Do you need help with your tax preparation or tax returns?
Spencer Business Solutions provides an outstanding tax return prep service. Our team stays abreast of the latest tax rules and regulations to ensure that you are always offered the most current and effective income tax strategies.
Tax Planning
By effective tax planning, we can minimize your taxes and plan for annual cash flow cycles. No last-minute runs to the bank or post office for our clients. We prepare and file income tax returns to the IRS as well as any of the 50 States for:
Most importantly, we are available all year long for your emails and phone calls as tax-related questions arise. Should I lease or buy a car? What is a 1031 exchange? There is no extra charge for these questions if you are a client of our tax return prep service. We welcome these questions! By keeping us involved in your financial decisions throughout the year, we are able to truly advise you and look out for your best interests with regard to tax strategies.
Tax Services
Local Income Taxes
If you only have W-2 earnings, no need to worry about this topic. It has already been withheld from your paycheck by your employer. However, if you are a business owner operating in Lexington, you are required to submit local income tax returns for LFUCG and Fayette County Public Schools based on the net profits generated by your business. In fact, this could be required if your business is located in any taxing jurisdiction which has local taxes. We will determine your business’ requirements during our initial tax service consultation.
Property Taxes
Yes – there is yet another tax that all business owners must pay, and that is tax on any business property that you own. Such property could include inventory, computer equipment, office furniture, machinery, and the list continues. Again, this topic will be included in our initial consultation. We will prepare your property tax return as part of our overall tax return prep service, if it is required for your business.
Limited Liability Entity Tax
Never heard of this one? It is also fondly called the LLET for short. The bottom line is that if your business is structured as an LLC or LLP or any form of a limited liability entity, this annual tax will be due to the State of Kentucky on April 15th. If your gross receipts are less than $3,000,000 annually, you will owe the minimum amount of $175. We will prepare this return for you each year with as part of our tax return prep service.
Payroll Taxes
Obviously, if we handle your business’ payroll processing, we will also handle the preparation of all required payroll tax returns. There are several options to consider here and we can discuss during our initial consultation.
