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How to Keep Your Records Organized?

  • Owning and Running a Business in the USA
  • Running a business is not always easy. Especially when you are trying to run a business in a different country. Luckily, we have a ton of experience helping non-residents run their business in the USA. Below we will discuss a few time-saving and possibly life-saving strategies for running your business in the USA
  • Bookkeeeping
  • Payroll
  • Record Retention
  • Pay and Report Your Taxes On Time
  • Tax Season

BookkeepingPayrollSales TaxTax Returns

  • Bookkeeping For Your Business
  • Bookkeeping is the art of classifying and accounting for each and every penny in and out of your business. Every month, your business will have transactions. These transactions can be any of the following:
  • Income
  • Expenses
  • Capital Contributions
  • Loans
  • Purchase of Assets or Inventories
  • When you hire ContadorMiami, we will classify each and every transaction of your business on a monthly basis. After we are done classifying, we will then produce Financial Reports that can quickly help you understand how your business is operating. The 3 most important financial statements are:
  • Profit and Loss Statement – Also known as a P&L or Income Statement, this is usually the most common financial report a business owner wants to review. For a specific period of time it will show your Income minus all your Expenses or Deductions. The final result will be you Net Profit.
  • Balance Sheet – An important way to measure the value of a business is to study the business assets and liabilities. This report will show you exactly that. Assets include inventory, furniture, equipment, and cash in the bank. Liabilities could include loans, mortgages, or capital invested in the firm.
  • General Ledger – A General Ledger shows the detail of the 2 reports mentioned above. Let’s say in the P&L you see that the business spent $14,000 in supplies. The General ledger will show you each and every transaction in the supplies category that sums up to $14,000

BookkeepingPayrollSales TaxTax Returns

  • Payroll in the USA
  • If your business needs or requires employees, it is important to understand all your obligations, as the business owner, that payroll demands. Below we will discuss the main items to consider. When you hire our firm, we will manage all of your payroll needs using our LeafPay Payroll Software. But first, let’s talk about what requirements payroll will bring:
  • Monthly Federal Payroll Tax – Federal Payroll is divided into Social Security and Medicare. Social Security is 6.2% of the gross wages of your employee, while Medicare is 1.45% of the gross wages of your employee. Together this is known as FICA and adds up to 7.65%. This amount is withheld from the employee and sent to the IRS. The employer must also contribute the same 7.65% and send both portions to the IRS each month. Therefore, the total Payroll Tax an employee submits to the IRS is 15.3%.
  • Quarterly Federal Payroll Reports – After paying the federal payroll tax each month, we will submit a Quarterly 941 Payroll Report to the IRS which gives them a detailed report on all your employees, their pay, and their deductions.
  • State Payroll Tax – Every quarter, the Department of Revenue (DOR) will require your business to also pay an unemployment fee based off your unemployment tax rate.
  • LeafPay Payroll Software – If this all seems like a lot of work, don’t worry. We will do it all with as little effort and time required. This is using our proprietary LeafPay Payroll Software. Each payroll period, you will only have to approve that periods payroll. We will do the rest. It’s that simple.

BookkeepingPayrollSales TaxTax Returns

  • Record Retention Needs of Your Business
  • The IRS requires you to store your financial documents for up to 5 years. We know this is a lot of time, and almost impossible to achieve. Using our LeafCloud System, we will do all the hard work for you. Any and all documents we produce for you and your business will be safely and securely stored on the CLOUD. You will have online access to your LeafCloud Portal which will give you full access to all your company docs at all times.
  • 5 Years of Backups – You must store your financial documents for up to 5 years to comply with IRS regulations.
  • LeafCloud – We’ve created an online portal to keep all of your data and records safe and secure. And better yet, you can access this from anywhere at anytime using our online portal.
  • Pay and Report Your Taxes On Time
  • One of the most common problems with running a business is missing IRS or STATE deadlines. There are multiple types of tax your business may have to pay. Some of them require weekly or monthly processing. Our job is to make sure you are ON TIME with each and every type of tax you have to pay.
  • Sales Tax – If you are buying and selling products (and in some cases, services) you will most likely have to collect sales tax from your customers. This sales tax is due to the Department of Revenue each month. We will help you file these reports and pay on time each and every month. Your sales tax rate depends on the county you operate your business.
  • Hotel or Tourist Tax – If you own and rent your property as SHORT TERM RENTALS, you will have to pay both sales tax and a resort tax. We can help you with both.

Important DatesPayrollSales TaxTax Returns

  • Tax Season
  • Each and every year, your business will have to file a Federal Tax Return to the IRS. In some cases, your business will also have to file a State tax Return to the Department of Revenue. In both cases, we can help.
  • Federal Tax Return – Each year your business will have to report it’s earnings to the IRS. Each type of company files a different type of tax return; which may also have different filing deadlines.
  • State Tax Return – C-Corps and Foreign Entities must file a separate tax return to the State Department of Revenue.