Tax Services for Businesses

As a business owner, you need a team of tax professionals you can rely on. From accounting services like bank reconciliation and financial statement preparation to payroll and sales tax services like payroll processing and tax payment scheduling, our team has you covered. We've been helping businesses like you for over 30 years. 

client testimonial for collins consulting

Business Services Overview

Accounting Services

We've found a lot of small business need help with their accounting. Let us help you streamline your finances with our accounting services:

  • Bank reconciliation
  • Financial statements (P&L's - balance sheet)
  • 1099 preparation services

Consulting Services

We can come alongside you and your business with our consulting services. Whether you are just starting a business or manage a large corporation, we are here to help you with your tax strategy. 

  • Tax planning
  • Tax return preparation
  • Entity election and filing (LLC, S-Corp., partnerships)

Payroll and Sales Tax Services

From paying your employees to making sure you've made your sales tax payments on time, you have a lot to manage as a business owner. Let our team assist you with these payroll and sales tax services:

  • Payroll processing
  • Payroll tax reporting
  • Tax payment scheduling
  • Worker's compensation audit
  • Sales tax reporting
  • Sales tax payment scheduling

Frequently Asked Questions

Here are some of the most frequently asked questions we get from our business clients. 

When are business taxes due?

Here are some important tax dates for businesses: 

Tax Form  Filing Deadline Extended Filing
Deadline
Form W-2/W-3 January 31  N/A
Form 1099/1096 January 31 N/A
Individuals - Form 1040 April 15 October 15
FBAR - Form 116 April 15 October 15
Trusts - Form 1041 April 15 October 1
Partnerships - Form 1065 March 15 September 17
C Corporations - Form 1120 April 15 September 17
S Corporations - Form 1120S March 15 September 17

*The size and set up of a business entity will determine when sales tax and payroll taxes are paid (weekly, monthly or quarterly).

How much will it cost for me to have my business taxes completed?

We help businesses large and small with everything from their tax returns to payroll and accounting services. The cost of these services varies greatly and depends on the size of the business. View our entire fee sheet here.

How do business taxes work?

When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are sole proprietorship, partnership, corporation and S-corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.

What business taxes do I have to pay?

The form of business you operate determines what taxes you must pay and how you pay them. The following are the four general types of business taxes.

Income tax

All businesses except partnerships must file an annual income tax return. Partnerships file an information return. The form you use depends on how your business is organized. Refer to business structures to find out which returns you must file based on the business entity established.

The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. An employee usually has income tax withheld from their pay. If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. If you are not required to make estimated tax payments, you may pay any tax due when you file your return.

Estimated tax

Generally, you must pay taxes on income, including self-employment tax (discussed next), by making regular payments of estimated tax during the year.

Self-employment tax

Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Your payments of SE tax contribute to your coverage under the social security system. Social security coverage provides you with retirement benefits, disability benefits, survivor benefits and hospital insurance (Medicare) benefits.

Generally, you must pay SE tax and file schedule SE (Form 1040 or 1040-SR) if either of the following applies:

  • If your net earnings from self-employment were $400 or more
  • If you work for a church or qualified church-controlled organization (other than as a minister or member of a religious order) elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108.28 or more in wages from the church organization

Employment taxes

When you have employees, you as the employer have certain employment tax responsibilities you must pay and forms to file. Employment taxes include the following:

  • Social security and Medicare taxes
  • Federal income tax withholding
  • Federal unemployment (FUTA) tax
 
client testimonial for collins consulting

 

Finding a Tax Partner for Your Business

Let's sit down and discuss your business' goals to determine if our services are a good fit for you and your business. The first step is to schedule an appointment with one of our business tax experts. 

What to bring to your appointment:

  • Identification documents
  • Tax documents (one to two years of prior tax returns)
  • Income documents
  • Tax deduction documents

Request an appointment