Understanding how to navigate your business’s taxes is of great importance both for keeping your business in good legal standing and for saving as much money as possible.
With the Tax Filing and accounting services through Tailor Brands, you can get support from experienced accounting professionals, with the help of our partners at 1-800 Accountant. They’ll answer your questions, maximize your deductions, and file your personal and business tax returns.
There are a couple of important things every new business owner needs to know and think about in regard to business taxes:
- Understanding your business’s tax requirements - Every business structure might be taxed differently. For example, different types of businesses may have different federal, state or local tax obligations. Some businesses need to make regular payments of federal estimated tax during the year.
Keeping records throughout the year - Although in most cases, filing taxes only happens once a year, it’s important to keep track of your business’s income and expenses throughout the year, so you can file your tax returns accurately. Good record-keeping will ensure you only pay the taxes you need, and allow you to receive the deductions your business deserves.
Understanding possible deductions - As a business owner, your business will have many expenses, some of which can be deducted or applied as credit to your taxable income. In some cases, Tax Filing services can really maximize your tax return amount and can even be deducted as a business expense!
Learning your business’s tax requirements early on can save you money and effort, and keep your business compliant. We recommend consulting with a professional, and/or looking at the IRS website as well as your state and local governmental websites.
How does the Tax Filing and Accounting service work?
Tax Filing on our platform is divided into three different tiers to choose from: Federal, State, and Personal.
In general the main difference between federal, state, and personal tax returns is the level of government to which they are submitted and the taxes they cover.
Federal Taxes: these are collected by the federal government and include income taxes, social security taxes, and Medicare taxes. These taxes are used to fund various government programs and services at the national level.
State Taxes: these are collected by individual states and are used to fund state-specific programs and services. State taxes may include income taxes, sales taxes, property taxes, and others.
Personal Taxes: these are the taxes that individuals pay on their personal income. These taxes can include both federal and state income taxes, as well as other taxes such as Social Security and Medicare taxes.
How can I apply for the Tax Filing and Accounting service?
The Tax Filing is offered as an add-on service, meaning it can be purchased either separately or in addition to the formation of your LLC via our platform here.
If needed, you may also purchase it after you completed the LLC application with us.
Start the process by choosing the plan that best fits your business needs. Then you can go ahead and provide all the necessary information for your Tax Filing through 1-800 Accountant so that we can match you up with a tax consultant who is an expert based on your industry and state. They will review all the information needed to help you maximize your tax refund.
Once we are done, we will prepare all your paperwork and share it with you for your approval. Once approved, we also file it on your behalf (yes, even during tax season) so you can take it off your to-do list!
Please note that tax rates, rules, and regulations are subject to frequent changes. While we aim to provide helpful information, it's important to understand that this page serves only for informational purposes and does not offer legal or tax advice.
More questions? Getting in touch with us is easy, whether you prefer sending an email to firstname.lastname@example.org, giving us a call at +1-888-355-5955, or simply clicking the Help button located in the bottom right-hand corner of our website.