check, we make sure you include the necessary payment voucher that is provided by the IRS. There are four vouchers because there are four quarterly payments.
How Do I Avoid Penalties?
We are your ally when it comes to avoiding penalties. The IRS charges penalties for underpayment and late payment of taxes. These penalties also are charged for estimated tax payments that should have been made. That being said, when you use our services, that will never happen to you or your business. By outsourcing your accounting, bookkeeping, and payroll, you will save yourself extra time and avoid frustration. You will be more efficient. Having the right experienced team working on your accounts can make all of the difference.
At FJ & Associates, we know that estimated tax payments can be complicated and seem overwhelming. We also know each business is unique and different. That is why we take the time to work with our clients one on one. We are a detailed oriented profession and we are excellent at what we do. Our services allow you to put your business and passion first. We know you want to take care of your employees and see your business succeed and grow. Having your taxes filed correctly and in a timely manner is the best way to support that growth.
What people are saying about FJ & Associates
I have known Scott Farnes and his family for years and he is a personal friend of mine. I am also a long time client and continue to be professionally served by FJ & Associates.
Scott and his staff are straight up, stand up folks and they conduct themselves and their business with honesty and integrity. His hallmark is honest, frank, professional service to all clients and potential clients. The have my total trust and confidence and my business. You should try them if you haven’t already and you’ll experience what I know to be true.
Great people to work with. Always willing to help any time of the year and get answers to your questions quickly.
We have gone through a few accountants, and the mistakes they have made have cost us greatly. It is so nice to have FJ & Associates, Missy especially, as our accountant now. She keeps our accounts in order and payroll running smoothly.
I am extremely glad I found FJ and Associates – they are very knowledgeable and professional. It is clear that they genuinely care about their clients based on the interactions I have had with them. Scott gave me excellent, professional guidance in setting up my LLC. Highly recommend them!
I have worked for FJ & Associates since its inception. It is a wonderful company to work for with a great atmosphere and work/life balance. I enjoy the relaxed work environment and feel accomplished in the audit work I do for clients. I am especially grateful for the support and flexibility when I had my first child last year. Thank you FJ & Associates!
Very knowledgeable and very friendly. Quick turn around time. Good value. Good work for the price. Willing to check on all your needs.
The staff at FJ & Associates are fantastic! They definitely are the professionals for tax and audit. They are efficient and value their relationships with their clients. You receive great service at a great price.
Taxes stink, but working with FJ and Associates doesn’t! When they say they take the headache out of your taxes without costing you an arm and a leg, they mean it! I can’t recommend their services highly enough. They service all my personal and business accounting needs. And they do it very well. If you want top notch customer service and people who seriously know their stuff. . . give them a call.
The staff at FJ & Associates are great to work with! They really care about their client’s success. They take the headache out of your taxes and work hard to get you the best results. If you need help with your taxes or expert audit advice give them a call.
Very professional and outstanding!
I really enjoyed talking with Scott & Gayland about forming my LLC. I had been on the fence for a long time on how to go about legitimizing my business properly. They broke down the ground rules for establishing my business from the very beginning and explained everything to me in a way I could understand. I would and have recommended FJ & Associates to many of my clients and close friends. They take great pride in what they do and it’s apparent from the moment you meet them. I hope to thank them in person for all of their help with my LLC. My company is now fully operational within the State of Utah and I owe my continued success to FJ & Associates. Thank you.
Professional, courteous, and very helpful! Looking forward to continuing to work with FJ & Associates well into the future.
Very friendly staff and knowledgeable about about tax law and audit processes.
Good friendly firm, willing to help any time of the year let alone at tax time. Very helpful.
I very much enjoy working for FJ & Associates, and I have learned a lot since I have been here!
I have known Scott Farnes and his family for years and he is a personal friend of mine. I am also a long time client and continue to be professionally served by FJ & Associates. </span><br><span style=”font-size: 18pt;”>Scott and his staff are straight up, stand up folks and they conduct themselves and their business with honesty and integrity. His hallmark is honest, frank, professional service to all clients and potential clients. The have my total trust and confidence and my business. You should try them if you haven’t already and you’ll experience what I know to be true.