Running a business can be a fun and amazing experience, but come April, it has the potential to turn into a headache. Don’t let that be you! Pathways Consulting is here to help you manage your small business taxes so you don’t have to do it alone!
When it comes to having a small business, it is best to keep record of everything! When keeping these records, and we can’t stress this enough, keep them organized! Organization is going to help when you need to get all those documents together and bring them to our office.
Each business’ taxes will differentiate based on how you have set your business up legally. Researching what this means for your business can make the process much smoother.
The types of business taxes are listed on the IRS website, where you can click and explore here: https://www.irs.gov/businesses/small-businesses-self-employed/business-taxes
You don’t have to take taxes on alone! Come by Pathways Consulting today!
Running a small business can be stressful and time consuming. It can also be difficult to keep organized, especially records you will need for filing taxes.
The advantages of keeping great records of your small business are as follows:
Project Tax payments
Keeping records will assist you in estimating the payments you may end up paying come tax season. This can be used to pay tax on income, such as the ones listed on your tax return.
Preparing Tax Returns
Keeping tabs on the reports that state business income, expenses, and credits will assist you on your tax returns. These will also help create your financial statement.
Keeping Track of Deductible Expenses
Keep ahold of all receipts you received after making expenses that can be considered deductibles.
Prepare Financial Statements
You want to make sure you are preparing accurate financial statements. Be sure you are including income that was gained and lost on balance sheets.
Monitor your Business’ Progress
In order to show how well your business is doing over time, you will need to have kept great records of the progress your business has made so far. Be sure to include the changes that are being made.
Pathways Consulting wants to help make your small business shine! If you have questions about record keeping, taxes, or anything else, please contact us!
It’s tax time, everyone. If you own a small business you know what that means. It’s time to gather everything you’ve organized and take it to the experts at Pathways! While we love taking care of all your tax needs, we also love educating you on what’s going on with your taxes. For small businesses. The Tax Cuts and Jobs Act is upholding it’s promise to reform the way we handle taxes.
For small businesses specifically, this bill enacts a multitude of things like cutting the corporate tax rate, and strengthens 179 deductions. But what else does it do?
If your business is considered an S corporation, a sole proprietor, or partnership, your income tax will be lowered by 20% with the new reducing of pass-through taxes.
It gets rid of the AMT that used to be applied to businesses completely! (How exciting, right?).
This bill also reforms international taxation, making it to where the income is only taxed by the laws in the place they reside.
However, while this bill mostly has wonderful changes that are exciting, it also repeals the business entertainment deduction. Meaning, all those entertaining activities work provided with a 50% deduction no longer exist. At least they are still qualifying business related meals!
If you are a small business owner in the low country area, why not take your taxes to the experts here at Pathways Consulting? We will handle all your tax needs, so what are you waiting for?!
Small businesses are no exception to the IRS and tax season. Owning a small business can feel overwhelming and scary at times, especially during the intense months of tax season. As with most aspects regarding taxes, it gets a little complicated. There are six main types of business taxes you should know about.
This is the tax on wages, investments, and gains. Basically, any money you have received as an income over the year. For a business, you also have to consider the net income you have received. The type of business you have set up will determine the forms you must file.
These taxes are complicated can end in penalties and criminal prosecution if not filed correctly or on time. It is important to ensure you are filing these correctly, so maybe you should leave it to the experts here at Pathways.
If you gained more than $600 last year, you must pay this tax as a self-employees individual. You’ll have to pay the entire amount of taxes that would have been taken out of your paychecks through the year.
For businesses that sell goods, you’ll need to understand this tax. While this tax is mostly included in the price of goods, you still are responsible for documenting and sending these taxes to the IRS.
Make sure that you are keeping track of the sales tax on items you are selling through your business. Each state is different, and along with that comes the responsibility of knowing the difference.
As simply as it sounds, the property you own is taxed as well.
Keep your business organized so tax season doesn’t feel so scary. If you still have trouble, schedule an appointment with Pathways today and have your taxes completed by professionals.
Tax season doesn’t have to be scary, as long as you know what needs to be prepared beforehand! As a small business owner, tax season tends to be a stressful time, but our team at Pathways is hoping to change that!
When filing your federal income tax for your small business, you have different forms for different company set ups. If you run a sole proprietorship, your tax form will be different as compared to an LLC.
The first step to the tax process is to gather up all your records that report income and expenses. This is where Quickbooks comes in handy. It’ll have all your data stored and organized for easy recall during tax season!
Choosing the correct form for your business model sounds daunting, but it doesn’t have to be. Sole proprietorships allow owners to use a Schedule C attachment to their personal income tax return. If under an LLC, they can use this attachment but also must use Form 1120.
The only steps left are to fill out your forms appropriately and to get it done before the deadline. Pathways can help with both of these steps as long as you schedule an appointment with one of our tax experts!
New Year, New Tax Season!
2019 is almost here, and that means so is tax season. While we usually take a moment to discuss taxes and your business, we want to change it up and say just how thankful we are of each and every one of you. As a local business, we are appreciative of every person who walks through our doors in need of tax preparation or understanding. We enjoy working with local business professionals who seek our services.
In the new year, we hope that you continue to look to Pathways as a company you can trust and call on. You can keep up to date on our company, local events, and other fun topics through our social media, so be sure to give us a follow!
Facebook: Pathways Consulting, LLC
LinkedIn: Nanette Slappey West
Thank you, and Happy New Year from all of us at Pathways!
Why Use A Professional Tax Service For Your Business?
When it comes to filing taxes for your business, you don’t want to end up with mistakes and money lost. To ensure a proper filing process, using a professional tax service is recommended. At Pathways, instead of just filing your taxes for you, we try our best to help you understand your taxes thoroughly. So, how do you file taxes for a small business, and why is it important to use a professional?
Keep All Records
Record keeping is the most important step in the tax filing process for businesses. If there is no record, it never happened, and therefore makes it much more difficult to get correct information. In the process of keeping data, we suggest using a bookkeeping service like Quickbooks to store information used within the filing process.
Use The Correct Form
It is important to know the differences between the tax forms and which is appropriate for a business. The form most used for small businesses is a Schedule C or Form 1120. Schedule C is a simple form that is easier to calculate and input information.
Deadlines are Real
To make the filing process the easiest, be aware of the filing deadline for taxes on small businesses. We are very serious when it comes to this because of the repercussions that may occur due to late filing.
Pathways is here to help your business breeze through tax season, so why not make your appointment today?
Tax season is quickly approaching, and Pathways wants to ensure that your business has their taxes under wraps! Here are a few tax tips for your business!
Use Quickbooks Payroll
When it comes to payroll, it can be difficult to manage by hand and keep up with all the employees of your business. In order to combat that, and provide relief come tax time, we recommend using Quickbooks payroll!
File your Taxes on Time
Many have been there, in crunch time, and end up missing the deadline for their taxes. Don't let that be you with your business. Ensure you get your taxes done on time, if not early, by using Pathways! Call and schedule your appointment today!
Take Deductions Seriously
When it comes to taxes and running a business, it helps to know what deductions you can file for and have. It is best to communicate with a Pathways team member to discuss the deductions that you and your business qualify for.
We hope to see you soon for your tax appointment, make sure to get everything you need to get done early so you do not have to pay any late fees come 2019!
Did you know The Tax Cuts and Jobs Act was issued and installed more than a 100 new tax provisions? Don’t miss out on this fantastic news, and come to Pathways where we can start planning your taxes NOW and save you money in the upcoming tax season!
Pathways will makes sure you itemize your deductions appropriately with the new 2019 installment! We will help ensure that either the standard deduction or itemizing is what is in your best interest. When it comes to medical expenses, the threshold for deductions has returned to the past 10%, which make it difficult to qualify once again. These thresholds would include payments made to doctors such as care physicians and dentists, optometrists, and even reaching to equipment such as glasses, oxygen tanks, and medications.
For those who are high-income taxpayers, the recommendation to offset capital gain remains an option. This is where the option to sell underperforming investments comes into play; some have the option to defer income into January by delaying invoices to where payment arrives within the following year’s taxable income. For the charitable hearts, you now will have to itemize deductions if you want to claim deductions on the donations you gave. Take your IRA and 401K seriously by ensuring you are putting away the cap amount in each every year. This will also shrink your taxes!
Don’t waste any more time, as November comes to an end here soon, there’s only one month left within this year to prepare for tax season. Take advantage of that and head over to Pathways Consulting where we can help you prepare for tax season NOW!
Halloween was a doozy this year, and now we are left with all of this candy! What about you? Do you have individually wrapped, fun-sized candy that the trick-or-treaters never knocked on your door to receive? If so, our team at Pathways know exactly what you can do about it!
It’s a program called “Operation Gratitude” and they are dedicated to rounding up unused Halloween candy to send to our troops. We think this is an amazing idea, which is why we partnered with them and are now a candy drop-off site!
Did you not participate in the candy craze this year? Did all the little tricksters receive all the candy you bought? That’s okay! Operation Gratitude also accepts dental floss, pens, and mechanical pencils for our troops! So even if you don’t have candy, you can still participate in this big thank you to our troops!
All donations must be received on November 5th, so that means you have three days, this weekend, to gather your donations with your family and bring them to our Pathways office in Summerville!
Our drop-off station will have cards for you to write small thank you notes or encouraging statements that make a big difference to the troops!
Start gathering your candy now and we will see you before November 5th at our office is located on 105 S Cedar St d, Summerville, SC 29485!
The Pathways Team