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 & Accounting online or call (860) 580-5183.