On June 8, 2023, Governor Kay Ivey passed legislation exempting overtime wages earned by full-time hourly employees from Alabama gross income and consequently from Alabama state income tax.
If you own a small business, you know how confusing, complicated, and scary it can be to remit payroll taxes and quarterly taxes. Even if you use a tool like Quickbooks, which supposedly handles all of your tax concerns for you, it’s still very intimidating because if you make a mistake, you could end up paying back taxes. This can put a strain on your cash flow and could even force you to have to take out a loan for payroll.
Whether you own a small business, big company, or run a nonprofit, you need someone in your corner who can ensure you are implementing the strategies that will minimize your tax liability and provide you with more working capital, while preventing you from accruing tax penalties. Read on to learn how the expert Certified Public Accountants (CPA) at Aldridge, Borden & Company can help you with our robust tax services.
Business Tax Planning: a Pain Point for Small Businesses
Tax planning is a process that requires frequent and consistent attention to detail. Business tax consultants can provide valuable advice to find the best tax strategy for your business goals. In the beginning you may choose to handle your taxes yourself, but you will quickly learn that keeping up with regulations and remittance dates can be daunting. Your best bet is to use the right CPA to help you avoid common mistakes in tax planning along with the following services:
- Payroll tax
- Understanding the effect of Alternative Minimum Tax
- Claiming tax credits
- Lower tax rates and taxable income
- On-time tax payments
- Planning for future growth
- Maximize deductions
We offer personalized service for your business, and we will use the latest knowledge to find the strategies that will align with your business goals so that you are set up for success well into the future.
How often should you meet with one of our CPAs to analyze your tax strategy?
We recommend meeting once a month to look over your income and expenses. A quarterly report review should be the minimum requirement for meeting with your accountants to discuss your tax plan, especially if you are a small business owner.
Payroll Accrual Based Accounting
One of the biggest challenges small businesses face is how to account for payroll accrual and taxes. Many business owners will accrue unpaid salaries as an expense, but these should be accrued as liabilities each period.
Our accounting firm can help your business with the withholding of payroll taxes and planning for other payroll liabilities, such as dealing with healthcare premiums, FICA, and retirement accounts.
Quarterly and Yearly Tax Planning
Often, small business owners will find the different tax documents they need to gather for their employees confusing. There is also the question of what items and expenditures can be deducted from yearly taxes and how these things are accounted for in the first place.
Whether you are a sole proprietor, an LLC, or a larger company, Aldridge, Borden and Company has an excellent business benefits system that ensures all of these things are accounted for and easily accessible. The OneSource Solution offered by our accounting firm makes all of this simple so that you get the lowest tax liability possible and maximize your return.
Other business tax services the experienced accountants at Aldridge, Borden & Company can help you with:
- Retirement Plan Returns
- Transaction Analysis
- Multi-State Sales & Use Tax
- Quarterly tax returns
Nonprofit Tax Returns
Many nonprofits don’t have to file annual tax returns, but when it comes time to file a 990 for your nonprofit, Aldridge, Borden & Company has years of experience to help with which forms are needed, when they should be filed, and how to file them correctly so that your nonprofit reports all of their information accurately.
Why Choose Aldridge, Borden & Company for Business Tax Services?
One of the biggest regrets small business owners have when it comes to dealing with their tax strategies is that they wish they had outsourced it sooner! At Aldridge, Borden & Company, we offer experienced and trained Certified Public Accountants (CPA) who have earned the Certified Valuation Analyst (CVA), Personal Financial Specialist (PFS), and Accredited Estate Planner (AEP®) designations as well. For regulatory compliance, tax planning, and more, you can count on our expertise to guide you through your tax strategy and toward business success.
If you’d like to save time and maximize your working capital when it comes time to address your tax strategy, contact us today.