The Canons of
Taxation…
Equality * Convenience * Certainty * Economical
INDIVIDUALS
SOLE-PROPRIETORS
LIMITED LIABILITY CORPORATIONS
PARTNERSHIPS
S-CORPORATIONS
C-CORPORATIONS
ESTATES & TRUSTS
Income Taxes
Income taxes are levied by the Federal government, most states, and some local governments. They are are generally imposed on individuals, corporations, and certain fiduciaries (estates and trusts). Most jurisdictions attempt to assure the collection of income taxes by requiring pay-as-you-go procedures, including withholding requirements for employees and estimated tax pre-payments for all taxpayers. Kinetic Financial can assist in monitoring your tax liabilites as your situation changes through out the year. Life changes - so should your taxes.
Sales and Use TaxesSales tax is a state or local-level tax on the retail sale of specified goods and services. Generally, the purchaser pays the tax, but the seller collects it, as an agent for the government. Various taxing jurisdictions allow exemptions for purchases of specific items, including certain food, services, and manufacturing equipment. If the purchaser and seller are in different states, a use tax usually applies.
Business owners are responsible for the accuracy and timeliness of sales and use tax filings and payments. Kinetic Financial can provide proficient results at nominal fees.
Tax Disputes
Few events arouse so much fear inthe typical indiviual or corporation as the receipt of a letter from the Internal Revenue Service (IRS) or their state's Division of Taxation, notifying the taxpayer that a prior years' tax return is under scrutiny. As tax practitioners, we can render valuable services that can often alleviate those fears by amending returns.
Payroll Taxes
Classification as an employee usually leads to the imposition of of employment taxes and to the requirement that the employer withhold specified amounts for income taxes. There are two major employment taxes: FICA (Federal Insurance Contributions Act - commonly referred to as the Social Sercurity tax) and FUTA (Federal Unemployment Tax Act). Many states have further taxes that both the employee and employer have to pay. For example, The NJ Department of Taxation and the NJ Department of Workforce Development both require various taxes to filed and paid accurately and timely. At Kinetic Financial, we can help you meet your employer obligations.