Small Business Tax Services
Whether you have a side-hustle that earns you some extra money every year, or a small business that you’re considering incorporating, or a thriving corporation with employees and payroll, Moore & Paquette Tax Group’s small business tax services can assist with your business tax questions, keeping your business organized, and filing and paying your taxes in a timely manner.
Self-Employment or the Sole Proprietor
It’s no secret that we live in a gig economy and that most people, even if they have a full-time, salaried position, have a side-hustle or two. Whether you’re selling your artwork on Etsy full-time or offering guitar lessons on your weekends, you are considered self-employed, aka a sole proprietor. If you’re making money as a sole proprietor, then you also have expenses associated with how you make that money.
Our tax preparers can guide you through all of the expenses you can deduct from your self-employment income, including the business use of your home or car, office supplies, travel and more. We can also walk you through the additional taxes that come with being self-employed, such as self-employment tax.
If you’ve started a business with your spouse, your best friend, and or a like-minded partner, then you have yourself a partnership. Like a sole proprietorship, any business income the partnership makes is taxed at your personal tax rate, but you can deduct your business expenses from that income to lower your tax liability. You may also need to pay self-employment tax. Working with one of our tax preparers can make the process of understanding and filing your small business taxes much easier.
When business as a sole proprietor or partnership is booming, it may be time to consider a limited liability company, which is exactly what it sounds like. An LLC separates the legal liability of your business from your own personal liability. However, when it comes to taxes, the profits are passed through to individual members of the LLC and taxed at their personal rates. If you’re considering starting an LLC, Moore & Paquette Tax Group can help you not only with getting started but also with all of your tax needs for the life of the business.
When your side-hustle is now your primary business or you have a brilliant new business idea, it’s probably time to incorporate. But before you do, you have to understand how to legally incorporate and the tax consequences of incorporating. Moore & Paquette tax preparers can help you with both.
Your options for incorporating are:
- The S Corporation is a separate legal entity and can have shareholders, a board of directors, and employees. While an S corporation does have to file a corporate tax return, it is considered a pass-through entity, meaning any profits or loss are passed through to the shareholders and taxed at their personal rate.
- The C Corporation is a separate legal entity as well as a separate taxable entity, which means they file taxes as a corporation, and profits or losses are taxed at the corporate tax rate.
Not only can we help you decide which business entity to choose, but we can also help you incorporate, do your corporate taxes, and even do your bookkeeping and payroll.
Every small business owner needs a little help. Let us focus on the paperwork and the taxes, so you can focus on making your business the most successful it can be.
Contact Moore & Paquette Tax Group today for our small business tax services.
He explained our tax questions in a friendly and understandable manner.
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