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Shouldn't my bookkeeper be local so we can meet in person?
Not anymore! With the advancement of technology, the need to have a local bookkeeper is no longer a requirement. We at Merriman Tax Services currently service clients in all timezones and throughout the world. Through the use of cloud technology and the web, we can access our clients' accounts securely and provide live face to face updates at your hand.
Do I need to clean up my books before we start?
No, not at all. Merriman Tax Services has specialists that can provide you quote on the work to be included in your package.
What does a payroll company do?
A payroll company can perform many of the complex tasks required to process payroll accurately. The payroll company uses current tax laws to calculate the correct tax withholdings and also withholds any benefit payments.
This outside firm submits the payments withheld to the IRS, state revenue departments, and any other third parties. The company will complete all payroll reports and create W-2s and 1099s at year-end.
How do you determine if a worker is an employee or independent contactor?
There are three basic categories of factors that are relevant to determining a worker's classification:
Behavioral control (whether there's a right to direct or control how the worker does the work), Financial control (whether there's a right to direct or control the business part of the work), and Relationship of the parties (how the business and worker perceive the relationship).
Can Merriman Tax Services do my taxes?
Yes, we can arrange to do your taxes and ensure that they are in line with our bookkeeping standards should you require that service.
If you wish you maintain your own bookkeeping, please ensure that they are kept throughout the year so that we will be able to prepare your taxes at the end of the year timely and efficiently. Inquire within if you would like to hear the value we can add to your current bookkeeping process.
I'm a sole proprietor and pay personal expenses out of my business bank account. Should I include the money used for personal expenses as part of my income? Can I write these expeneses off?
You would include the money used to pay personal expenses in your business income when your business earned it.
You wouldn't write off these expenses as business expenses because they're not ordinary and necessary costs of carrying on your trade or business.
It's a good idea to keep separate business and personal accounts as this makes it easier to keep records.
How does my business become an S Corporation?
A corporation, or other business entity that elected to be treated as a corporation (by filing a Form 8832, Entity Classification Election), must use Form 2553, Election by a Small Business Corporation to make an S corporation election. A business entity treated as a corporation must meet certain tests to qualify to be an S corporation. To learn more, see the Instructions for Form 2553 and the Instructions for Form 1120-S, U.S. Income Tax Return for an S Corporation.
What happens if I don't have my ID but need a document notarized?
If a signer doesn’t possess one of the forms of identification. Two credible witnesses will need to vouch for the signer.
Credible witnesses must personally know the signer. In accordance with California law, these individuals are required to present a valid form of identification, take an oath, and sign the notary journal. A credible witness must neither be named in nor benefit financially from the document being signed.