What Types of Businesses Do Our Swaim & Associates Business Tax Accountants Serve?
The companies we serve come in all shapes and sizes. Some broader categories of businesses our accounting professionals and tax experts serve include:
Small Businesses
What constitutes a small business is a bit subjective. Each of the following business types has the potential of being classified as a small business that may require you to file business taxes:
- A situation where you work as a self-employed, independent contractor or subcontractor
- If you have a hobby business such as woodworking, soapmaking, or graphic design operation
- You have a portfolio of rental properties
- You own a shop or store
- You sell goods on the internet
- You receive a 1099 form for your work
- You have a weekend lawn care operation that provides you with supplemental income
Also falling into the category of small businesses are more formally organized commercial enterprises that you may have built from the ground up and employ workers. Some common examples of traditional small businesses include:
- A print shop
- A law firm
- A restaurant
- A convenience store
- An auto mechanic shop
Medium-Sized Businesses
A business owner with multiple disparate business interests may also be considered the owner of a medium-sized enterprise, depending on the size of their workforce and revenue generation.
The point of sharing the types of operations that may fall into these small-business and medium-sized business categories is to give you a fuller picture of the different types of companies we work with. As you may imagine, these businesses can have a wide range of incorporation structures, some of which we’ll highlight below. Each has its own tax obligations.
Factors That Affect Different Companies’ Tax Obligations
Given the different types and sizes of businesses we serve, there’s no one-size-fits-all approach our tax advisors use when assisting our clients. Some factors that shape the tax strategies we recommend for different tiers of businesses include some of the following:
- The size of their staff
- Their gross receipts and, consequently, their net operating profit
Since businesses have different tax advisory services needs depending on the above-mentioned factors, the help they require from our business tax accountants may also vary. These businesses or corporations may require tax consulting on some of the following:
- Determinations of estimated tax for quarterly payments
- Qualifications for a tax credit
- Year-end tax filing
One factor that plays a role in the tax obligations of different-sized business entities is the multitude of legal entity structures those operations may have. These may include sole proprietorships, partnerships, limited liability companies (LLCs), S-corps, C-corp, and others — some of which have pass-through filing along with the owner’s personal income taxes. A company’s legal entity structure may not only impact tax-filing obligations but also impact tax rates.
While we can certainly help with all aspects of tax planning, preparation, and filing, as hinted at above, we defend clients in IRS audits as well.
Each tax pro at Swaim & Associates is also well-experienced in providing IRS audit representation services that can be helpful if you fit into one of the aforementioned categories of businesses.
IRS Audits and Collections
Dealing with the IRS if you and/or your business are dealing with IRS problems can be intimidating and overwhelming, especially if you and/or your company have an audit or collection action. We have the experience and knowledge to help you navigate the process and protect your interests. We will represent you in IRS audits and legal disputes with an auditor regarding any potential tax increases proposed or penalties assessed and work to find the best solution for your business.
