Jolly’s Taxes & More

There are a number of scalability options available with professional accounting services, making expansion or cut-backs a blink-of-an-eye option! Whether you are looking to grow your business or simply streamline it, hiring a business accounting service makes this possible.

Enrolled Agents are authorized by the IRS to represent their clients in the event of a tax dispute, audit, or other challenges. They can work with you and the IRS to resolve issues and obtain a more favorable resolution on your behalf.

Be sure to inform your tax accountant of any major events in your life over the past year, as well as purchases and sales of note. Even though they may not have an apparent tax benefit, you’ll be surprised at what you can save.

Gross income is the total number of sales generated for a business in a set time period. Net income is the gross income minus the expenses the business incurs during a specific time period.

Don’t think that only high-powered companies need accountants. Virtually all individuals can benefit from the help that an accountant can offer, particularly accountants with expertise in taxes. It’s easy to miss the latest deductions and credits allowed by the federal government.

Did you know that the Internal Revenue Service only allows certain individuals to represent taxpayers in the event of an audit? If you hire a tax preparer and there is an audit, that person cannot represent you before the IRS.

Did you know that your tax information is completely confidential? Your accountant cannot share any information with the Internal Revenue Service without your explicit permission. Also, the IRS can’t divulge your tax information to any other party without your consent.

As with any service provider you may hire, it's always a good idea to get referrals for accounting and tax help before you decide who to hire.

Not only do Enrolled Agents prepare tax returns, but they also provide tax assistance for estates, trusts, partnerships, corporations and other entities that are required to report taxes. Enrolled Agents specialize in taxation and receive their authority from the federal government, not the state government.

Although you may pride yourself on being able to complete your tax returns on your own each year, starting a new business can require tax forms you’ve never heard of. Even if you plan to do your own taxes going forward, you may want to consider working with a tax accountant the first year you’re in business to ensure you’ve taken advantage of all the appropriate deductions.

Enrolled agents (or EAs) can be thought of as the tax professionals of the nation. While other types of accountants may assist businesses with taxes, an EA's only focus is on tax law as it relates to individuals and businesses.

So what exactly is the self-employment tax? This is a federal tax that’s set up to ensure that an independent contractor pays into both social security and Medicare. While employees and employers split the costs of these payroll taxes, independent contractors are responsible for both halves via this tax.