Bookkeeping
What is bookkeeping and why does it matter for my business?
Bookkeeping is the process of recording, categorizing, and tracking all your business’s financial activities. It matters because it allows you to monitor your cash flow, stay compliant with tax regulations, make better financial decisions, and maintain a clear picture of your company’s performance.
How can your team support my bookkeeping needs?
We can design and set up a bookkeeping system for your business, handle ongoing transaction entries, reconcile bank and credit accounts, prepare key financial reports, and give guidance to support your financial strategy. Our team ensures your books are accurate, compliant, and ready whenever you need them.
In what way does bookkeeping make tax season easier?
Well-maintained records simplify tax preparation by clearly showing your income, expenses, and potential deductions. With organized books, your tax return is accurate, complete, and ready for timely filing.
Which financial statements should I keep an eye on?
The most valuable reports to review are your income statement (profit and loss), balance sheet, and cash flow statement. Together, they show how profitable your business is, what you own and owe, and whether you have enough cash to cover operations.
ITIN
What is an ITIN?
An ITIN, or Individual Taxpayer Identification Number, is a number issued by the IRS for tax purposes. It’s for individuals who must have a U.S. taxpayer ID but cannot get a Social Security Number.
Why would someone need an ITIN?
The IRS issues ITINs so people without Social Security numbers can file taxes and meet U.S. tax law requirements. An ITIN is strictly for tax reporting—it doesn’t give work authorization, Social Security benefits, or eligibility for credits like the Earned Income Tax Credit.
Who should apply for an ITIN?
You should apply if:
You don’t qualify for an SSN, and
You need to file a U.S. tax return or provide a taxpayer ID, and
You fit into one of these categories:
Nonresident alien required to file a tax return
U.S. resident alien based on substantial presence who must file
Spouse or dependent of a U.S. citizen or resident
Spouse or dependent of a visa holder
Nonresident alien eligible for treaty benefits
Nonresident alien student, professor, or researcher with a filing requirement
Does an ITIN expire and need renewal?
Yes. If your ITIN is expired (or expiring soon) and you must file a return, you’ll need to renew it before filing. Using an expired ITIN means your return will still be accepted, but credits or refunds will be delayed until the ITIN is updated.
Payroll
Why should I outsource payroll instead of handling it myself?
Outsourcing saves you time, reduces costly errors, ensures compliance with employment laws, and guarantees employees and contractors are paid correctly and on time.
How often can you process payroll?
We can run payroll weekly, bi-weekly, semi-monthly, or monthly — whatever works best for your business.
Do you handle payroll taxes and filings?
Yes. We manage all payroll tax calculations, withholdings, and filings so you stay compliant with federal and state requirements.
Can you manage contractor payments as well as employees?
Absolutely — we can process both W-2 employees and 1099 contractors.
What are the benefits of having employees on W-2?
W-2 employees give you more control and stability. Payroll taxes are handled correctly, employees are eligible for benefits, and it often builds loyalty and long-term retention.
What are the benefits of W-2 employees when it comes to credits and tips?
With W-2 employees, your business can qualify for certain credits (like the Work Opportunity Tax Credit) and properly claim the FICA tip credit in industries where tips are common. This helps reduce your tax liability while staying compliant.
Sales & Franchise Taxes
Why is it important to file sales and franchise taxes?
Filing these taxes keeps your business compliant with Texas law, avoids penalties, and ensures you remain in good standing with the state.
Why is it important to file sales and franchise taxes on time?
Timely filing prevents late fees, interest charges, and even possible suspension of your business privileges. It protects your reputation and saves money.
Do all businesses need to collect sales tax?
Not all, but if you sell taxable goods or services in Texas, you must collect and remit sales tax. We help determine if this applies to you and handle the filings.
Business Registration
Do I need to register my business with the state of Texas?
Yes, most businesses must register with the Texas Secretary of State and obtain any required permits or licenses.
Do I need an EIN for my business?
Yes, most businesses need an Employer Identification Number (EIN) to file taxes, hire employees, and open business bank accounts. We can help you obtain one quickly.