Tax Services in Southaven
Tax planning and preparation can be overwhelming for both individuals and businesses. Professional tax services with F.O. Givens and Company help you file your returns on time and comply with all relevant laws. Our professionals have years of experience navigating the complex world of taxes.
We can meet with you in our Southaven office, our Senatobia office, virtually, or at your business. All our tax services are affordable and personalized to meet your unique needs, whether you're seeking tax preparation, tax planning, or tax resolution. Contact us today for a free consultation!
Business Tax Preparation
Businesses must pay taxes to the federal, state, and local governments. The balance of taxes owed is due at the end of each year. However, there is a requirement for many businesses to pay estimated taxes before the end of each quarter. With frequent changes in tax laws, businesses often have trouble keeping up with new requirements. This lack of knowledge can lead to late fees, penalties, and a host of other issues with the IRS. Our business tax services include:
- Corporate tax preparation and filing
- LLC tax preparation and filing
- Federal and state filings
Whether you declare your taxes quarterly or annually depends on the structure of your business. Corporations, partnerships, sole proprietorships, and LLCs are required to file taxes yearly. Sole proprietors and contractors, whose incomes are not subject to withholding tax, are required to declare and pay their taxes quarterly.
Taxes on Business Assets
Business assets include all the things you use to create products and services that are purchased by your customers. Buying or selling business assets will affect both your tax situation and your financial position. Business assets are tangible or intangible and can include:
Most assets will depreciate over time, and analyzing these will help you make better decisions on future sales or purchases. Also, you may get a greater depreciation deduction from one year to the next. Our skilled team can help you track and record this critical information for the benefit of your business, and to lower your tax liability.
Filing a Personal Property Declaration with the County Assessor
All businesses need to complete and file an annual declaration of all personal property used in conjunction with that business. Personal property includes all assets that are not defined as "real estate" or "real property," including manufactured homes, aircraft, and all other goods used in conjunction with your business. Whether it is owned, leased, rented, or loaned, personal property is still taxable. Our team will help you compile an accurate list of all your taxable personal property to be submitted to your County Assessor.
Your taxes must be paid based on this information, and all of it is subject to verification by a county assessor field agent. If any of the data submitted is inaccurate, you may incur additional penalty fees on top of your taxes. We work with you to complete your declaration and go through the online filing process, and contest assessed amounts when needed. With our assistance, you can make sure all your obligations are met and that you claim the correct exceptions.
It is essential to keep track of the multitude of due dates that come with payroll tax filing. Tax and wage reports must be filed on the last day of the month following the calendar quarter. There are also tax due dates that pop up in April, July, and October. In fact, there are often fewer months without a deadline. Failure to submit tax information on time could mean a hefty fine for your business, which is why staying within the lines is so important.
As your business grows and laws and regulations change, your payroll system is expected to as well, and it's not always easy! Appropriately handling payroll taxes is threefold; you must:
- Ensure all state and federal taxes are paid and reported properly
- Report any obligations to all contractors and employees
- Comply with various recordkeeping requirements
F.O. Givens and Company has years of experience helping businesses like yours navigate the intricacies of payroll taxes. Don't waste another hour stressing about your payroll taxes when help is just a phone call away!
What is Tax Resolution Service?
This is a service offered to develop and implement a strategy to solve tax debt. The optimal solution will solve the problem permanently and settle the tax liability for the lowest amount required by law. The IRS can assess and assign you a tax liability incorrectly. We can review and deal with the IRS to resolve your tax issues and provide the relief that you deserve. If you are served with a tax levy notice, or you are facing wage garnishment or other issues, we can help you amend your tax problems before they get out of hand.
We can help you resolve:
- Current Taxes: This includes Federal Tax Deposits and amounts that accrue after the date of contact.
- Accrued Taxes: These are taxes not yet assessed, but due on returns and undeposited Federal Tax Deposits.
- Delinquent Taxes: This is when you have a current balance that's due or one forwarded to the Automated Collection System.
You will need proper and up to date records to resolve your issues. Our team will examine your records and financial information to ensure that everything is in order. Having up to date records, whether electronically or on paper, makes it easier for you to solve your tax problems if the IRS places the burden of proof on you.
Developing Payment Plans
An IRS plan or installment agreement is an ideal way for you to pay off your IRS debt over a stipulated time frame. If adhered to, payment plans can offer financial relief and are an effective tax resolution channel. We ensure that the IRS confirms your installment plan. When you formally enter into an IRS payment plan, you receive an annual installment agreement statement yearly.
There are several things you should take note of before entering an IRS payment plan:
- You should adequately file your current and unfiled tax returns.
- Before the IRS qualifies you for an installment agreement you have to pay your pending federal tax deposits.
- The IRS requires you to remain tax compliant for the duration of the payment plan, or you may be removed from the plan. This makes the installment agreement null and void.
- All your tax refunds are channeled towards settling the balance you owe the IRS.
- All penalties and interest will continue accruing on unpaid debts; however, being on a plan lowers them. Remember, if you terminate your payment plan, there is a hefty fine.
Small Business Tax Resolution
If you fail to file your returns, we can help you backtrack to resolve the problem. If you voluntarily file your delinquent returns, you are likely to halt any problems with the IRS apart from interest and penalties. If you wait too long, the IRS will file your returns. However, you may not be able to file the deductions you are entitled to.
Some common tax mistakes that small businesses make include:
- Underpayment of taxes and poor recordkeeping
- Mixing business and personal expenses
- Underestimating and underreporting taxes
- Failing to file, sending wrong forms and payments
- Employee misclassification
If you mistakenly overpay your taxes, the IRS must refund the excess. A refund or rebate is a payment to you the taxpayer in case you pay more than you owe. If you file a paper tax return, the IRS should issue your refund within six to eight weeks.
IRS Audit Representation
This is also known as audit defense. Our audit representatives can devise a strategy to defend you. We assist you in preparing all required documents, handle all correspondence, and attend all meetings on your behalf. Currently, the statute of limitations on IRS collections is for a ten-year time frame. The IRS, therefore, has the right to collect all owed taxes for up to ten years from the assessment date.
Tax Liens, Levies, Garnishments, and Seizures
A levy involves the legal seizure of your property to settle a tax debt. A lien, on the other hand, is a legal claim on your property or assets to pay your tax debt. The IRS can legally garnish or seize your income to settle any taxes you owe. If you fail or neglect to pay your taxes, the IRS has the legal right to seize your assets.
Comprehensive Tax Services in Senatobia
The US tax code is fairly complicated, making it somewhat difficult for the average business owner to navigate. It's easy to miss credits and deductions that you are eligible for, which can cost you money. While tax software may be of use, it cannot substitute for the insight of our experienced tax professionals.
If you are looking for quality but affordable business tax services, get in touch with our team today!