Professional Tax Filing for Your Business Success

Running a business comes with its own set of challenges, and taxes are a significant part of that. At Vimar Notary Taxes, we offer professional tax preparation services for businesses of all sizes. From sole proprietors to corporations, our experienced tax preparers provide guidance through the complexities of business taxes, ensuring compliance and maximizing tax benefits.

Who This Service is For?

Our Tax Preparation for Businesses service is designed for small to medium-sized businesses, including LLCs, corporations, and partnerships. We help business owners file their taxes correctly, navigate complex tax rules, and take advantage of tax-saving opportunities. Whether you operate a single-person business or a growing enterprise, we offer comprehensive tax filing solutions.

• Small and medium-sized businesses looking to streamline their tax filing process.
• Sole proprietors, LLCs, partnerships, and corporations.
• Business owners who need assistance with tax planning to minimize liabilities and maximize savings.
• Companies needing support with deductions, payroll taxes, and sales tax issues.

Common Issues or Mistakes Clients Make

• Overlooking Deductions: Business owners sometimes miss out on important deductions like home office space, vehicle expenses, or retirement plan contributions. We make sure to uncover all eligible deductions.

• Misclassifying Employees vs. Contractors: Misclassifying workers can lead to penalties. We help clarify the difference and ensure proper tax reporting.

• Failure to Track and Report Expenses: Some businesses fail to keep thorough records of expenses, which can impact tax deductions and even invite audits. We help organize and track everything for you.

• Improper Depreciation: Not claiming depreciation or using the wrong depreciation method can result in missed tax savings. Our team ensures your assets are depreciated properly.

Forms 1099-NEC & 1099-MISC

We can help your business file the Forms 1099-NEC and 1099-MISC for employees and submit them to the IRS.

Form 1099-NEC is a tax document that reports compensation paid by a business to someone who is not an employee.

Who Should Get a Form 1099-NEC?

A business must file Form 1099-NEC if it paid someone at least $600 during the year and the person meets these criteria:

• They are not an employee.
• The business made payment for services in the course of your business — in other words, this wasn’t a personal payment.
• The recipient is an individual, partnership or estate. In a few cases, payments made to corporations will also need to be included.

Eligible payments can include commissions, fees, prizes and awards for services.

When is Form 1099-NEC due?

The due date Form 1099-NEC is Jan31. Businesses need to send a copy of the form to both the recipient and the IRS by this date. If the due date falls on a weekend or holiday, you must file the form on to the next following business day.

The Benefits of Working with Us

• Business-Specific Expertise: Our team is well-versed in business tax laws, ensuring that your filings are compliant with both federal and state regulations.

• Maximized Deductions: We help you identify and claim business expenses that can reduce your tax bill.

• Accurate Financial Reporting: Our thorough approach ensures your financial records are accurate, which is crucial for tax filing and ongoing business operations.

• Avoid Penalties: Filing late or incorrectly can result in hefty fines. We ensure that your business stays in good standing with the IRS and state tax agencies.

• Consultative Support: Our team provides ongoing advice, from tax planning to tax-saving strategies, ensuring your business remains on a solid financial path.

Our Process

1. Consultation and Financial Review: We begin by understanding the unique needs of your business, including reviewing your financial statements and past filings.

2. Document Preparation: We collect all necessary tax forms and business records, such as income, expenses, and employee wages.

3. Filing and Submission: We complete and file your business’s tax returns with precision, ensuring everything is correct and up-to-date.

4. Post-Filing Services: We continue to offer support throughout the year, advising on tax-saving strategies and providing insights into potential deductions for the following year.