How much will it cost me per year if I have a simple small business?
Well...it just depends. Yearly costs can vary depending on the service, but here's a simple breakdown and some examples:
Sole proprietor with one bank account, no tax return will cost you $1,800-$2,000
1120s with one bank account, one employee (say the owner), and needing a tax return done will cost you anywhere from $3,500-4,600, depending on the complexity of the tax return.
In a practical sense, if you have payroll, you will pay an additional $1,050 for the necessities, and every company must pay the $50 Arkansas franchise tax. Each account you have will cost you $150 per month per account for reconciliations and account adjustments. Fewer accounts and no payroll = the cheapest option. In return, you will have consistent, up-to-date financials so you have a stronger picture of your company's position and can perform critical cost analysis alongside much more.
How does payroll work?
Payroll is submitted weekly, bi-weekly, or monthly. Holiday issues will be announced prior to payroll running. Murphy and Associates runs the payroll, and from there (if not told otherwise) they will reach out to you, each payroll, to ensure they are cleared to pay payroll taxes.
Payroll submission/completion is flexible and highly dependent on what you are wanting done; if all you want to do is submit hours weekly and would like us to run direct deposits and pay payroll taxes automatically, we can do it. Want us to instead give you the check totals so you can hand write each one and would like to pre-approve before anything is paid out, we can do that too.
Engaging in payroll with us means we do it all or not at all. If we run your payroll, we will also be creating and submitting your 941's, 940, SUTA and FUTA submissions, W-2's and W-3 transmittals, and all other payroll-related documents. This also means we take care of any of the IRS notices that you receive about any payroll work we have done for you.
How do I file my tax return with you?
Reach out to us either via phone, email, or Verifyle to begin an engagement. Once you have reached out to us a member of our team will onboard you.
From there we may request some initial documentation (state-issued ID (DL), previous tax return, SSN's and DOB's, bank account information, and other basics.
First come first serve through March 15th, afterwards we do those who we believe will have the highest tax owing first in order to reduce IRS penalty and interest costs to clientele. All clientele in before March 15th will be extended, regardless of request.
