Accounting & Bookkeeping Services are the practice of recording and keeping track of the financial transactions of your business. We provide monthly reports that summarize the activity of your business.
Accounts Payable Services refers to the handling of vendor bills and making payments as needed to stay current.
Accounts Receivable Services help you keep track of customer payments and customer balances due. This will include tasks such as invoicing, recording customer payments, and recording deposits.
Payroll Services assists with or assumes all aspects of payroll on behalf of our client. This ensures that taxes are paid accurately and on schedule.
An individual tax return is an official form that a person or a married couple submits to a federal, state, or local taxing agency to report all taxable income received during a specific period, usually the previous year. This record is used to assess the amount of tax that is due or was overpaid for that period.
S-Corporations file an information return to report their income, gains, losses, deductions, credits, etc. An S-Corporation does not pay tax on its income but "passes through" any profits or losses to its shareholders. Shareholders must include this profit or loss on their personal tax return.
Partnerships file an information return to report their income, gains, losses, deductions, credits, etc. A partnership does not pay tax on its income but "passes through" any profits or losses to its partners. Partners must include this profit or loss on their personal tax return.
Although they are exempt from income taxation, exempt organizations are generally required to file annual returns of their income and expenses with the Internal Revenue Service. Small tax-exempt organizations with gross receipts under a certain threshold may be required to file an annual electronic notice.
The 1099 forms are used to report payments to independent contractors, payments for rental property, payments of interest or dividends, and other miscellaneous payments for services.
Chisholm Financial
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