Aqualink
GLOBAL SERVICES
We understand your unique situation and can file accurately for you...
Bookkeeping
Our firm has over a decade of experience in bookkeeping for businesses ranging in size from a single owner to thousands of staff members. Some of the services we currently provide are payroll, accounts payable, accounts receivable, and reconciliation to bank records.
Self Employed
Being self-employed is a major achievement, but it comes with additional responsibilities. If you’re a business owner, partner, contractor or gig worker, you may have to pay self-employment tax.
We can prepare and file the necessary returns for you, including federal Schedules C, E and SE to report your business income and expenses, and ultimately calculate your self-employment tax. We stay current on tax laws to identify the deductions and credits applicable to you.
Self-employed individuals are required to pay income taxes throughout the year. We simplify the process by calculating your estimated taxes and providing quarterly estimated tax forms to assist you in paying your income taxes, including your self-employment tax.
Corporate Tax Returns
There are three main types of business entities that require federal tax filings. Partnerships, C-Corps, and S-Corps. Below is a discussion of each, as well as a brief comment on LLCs:
Partnerships
If you have more than one member in your business but have not otherwise incorporated as an S-Corp or C-Corp, you should likely be filing this return. It is reported on Federal Form 1065 and (if applicable) certain state schedules. We support all 50 states. This default classification arises if you apply for an EIN number for a business entity that has more than one owner. This default classification also arises if you have registered an LLC with your state and that LLC has more than one owner, equity partner, or member.
Unemployment
The economic impact of the pandemic has been challenging, with millions receiving unemployment. These funds offer a lifeline, but they’re not tax-free income.
When it’s time to file your tax returns, be on the lookout for a Form 1099-G, which reports the amount of unemployment benefits you received during the year. Your tax return preparer will need a copy to report it as income on your tax returns.
If you want to avoid a surprise tax balance due when you file your returns, consider adjusting your tax withholdings or making estimated tax payments.
Unemployment benefits may be a new and unfamiliar tax topic for many. We handle the reporting on your tax returns and provide guidance on tax withholdings and estimated tax payments.
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Recent Tax Developments
When it comes to taxes, one constant is continuous change.
In recent history, we have seen sweeping federal tax reform enacted under the Tax Cuts and Jobs Act (TCJA) of 2017. In 2020, a significant tax relief bill, the federal CARES Act was passed in response to the COVID-19 pandemic.
The same may hold true for the near future, as talks of additional tax-relief bills are ongoing, coupled with the results of the November elections!
While this may seem like a lot to digest, our EY tax professionals remain up to date on tax developments and apply that knowledge when preparing your tax returns.
Interested in ongoing tax developments? This section is dedicated to keeping you updated.
Tax Tips
Albert Einstein once said: “The hardest thing in the world to understand is the income tax.”
There’s no doubt that taxes can be quite complex, especially with the frequency of recent tax law changes and personal circumstances
during these times.
The good news is our tax professionals are here to address the complexities of your tax filings.
Plus, if you’re interested in tax tips from the pros throughout the year, this section is for you! From practical tips to in-depth tax topics, we’ve compiled various resources to keep you informed.