Whether your business operates in one state or several, is a sole-proprietorship, or a corporation, partnership or Limited Liability Company (LLC), MillerMusmar has the experience and expertise to handle all of your business tax requirements. Business taxation encompasses not only federal and state income taxes, but may also involve one or more of a variety of additional taxes such as: sales and use, rooms and meals, excise, gross receipts, business licenses, or a host of others depending on the business industry type.
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Are you aware of all the taxes affecting your business?
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Are you in compliance and have you properly retained supporting documentation?
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Did you know that in many states specific services may be subject to the collection of sales tax?
As our economy began to migrate away from manufacturing and moved towards a service market, a growing number of states began to notice a loss of revenue. Services were generally excluded from sales tax laws which govern the sale of tangible personal property. Accordingly, states responded by slowly taxing more and more services, based on the nature of how they were performed under the service contract. The complexity of the situation increases when conducting business over multi-jurisdictional boundaries. Each state or country has its own taxing statute and transactional definitions will vary.
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Are you currently operating your business as a sole-proprietorship?
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Has your business grown to the point that you are thinking of incorporation?
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Are you aware of the limitations placed on office-in-home deductions or the tax benefits available such as the deductibility of a portion of the self-employment tax and health insurance premiums?
Several forms of business entity structures exist from which to choose. Before making the election, carefully consider all the advantages and disadvantages of each entity type.
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Are you comfortable making that decision?
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Tax reporting requirements will vary by structure type. Which one bests suits your needs as the owner/shareholder/partner, combined with that of the business?
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Already a corporate entity, but not sure the current structure is the best business and tax choice?
Sometimes it is beneficial for start-up businesses to elect Sub-Chapter S Corporation status in the early years and then later switch to C Corporate status. You may want to consider forming as a Limited Liability Corporation (LLC). Whichever entity structure you elect, the important point to keep in mind when making your decision is to consider all the facts, personal, as well as, business. You, as the business owner, are in the driver's seat.
Our staff of experienced tax consultants will answer all of your business tax questions. Specialists in the various areas of business taxation will team to guarantee that your business is availing itself of all tax benefits, while ensuring proper compliance. The goal is to minimize your federal, state, and local tax exposure and to maximize your profitability. Let MillerMusmar help you navigate through these murky waters.
