Business Tax Services in Cincinnati
Tax preparation and planning can be complicated chores for business owners. With the tax rules and regulations changing all the time, keeping up with all relevant information for the best possible return can be challenging. Instead of worrying if you have minimized your tax payments, let Somerville & Company CPA provide high-quality services and peace of mind.
Since 2007, we have been providing reliable tax services to businesses in Cincinnati, Colerain, and the surrounding communities. We can provide the expertise to plan and prepare your taxes for optimal benefits while ensuring that your company complies with all the applicable tax laws. Free consultations are available, as well as a free tax review when combined with our accounting services. Call us today to find out more!
Our Business Tax Services
At Somerville & Company CPA, we want to do more than help you organize your numbers. We know that you've worked hard for the money you have, and we help you manage and protect it in the best way possible. With plentiful tax and accounting experience, we take the time to get to know you as an individual so that we can recommend options and solutions that make the most sense.
We offer a variety of tax and accounting services, including:
Most business entities are required to submit taxes every quarter. Ensuring these taxes are up to date and filed on time is an essential piece of tax compliance. Our specialists identify the necessary documents and make it easy to get accurate and complete quarterly taxes.
Smart Tax Planning for Better Savings
Tax planning is about much more than organizing financial documents ahead of time. A good tax plan stays active year-round, allowing you to make smarter decisions and save on your quarterly tax returns. Our tax professionals evaluate your business finances and use our knowledge of tax regulations to lower your liability as much as possible. We identify opportunities and help you build a strategy for future spending that gives you the most significant tax advantage.
Tax planning does not complicate your job as a business owner. You can consider it another layer in your planning process. Our professionals take care of the details by learning about your business and goals and applying them to your tax situation.
How Entity Selection Affects Your Taxes
Tax planning emphasizes seeking opportunities to reduce your overall tax obligation, including what form of entity you establish. A business's structure defines its legal standing, how it is taxed, and what kind of risk the owner is liable for.
Somerville & Company CPA can review local, state, and federal tax rules to determine if your business structure is the best for your current situation. We can advise you on setting up a new company or when to consider a business entity conversion. The standard entity types include:
Partnerships and Sole Proprietors are types of businesses that are not legally distinct from their owners. Under these structures, you are your business. This means that 100% of the company's earnings pass directly to you and are taxed on your return. Unfortunately, these entities offer no liability protection for the owner. Any debts incurred by the business are also incurred by you, leaving you with full responsibility.
LLCs and S-Corps, like Sole Proprietorships and Partnerships, are pass-through entities, as the profits of the business are passed directly to the owners and taxed on their returns. These structures offer some liability protections for the owners. Owners must pay self-employment and excises taxes. S-corporations can have shareholders, and an LLC cannot.
C-Corporations are businesses that are distinct entities. While run by regular people, they pay taxes, make donations, and face litigation as if they were a person. This form offers the most liability protection for the owners. The business is taxed before distributing profits to shareholders, who are then taxed on those earnings.
Focused on Your Business Entity
We specialize in tax services for corporate entities, sole proprietors, and partnerships. We understand that a complex tax landscape is the last thing on your mind when you start a business. With our tax preparation services, you can stay focused on what you do best.
Our Comprehensive Payroll Tax Services in Cincinnati
We offer personalized payroll services to support your small business. At your consultation, we listen carefully to any past problems, pending issues, and long-term goals. Our payroll services cover the following:
We can advise you on money management, options for life, health, and disability insurance, and 401(k) packages and retirement plans. Above all, we are an honest and ethical accounting firm, never adding hidden fees or expenses at the last minute.
Opportunities to Save on Payroll Taxes
Payroll taxes represent the most substantial tax burden on most businesses. Many businesses have some unrealized opportunities to lower this amount. However, breaks and incentives that apply to payroll are often industry-specific and very hard to find.
Our financial experts are always on the lookout for your chance to save money. We will find and highlight those opportunities for your review. The final decision is yours, but our expert advice will put you on the right track every time.
Cincinnati Professional Business Tax Preparation
Tax preparation includes compiling and reviewing the necessary records, preparing all tax forms, submitting them, and maintaining them for future reference. We strive to provide a convenient experience that centralizes tax preparation and meets all your needs.
When you use a tax professional with a recognized reputation for excellence, you reduce errors and make audits less likely. State and federal tax authorities acknowledge that some entities need professional tax preparation to make oversights less likely. As a result, you are less likely to be chosen for further review if you use an expert preparation service you can trust.
Professional tax preparation can save hundreds of hours compared to trying to do it yourself. What's more, you can save money by using the latest tax code changes to your advantage. Taxes don't have to remain a mystery; professional help makes the difference.
Reliable Resolutions for Business Tax Problems
No matter how carefully you complete the relevant tax forms, tax problems can occur from time to time. Somerville & Company CPA helps business owners face the difficult challenge of sorting out tax problems that commonly result from incorrectly filed paperwork or simple oversights. Regardless of what caused the debt, the IRS has many resources at their disposal and employ aggressive methods to collect what they are owed.
Our team is a reliable advocate at your side to guide you through these issues and prevent a financial situation that could take years to recover from. The most common tax problems in business can be resolved with our professional services. Filing your returns on time is essential, followed by accuracy and precision. Errors can incur penalties as well as interest on amounts the government deems late.
Expert Tax & Accounting Services in Cincinnati
Somerville & Company CPA is a full-service accounting and tax firm dedicated to providing you with solutions to reach your goals without compromising financial stability. From tax planning to tax resolution, we offer the professional support and personalized service you need to secure your financial future. For more information about comprehensive accounting and tax services in Cincinnati, contact us today!