Vector Tax & Accounting

"Vector Tax & Accounting delivers individual, small

business and non-profit tax solutions in bookkeeping, tax preparation and

accounting, along with their expert know-how to save hard-earned profits.In

particular, Vector Tax & Accounting analyze accounting and aid

with QuickBooks to assess a business’ possibilities for incorporation,

partnerships and LLC’s. Much of the secret to business savings lies in

eliminating ‘self-employment taxes’, which are required of a sole proprietor

business owner. A sole proprietor is anyone who owns an unincorporated business

by him or herself. Sole proprietors must pay ‘self-employment’ taxes on all of the income of the business as if

it were their own income, regardless of whether they use the income or save it

for the business’ reinvestment. A good bookkeeping and accounting service will

demonstrate possibilities to save this money. And, who doesn’t love to save money? For

example, incorporation would create a separate entity, whereby even as a single

business owner of an incorporated entity the owner must only pay personal income

tax on the salary or income they receive from the newly incorporated entity. Electing

for a subchapter S designation (or “S corp”) may also present further

possibilities for savings as S corp status allows for the reporting of profits

and losses on personal income tax returns—leaving the business virtually

untaxed! Additionally, further exploration of an LLC, will assess whether it can

be taxed as corporation rather than suffer under the rules of sole

proprietorship. Especially if you just invest in an LLC and don’t actually run

the business, Vector Tax & Accounting will explore every venue to

save your wallet! Whether

you are an individual or large corporation and whether you just need help with

your tax return or want to carryover losses in a merger, Vector Tax &

Accounting will help you find the best solutions to your tax and accounting

needs. To find out what possibilities are right for your small business, corporation

or even non-profit and to receive expert business advice and tax preparation

visit Vector Tax & Accountingonline or call (860) 580-5183."

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