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Small business accounting can seem intimidating, but it doesn’t have to be! With the right information and guidance, any small business owner can master the basics of accounting and increase their chances for success. 

Website - https://nxtlevlpros.com/

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It's that time of year again! It's almost time to file your #BusinessTaxReturn, and if you don't want any nasty surprises to come tax day, now is the perfect time to get started.

Website - https://nxtlevlpros.com/

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How Do You Know If You’re Paying Too Much In Taxes?

You are not filing your taxes until the last possible moment. While this means you don’t have to deal with tax preparation as early as some of your friends and family members, it also means you will probably be paying too much in taxes at the end of the year and possibly not even know it! Here are seven sure fire signs that you may be paying too much in taxes, so you can take action before it’s too late.

Should I Pay An Accountant Or Prepare My Tax Return Myself?

If you have complicated tax situations, it’s a good idea to consult with an accountant. If not, and your situation is straightforward, it’s easier to prepare your tax return. Tax preparation software like TurboTax will guide you through each step of the process and help ensure that everything gets done correctly. When preparing your tax return yourself, always be sure to double-check all math and numbers; otherwise, mistakes can happen!

It’s important to file your taxes correctly and accurately to avoid paying more than necessary. Tax preparation is the process of filing a tax return, which is used by the government to collect revenue from tax-paying citizens and businesses. Filing as head of household, single, or married filing separately will depend on your particular situation.

Taxes are due annually by April 15th but can be filed as late as October 15th without penalty. As a taxpayer, it’s always important to understand your tax situation and how that may affect the type of return you need to file.

How Can I Tell If I'm Being Overcharged By My Accountant?

It’s hard to tell how good an accountant is at their job because it’s difficult to judge a book by its cover. However, there are a few ways you can tell whether or not your accountant is doing a good job. The first thing to pay attention to is how quickly they get back to you when dealing with questions and concerns. If they’re always responsive and helpful, this is a sign of competence. Another thing to look for is consistency. If they take time away from accounting to pursue other interests or jobs, then they may not be committed enough for the long term and could end up costing you money down the road.

How To Check If You Are Overpaying In Your Country

The easiest way to find out whether or not you are overpaying in taxes is to review your payslip. If your income is higher than the personal allowance, your employer may have been withholding too much income tax. You can also find out how much you should be paying by consulting the HMRC website. The calculator will take into account any other deductions that might be relevant, such as savings and pension contributions. It will also tell you the percentage of earnings that have gone to taxation.

When Should I Seek The Advice Of A Tax Specialist?

Everyone’s situation is different and the tax laws are complicated, which is why it’s important to speak to a tax specialist when you have any questions about your taxation status. If you find yourself asking am I paying too much in taxes? or would like help determining how much of your income will be subject to federal income tax this year, then a tax specialist may be able to help. A tax specialist can answer your specific questions, provide a more detailed analysis of your particular situation and even complete the necessary forms for you. Speaking with someone who specializes in the area of taxation could give you peace of mind and ensure that you’re not missing out on valuable deductions and credits!

Ways To Reduce Your Tax Rate

Taxes are a necessary evil, but that doesn’t mean we can’t cut our tax bill down by doing some simple things. To help identify areas where we might be overpaying, it’s important to understand the different types of taxes and how they work. There are five main types of income tax:

state income tax

federal income tax

local income tax

payroll withholding

self-employment tax

Each type is computed differently. Income from interest, dividends, and capital gains is treated differently than wages or salary. You may have to pay more than one type of income tax during the year because many people have more than one source of taxable income.

More Detailed Tax Tips

If you are self-employed, it is important to keep good records of your earnings so that your tax liability can be calculated accurately. If there is a change in circumstances, it can be difficult or impossible to go back and amend the past. It’s always better to keep track of your income and deductions as they happen, rather than waiting until the end of the year and trying to calculate what they should have been. The more organized your records are, the easier it will be to file an accurate return each year. it is important to consider having someone else help with preparing your annual tax returns. A qualified accountant can help ensure that you claim every deduction available and reduce the likelihood of being audited for errors or fraud.

Contact Us : 

Phone - 984-250-8715

Email - info@nxtlevlpros.com

Website - NxtLevl Professional Services, LLC

Blog - How Do You Know If You’re Paying Too Much In Taxes?

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How do you file your North Carolina business tax return? If you’re like most entrepreneurs, you keep your business and personal finances separate so you don’t have to deal with any more paperwork than necessary. And that’s fine if you want to risk the chance of getting audited. To avoid that, check out these 3 tips for filing your North Carolina business tax return.

[nxtlevlpros]

How do you file your North Carolina business tax return? If you’re like most entrepreneurs, you keep your business and personal finances separate so you don’t have to deal with any more paperwork than necessary. 

Website - https://nxtlevlpros.com/

[nxtlevlpros]

Running a business can be stressful enough as it is, so you shouldn’t have to worry about getting your finances under control. Hiring bookkeeping services means you can spend less time doing numbers and more time growing your business. 

[nxtlevlpros]

A Notary Public is authorized to witness signatures, take acknowledgments and administer oaths. Let us know if you need a Notary Public!

Website - https://nxtlevlpros.com/

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What You Need To Know About: Corporation Tax Return

Want to start your own corporation? It’s easier than you think! This corporation tax return guide will walk you through the necessary steps, as well as explain what you can and cannot deduct from your corporate income tax return.

A Brief Overview Of Corporations

A corporation is a business entity that consists of an organization owned by shareholders. This means that the owners of the company have complete control over the company’s financial and legal matters, as well as its policies. The shareholders have no liability or responsibility for the company’s debts, liabilities, and other issues. A corporation must file its own taxes independently from the individual members’ taxes; it also has specific tax laws and regulations which apply to its unique circumstances. Every state has different corporation tax laws – some may not even charge taxes at all!

To find out about corporate tax laws and how they might affect your business, Corporations are generally subject to two types of income taxes:

1) Corporate income tax

2) Share holder dividend distributions.

A corporation’s income earned in North Carolina is subject to a 6% state rate unless the amount earned falls under $5,000 per year, in which case there is no taxation. If you’re doing business outside of North Carolina but earning more than $5,000 annually then you will be liable for this flat 6% tax rate.

How To File A Corporation Tax Return In NC

As a small business owner, you’re often faced with the tough decision of how to file your taxes. This can make things even more complicated when you are operating as a corporation and have some specific tax return needs. Here is what you need to know about filing your North Carolina corporation tax return.

1) The state requires that a calendar year corporation in North America file its return by the last day of March or the first day of April, whichever is closer.

2) A corporation must file an annual report for any anniversary of its incorporation up until the 30th day of November. The cost for filing this report is $5 per year.

3) There are many different types of corporations; however, the most common type of corporation that files taxes in NC would be an S-corporation. These corporations only pay one level of taxation (at the individual income tax rate).

4) Corporations that do not meet these criteria may be eligible to take advantage of another set of regulations called Subchapter S-Corporations, which will result in double taxation on both corporate profits and shareholder earnings each year.

5) Even if you are operating as a C-corporation, which generally has different reporting requirements than other types of corporations, there may still be instances where you would need to complete certain paperwork related to paying employee wages. If you have employees who were paid more than $600 during the previous calendar year, then you are required to file Form W-2 and Form W-3.

6) It is important to note that all corporate officers should also register themselves with the IRS at least once every five years.

7) In order to register, these individuals should fill out Form SS-4 and include information such as their name, address, Social Security number, employer identification number (EIN), etc.

8) If they are submitting a renewal application instead of registering for the first time they should include information from the original registration form along with details about why they aren’t submitting anything new.

9) Corporations must also submit a 1099 statement for any service providers that provide $600 or more worth of services in a given year.

10) For those interested in taking advantage of deductions and credits associated with owning a corporation, it is important to note that your company may still qualify for the Foreign Earned Income Exclusion even if it operates domestically.

11) However, before making any decisions about whether or not to take these steps you should consult with an accountant since the Foreign Earned Income Exclusion comes with eligibility requirements like living abroad and having foreign earned income.

12) Finally, it is very important to remember that if you don’t plan on being profitable throughout the next year there may be tax benefits associated with suspending operations through either declaring bankruptcy or dissolving the company entirely.

Credits On The NC Corporate Income Tax Return

Check to see if you owe a franchise tax. Under North Carolina law, corporations are liable for a franchise tax on the amount of capitalization from 50% up to $750,000 per year. If you have a corporate net worth of more than $750,000 at the end of the corporation’s taxable year then you need to file for corporation income tax return for your net worth over $750,000 as well as fill out additional paperwork that is specific only in regards to your net worth over $750,000. In order to determine whether or not you need to file for a corporate income tax return, you can use this calculator and add in your net worth. If your net worth is less than $750,000 then you do not need to complete any other forms besides what was completed on the first page.

Review Process For Filers

The first step in the filing process is ensuring that you have filed your Articles of Incorporation and it has been approved by the Secretary of State. After this, a Resident Agent must be appointed. Next, you must determine if your corporation has assets or employees in other states. This can change which state tax return is required; for example, corporations with assets or employees in both North Carolina and South Carolina need to file a South Carolina return as well as a North Carolina return. Some corporations also may need to file an Ohio corporation tax return, but not all do. Corporations without any income derived from Ohio should not file an Ohio return.

Record Keeping Requirements For Corporations In NC

Corporations in North Carolina are required to keep certain records for at least three years, depending on the kind of record, as follows:

Minutes or written resolutions of shareholder meetings;

Books containing a journal or ledgers including daily balances and all transactions made by an -account;

Any other books and records necessary to substantiate transactions with respect to the corporation.

Accounts receivable aged; and

The inventory of raw materials, work-in-process, and finished goods.

Penalties For Failure To File/Pay Federal Taxes By Filing Due Date

If you fail to file and pay the tax that is due by the filing deadline, the following penalties will apply: A 1% penalty on unpaid taxes per month or a fraction thereof up to 25%. The maximum penalty is 75%. If there is still a balance due after running these penalties, additional penalties can be applied. Interest is charged on any unpaid federal taxes as of January 1 following the filing date of this return. This interest rate is not negotiable. In addition, if a company fails to remit payment for withheld income tax from wages or other income paid during the calendar year, an underpayment penalty may also be imposed. Penalties are determined by what happened in the previous three years and how much was owed each year in addition to what is owed now. If a company fails to make estimated payments for self-employment taxes during a calendar year, an underpayment penalty may also be imposed for all payments made for employment taxes for that same year.

Penalties For Late Payment Of Estimated Taxes For Partnerships And S Corporations

There are three penalties for late payment of estimated taxes for Partnerships and S Corporations, based on when the tax is paid. If you pay the taxes more than 60 days after the end of the tax year, there is a five percent penalty for every month or part of a month between the due date and when it was paid. The second type of penalty for late payment of estimated taxes is a ten percent penalty per month or part of a month, starting with the second full calendar month following the due date until they are paid in full. The third type of penalty is twenty-five percent per month starting with each full calendar month following the due date up until they are paid in full.

The Bottom Line

Nxt Level Pros offers tax credits for investments, but depending on what you’re investing in and how long you’ve lived in the state, you may have to pay taxes. For example, if you earn income from renting or selling real estate within North Carolina, the state requires that you withhold a percentage of your earnings as North Carolina income tax. Similarly, any loans made through a North Carolina-based bank are subject to withholding.

Contact Us : 

Phone - 984-250-8715

Email - info@nxtlevlpros.com

Website - NxtLevl Professional Services, LLC

Blog - What You Need To Know About: Corporation Tax Return

[nxtlevlpros]

You are not filing your taxes until the last possible moment. While this means you don’t have to deal with tax preparation as early as some of your friends and family members, it also means you will probably be paying too much in taxes at the end of the year and possibly not even know it! 

[nxtlevlpros]

Running a business can be stressful enough as it is, so you shouldn’t have to worry about getting your finances under control. Hiring bookkeeping services means you can spend less time doing numbers and more time growing your business.

Website - https://nxtlevlpros.com/

[nxtlevlpros]

Want to start your own corporation? It’s easier than you think! This corporation tax return guide will walk you through the necessary steps, as well as explain what you can and cannot deduct from your corporate income tax return.

[nxtlevlpros]

You are not filing your taxes until the last possible moment. While this means you don’t have to deal with tax preparation as early as some of your friends and family members, it also means you will probably be paying too much in taxes at the end of the year and possibly not even know it! Here are seven sure fire signs that you may be paying too much in taxes, so you can take action before it’s too late.

Website - https://nxtlevlpros.com/

[nxtlevlpros]

How to Choose the Right Bookkeeping Services for Your Business in North Carolina

It’s vital to keep good financial records as a business owner, but not all bookkeeping services are created equal. Whether you’re looking for bookkeeping services in North Carolina, it pays to do your research first and make sure you’re getting the right one before you sign anything. Here are some tips on how to find the best bookkeeping services in your area.

When Should You Start Hiring A Professional?

Hiring a professional bookkeeping service is an important decision for any business owner. The right bookkeeper can save you time and money, but how do you know when your business is ready to make the switch? Here are a few factors to consider:

1) Does your company have more than three people on staff?

2) Do you maintain an inventory of more than $20,000?

3) Do you process more than $20,000 worth of payments each month?

4) Do you need help reconciling accounts at the end of each month or year?

5) Is it difficult for you to identify where your profits are coming from and where they’re going?

6) Have you ever had an issue with payroll tax compliance?

7) Are you having trouble balancing your budget each month or year?

8) Are some members of your team consistently making mistakes while entering data into the accounting system?

9) If you answered yes to one or more of these questions, then it’s likely that hiring a professional will be a good investment for your business.

What Is a CPA?

A Certified Public Accountant (CPA) is a professional who has passed an exam and met all other requirements set by their state’s Board of Accountancy. In North Carolina, CPAs are regulated by the NC State Board of CPA Examiners.

There are many bookkeeping services available, so how do you know which one is right for your business? Here are a few things to consider when choosing bookkeeping services in North Carolina:

– Do they have experience with businesses like yours?

– What type of pricing plans does the company offer?

– Are they certified, public accountants or public accountants?

– What is their area of expertise? Some firms focus on helping small-business owners with taxes while others specialize in accounting work.

– How much time will it take them to get started on your business’s books? Some firms will start working immediately while others need some lead time before getting started.

– Does the firm provide specific features such as payroll processing or tax planning? If these are important features for your business, then be sure to find out what each service offers before making a decision.

When Can You Do It on Your Own?

When you’re just starting, it’s tempting to try and do everything on your own. But as your business grows, you’ll quickly realize that you can’t do it all. That’s when it’s time to start looking for bookkeeping services in North Carolina. But how do you know which one is right for your business? Here are a few things to consider:

1) What type of company am I running: Asking yourself this question will help you figure out what services would be most beneficial to your company. A retail store might want payroll or inventory management whereas an automotive repair shop might need someone who specializes in tax compliance.

2) How much money does my company make: The more money your company makes, the more complicated its accounting needs are likely to be. If you have any questions about this, consult with an accountant before choosing a service provider.

Why Use Our Bookkeeping Solutions?

1. We offer a variety of bookkeeping services that can be customized to fit your business needs.

2. Our team is composed of certified public accountants (CPAs) and QuickBooks Pro Advisors who are experts in bookkeeping and accounting.

3. We have a proven track record of providing quality bookkeeping services to businesses in North Carolina.

4. Our bookkeeping services are affordable and we offer a money-back satisfaction guarantee.

5. With our services, you will know where all your company’s finances stand.

Contact us today for more information about our professional bookkeeping services!

Things to Consider Before Choosing an Accounting Firm

1. Location – You’ll want to choose a firm that is conveniently located near your business.

2. Services Offered – Make sure the firm offers the services you need, such as bookkeeping, payroll, and tax preparation.

3. Fees – Get an estimate of the fees charged for services. Compare this with other firms to get an idea of what is reasonable.

4. Experience – It’s important to choose a firm with experience in bookkeeping and accounting. 5. Reviews – Find out if the company has reviews from past clients and if they are positive or negative.

5. References – Ask about references from past clients so you can see how satisfied they were with the service before making a decision.

6. QuickBooks Integration – If you use QuickBooks for accounting purposes, make sure the firm offers integration with QuickBooks software.

7. Certifications – Check if the company holds any industry certifications such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA).

8. Company Size – Make sure there are enough accountants available to help when needed and also ensure that no accountants are working alone on too many projects at once to ensure quality customer service.

9. Cost – Consider what the cost will be over time, including any costs for additional services such as bookkeeping.

10. Past Projects – Review some of the projects completed by the firm to see if they’re related to your needs.

11. Customer Service – Call and speak with someone who works at the company about their customer service approach to get a feel for it before choosing them.

Contact Us : 

Phone - 984-250-8715

Email - info@nxtlevlpros.com

Website - NxtLevl Professional Services, LLC

Blog - How to Choose the Right Bookkeeping Services for Your Business in North Carolina

[nxtlevlpros]

It’s vital to keep good financial records as a business owner, but not all bookkeeping services are created equal. Whether you’re looking for bookkeeping services in North Carolina, it pays to do your research first and make sure you’re getting the right one before you sign anything. Here are some tips on how to find the best bookkeeping services in your area.

[nxtlevlpros]

Want to start your own corporation? It’s easier than you think! This corporation tax return guide will walk you through the necessary steps, as well as explain what you can and cannot deduct from your corporate income tax return.

Website - https://nxtlevlpros.com/

[nxtlevlpros]

If you’re selling your house in North Carolina, you may need to get what’s called a certificate of acknowledgment from the clerk’s office in your county of residence. This document can also be referred to as a commissioner’s deed or notary acknowledgment, and it has nothing to do with whether or not you have an attorney – although it can be used when you do have an attorney to make the process go more smoothly and easily. Here’s how to get one of these certificates in North Carolina.

[nxtlevlpros]

It’s vital to keep good financial records as a business owner, but not all bookkeeping services are created equal. Whether you’re looking for bookkeeping services in North Carolina, it pays to do your research first and make sure you’re getting the right one before you sign anything. Here are some tips on how to find the best bookkeeping services in your area.

Website - https://nxtlevlpros.com/