As a business owner, it is important to keep track of your business transactions that are ordinary and necessary to your trade. Therefore, at Modi CPA, we utilize QuickBooks for business owners for their bookkeeping needs. It is important to record transactions correctly to help you understand the financial state of your business and will also help to ensure all taxing authorities compliance are met such as payroll tax, sales tax, local tax, federal tax, etc.
We can assist you in creating meaningful reports pertained to your industry. For example, one of the many industries we specialize in is Rental Real Estate, we can give you the tools needed to create a report where you can see your expenses in Triple NNN – Taxes, CAM (Cleaning & Maintenance), and insurance. Another is a Rent Roll Report which provides Security Deposits, Square footage of the leased area, start & lease dates, etc. There are many other reports we can assist our clients to generate pertaining to their Industry needs.
Payroll Taxes is one of the complicated items involved when you have employees of your own and know certain deductions must be deducted from your employee’s payroll such as FICA at 7.65% and Federal Income Tax based on their entries on their W-4. There are IRS Form & State forms to be filed such as:
– IRS Form 940 – FUTA – Annual Federal Unemployment Form
– IRS Form 941 – Employer’s Quarterly Federal Payroll Tax Return
– IRS Form W-3/W-2s
– State Payroll Tax Forms
Furthermore, if you don’t have employee and employ contractors or persons whom provide you a service, then you have to collect W-9s and ensure all IRS Form 1099-MISC are issued if you paid a certain amount for a service for your business.
As a business owner, you started your business because you love you what do and want to be financially independent on your own or for another reason. Therefore, as business consultant and accountant, we believe in surrounding yourself with a supportive team so you focus on providing value to your trade and achieve new heights.
Modi CPA is a licensed firm in the state of Texas in the North Dallas located area at The Colony, TX. We are a qualified firm to discuss Domestic and International tax services to ensure your compliance with the United States’ Domestic & International tax laws. Do not hesitate to contact our office should you have further questions. Our Phone number is (214)618-0468 and email is email@example.com