A. If you have own business, you have to file following tax returns every year:
(1) Federal: For LLC/LP :1065, For S Corp: 1120 S, For C Corp: 1120
(2) State: Corporate Tax Returns (also called Franchise Tax Return) for all taxable states. Many states like TX exempt individuals form state tax, but charge tax on corporate entities
(3) Estimated Tax is to be paid every quarter for C Corporation. ( If you have S Corp or LLC or LP, the company or corporation has not to pay this, but the income gets added in personal income of shareholders or members, who become liable to pay personal estimated tax)
Our current charges are $200 for corporate return for Federal and $ 50 for state returns. For individual return basic return charge is $39 plus additional charges per form/schedule. Average individual return comes to around $85. You may check our website for detailed working of return. Charges are subject to revision. Revision will be posted on website.
Even if you have no activity or Nil income, it is advisable to file return for your business entity, as you can claim loss and get more refund. Non filing may result into penalties and even cancellation of your name from State Records. Restoration of your name back cost around $150 for Texas State.
B. In addition, if you have employees, you need to file following forms:
Federal: Form: 941 Quarterly, Form: 940 Annually, Form: W3 (with W2) every year, Form1096 (with Form: 1099) every year
State: Taxes like UI, SUI, SDI, and ETT depending upon the state
C. Payroll Taxes are to be paid weekly, monthly or quarterly depending upon amount payable.
We shall provide you all above payroll services for all states and also do accounting for you.
PRESENT SYSTEM OF PAYROLL SERVICE:
Our payroll service charges start from $ 30 per month for single employee monthly payroll for state of Texas. This includes filing state payroll forms. For second employee, we charge $ 5 extra and for 3rd employee and onwards $ 2 extra per employee. For additional state, we charge extra $ 10 for each additional return to be filed with the state. Above charges apply for period of 9 or more months in any calendar year.
For part period of any calendar year of 8 months or less, fixed minimum charges of $ 250 apply.
NEW SYSTEMS COMMENCING FROM MARCH 2007:
However above payroll service set up is being changed shortly. We are upgrading service by adding direct deposit and e-filing in payroll.
But to help keep cost low for small business we are coming out with two versions of payroll service:
(a) SELF SERVICE (WITH FREE DIRECT DEPOSIT AND E-FILING OF FEDERAL AND STATE RETURNS )
----$35 to $ 50 per month, depending upon number of employees.
Under this service, we provide you very easy solution under which you can log in to our payroll service on our website and enter data of employee and hours worked yourself and generate all payroll checks and tax returns.
You can either print checks or send by direct deposit. There will be no extra charges for direct deposit. Similarly you can e-file or print and mail the returns. You can also pay taxes electronically or by mailing checks. Site will be linked with Federal and State Tax Departments to enable electronic payment, wherever allowed by respective government departments.
(b) FULLY ASSISTED PAYROLL SERVICE ( with DIRECT DEPOSIT)-
------- $ 70 to $ 100 per month, depending upon number of employees.
Here we enter will enter all data for employees and working hours and mail or e-file all returns. We will also sign all returns on your behalf and pay all taxes on your behalf. We shall also make direct deposit or mail checks to employees as per your advice.
INTIAL SET UP CHARGES:
Initial Set up Charges of $ 75 apply in both the cases.
CHANGES IN PAYROLL:
In any system, present or new, changes will consume lot and time and hence extra charges always apply for any changes.
Changes in set up charges are $10 for each time any data is changed. ( eg. Addition or deletion of employee, change of pay scale or pay schedule etc)
For revision of any checks or returns, there will be charge of $5 per paycheck changed and $ 35 per payroll return revised. For 941 (c) charges are 150 and for W2 (c) charges are $ 75. If changes affect prior quarters or prior years, you need to file 941 (c) or W2 (c).
Further, it may be noted that if any old check is deleted from payroll, you need to delete all subsequent checks too, otherwise payroll tax returns and payroll reports will be wrong, year to date details will be wrong and subsequent checks will also turn out incorrect. So there could be multiple costs associated with such changes.
We request to avoid changes to keep your payroll costs low.
Our accounting services include monthly recording of all transactions, preparing financial statements and Bank reconciliation and sending you report in excel file of Profit & Loss, Balance Sheet and Bank Reconciliation.
There is discount for combined services for payroll and accounting for one year contract. In addition, we offer annual 2 hours (4 instances) free consultation to such clients.
Further Payroll clients get free Estimated Tax working for corporation, if required and for one owner/shareholder for first calendar year (4 or less quarters) and discount of 50% in these charges for subsequent years.
Estimated Tax working is generally charged at $ 50 per quarter.
We are sending you certain forms in addition to Payroll Info Form, which will help us to assure that you get benefit of all eligible deductions and your tax is minimum possible.
(1) If you have incorporated with address of your home or have business office in your home you need to fill out a special form Work from Home Data and you can claim house utility and car gas and several other expenses.
(2) You also need to provide details of financial transactions in excel file and bank statements to help us begin your accounting. At least, send us details for 1 month to help us to offer you a quote for accounting services.
(3) If your estimated taxable family income in 2006 is likely to exceed 90K, probably you need tax planning for 2006. We should be able to help reduce your taxes by $3000 to $7000 for 2006. You need to set up appointment after April 2006 for this.
For more details our charges and services and for understanding of current tax laws relating to business you can check up our website at www.helpfortax.com
If you are near Dallas and would like to come personally, you can all me on 469-828-0829 or 214-868-6568 to set up appointment. Normally you need to call 3 days in advance for appointment. We work from 11 to 8 on weekdays and 1 pm to 5 pm on Sat-Sundays in tax season. Appointments are available from 3.00 PM to 7 PM on weekdays and 1-30 PM to 4-00 PM of weekends.
If you are based outside Dallas and you can set up a telephone consultation. Our consultation charges are $ 75 per hour or part for accounting issues and $150 per hour for tax issues and $250 per hour for tax planning issues.
