What is the Starter Package?
The Starter Compliance Package is focused on the needs of your business to comply with state and federal tax matters. The most common services are: monthly bookkeeping, setting up payroll service, quarterly reviews for estimated payments, semi-annual tax planning sessions, and your annual tax returns. If you already have a payroll system, we will work with it to verify compliance, for other businesses our strategic partner Gusto is our preferred payroll system. Where necessary we setup your state unemployment contributions, sales tax remission numbers, and state tax filings. Clients in our Starter Package focus their energies on the needs of their clients and their businesses, instead of tax compliance.
Payroll and Monthly Books
Tax compliance requires reliable record keeping. With our starter package, we update your books monthly so we have accurate records on a monthly basis. This means reconciling your bank statements, business credit cards, and other electronic systems for payments. Once your books are organized, you get a list of unknown charges to review so we can classify them. We utilize a Profit First “Lite” system focused on Tax Compliance, which combined with monthly books means reasonably accurate quarterly tax payments. By making the payments throughout the year, we take the stress out of tax season, as you know that your taxes are paid in, with no surprise bills on April 15.
Quarterly Tax Compliance and Annual Tax Returns
Most business entities have annual tax returns, and all citizens and residents with a reasonable amount of income must file an annual tax return. Additionally, mall business owners will be responsible for quarterly estimated payments, and often payroll tax forms that need to be sent into the state. Any additional quarterly tax compliance issues are identified and handled as well. By managing quarterly compliance processes for you, we let you focus on your business, and we focus on our area of expertise. Over our first few quarters of working together, we’ll learn the ebb and flow of your business and compliance needs, until it becomes as second nature as any other regular aspect of your business. The goal of the compliance package is to make January 30th, March 15th, and April 15th, just another day on your calendar, instead of days requiring a scramble.
Tax planning sounds really complicated, but can be really simple for most business owners. Most common things that will be reviewed will be any lifestyle changes that impact your taxes (marriage, divorce, birth of a child, etc.), and how your income is doing compared to expected. If your income has dropped you into a lower tax bracket, or increased to the next tax bracket, we want to adjust your withholding or quarterly estimates. If you are deciding to refinance a mortgage, change your charitable giving strategy, or make a large investment, up to date financials means we can advice you on the financial and tax impact with accurate information. These review sessions can range from 15 minutes to an hour and a half, depending on how many things to review. Most of these calls last 30-45 minutes, but pay off dramatically in helping your tax strategies.