TAX PLANNING FOR
Small Business Owners & Independent Contractors
Having a small business or doing independent contractor work means you do not have any upfront taxes taken out of your earnings. As an independent contractor/small business owner, you pay taxes on the net profit generated for that tax year. Self-employment tax is 15.3% of your net profit, and if you are a single member LLC/Sole Proprietor, you get taxed AGAIN on ALL income sources at the income tax bracket. As a result, you may end up paying 20-40% in TAXES. Therefore, tax planning is crucial for independent contractors/small business owners as you want to pay the least amount of taxes.
Tax Planning Packages Include the following:
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45min Quarterly Calls: to discuss any financial issues that could impact your taxes and to put a strategy together to minimize your tax liability.
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IRS Monitoring: we will monitor your IRS account to be proactive in the event the IRS sends you notices. Being 1-step ahead of the IRS could save you penalties and fees.
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Paycheck Analysis: analysis that is typically done in July to examine your withholdings and other income to forecast your potential tax liability
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W4 Guidance: Effective 2021 changes were made to the W4, and together we can complete it to provide the best tax liability solution for you
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1099 prep: Creating 1099 for contractors. Up to 5 individuals
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*Tax Preparation: Filing your Personal Federal Tax Return( 1040), Business Tax Return( Schedule C, and/or 1120S(S-Corp), 1065( Partnership)) and State Return
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Payment Plans available*750 Deposit required upon onboarding.
Who We Serve:
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Therapists – mental health, art, etc
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Consultants – health, financial, general, etc
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Web Designers
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Interior Designers
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Construction contractors/owners - Painting, Drywall, General Construction, Plumbing, etc.
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Realtors
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Ride-Share Drivers (Uber, Lyft, DoorDash, etc)
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Multi-Level Marking (MLM) – Credit Repair, Beauty, etc
Start-Up Business
For independent contractors and small business owners that have gross revenue of $0-$49,999.
In addition to Base Services:
Small Business Best Practices: details on all the preliminary steps needed to start and/or maintain your business so you can continue to grow and develop good habits
Rates start at $1000
Growing Business
For independent contractors and small business owners that have gross revenue of $50,000-99,999$
In addition to Base Services:
Small Business Best Practices: details on all the preliminary steps needed to start and/or maintain your business so you can continue to grow and develop good habits
Rates start at $1500
Establish Business
For independent contractors and small business owners that have gross revenue of $99,999-199,999$
In addition to Base Services:
Small Business Best Practices: details on all the preliminary steps needed to start and/or maintain your business so you can continue to grow and develop good habits
Rates start at $2200
Complex Business
For independent contractors and small business owners with gross revenue of $199,999++.For independent contractors and small business owners who have an LLC that is taxed as an S-Corp. For Partnerships*.
In addition to Base Services:
Small Business Best Practices: details on all the preliminary steps needed to start and/or maintain your business so you can continue to grow and develop good habits
Rates start at $3300
