Tax Return Service
Spencer business Solutions provides a great tax return service. Kelly and her team stay abreast of the latest tax rules and regulations to ensure that you are always offered the most current and effective income tax strategies. We are extremely pro-active and offer twice yearly tax planning sessions to all clients. This relieves the stress and surprise of having to write a large check to the government come tax return time!
By effective tax planning, we can minimize your taxes and plan for annual cash flow cycles. No last minute runs to the bank or post office for our clients. We prepare and file income tax returns to the IRS as well as any of the 50 States for:
- Partnerships and LLCs
- Corporations (both S and C Corporations)
Most importantly, we are available all year long for your emails and phone calls as tax related questions arise. Should I lease or buy a car? What is a 1031 exchange? There is no extra charge for these questions if you are a client of our tax return service. We welcome these questions!
By keeping us involved in your financial decisions throughout the year, we are able to truly be your advisers and look out for your best interests when it comes to tax strategies.
Local Income Taxes:
If you only have W-2 earnings, no need to worry about this topic. It has already been withheld from your paycheck by your employer.
However, if you are a business owner operating in Lexington, you are required to submit local income tax returns for Fayette County and Fayette County Public Schools based on the net profits your business earned. In fact, this could be required if your business is located in any taxing jurisdiction which has local taxes. We will determine your business’ requirements during our initial tax service consultation.
Yes – there is yet another tax that all business owners must pay, and that is tax on any business property that you own. Such property could include inventory, computer equipment, office furniture, machinery, your office building or warehouse if you own it, and the list continues. Again, this topic will be included in our initial consultation. We will prepare your property tax return with our tax return service, if it is required for your business.
Limited Liability Entity Tax:
Never heard of this one? It is also fondly called the LLET for short. The bottom line is that if your business is structured as an LLC or LLP or any form of a limited liability entity, this annual tax will be due to the State of Kentucky on April 15th. If your gross receipts are less than $3,000,000 annually, you will owe the minimum amount of $175. We will prepare this return for you each year with our tax return service.
Obviously, if we handle your business’ payroll processing, we will also handle the preparation of all required payroll tax returns. If you prefer to process payroll yourself, we can still prepare all of the related tax returns for you. There are several options to consider here and we can discuss during our initial consultation.
Handling your taxes doesn’t have to be scary with tax services from Spencer Business Solutions. As well as any other tax related services you may need, let us handle your tax return service.