Tax Services Memphis TN
Whether you run your own business or you’re just filing for yourself or your family, there are plenty of reasons to take advantage of our high-quality tax services in Memphis TN. Dealing with a Certified Public Accountant (CPA) means taking advantage of our expert knowledge of tax regulations, increased peace of mind for you, as well as savings now and in the future as a result of our value-driven advisory services.
Just looking at your tax position or your business’s bottom line will make the benefit clear. We also provide a wide range of other services to support your business’s financial and accounting needs
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Let’s Talk Taxes
Tax Preparation
Stop missing out on potential deductions that could be saving you big money!
Tax Planning
Real strategies and solutions to help you minimize your IRS liability.
IRS Audit Representation
Don’t go it alone! We’re your ally and representative in an IRS audit.
Tax Preparation Memphis TN
The rules regarding credits and deductions change each year, which can make tax preparation challenging. When we prepare your return for you, we ensure that we claim everything that you’re entitled to, meaning that you won’t be overpaying. Our team triple-checks your return to ensure accuracy. Save time and remove worry with our tax preparation services.
Tax Planning Memphis TN
Intelligent tax planning can provide significant savings on both your current and future returns. In order to plan well, it’s important to understand the impact of the statutory tax rate in Memphis TN, your effective tax rate, and your marginal tax rate, and how to use each to your advantage. With this knowledge, we can implement tax-saving strategies into your business and personal returns that will result in savings both immediately and for years to come.
IRS Audit Representation Memphis TN
We know that facing an IRS audit can be a stressful experience, but with the right support, it doesn’t have to be. All you need to do is forward us your letter from the IRS and we can take care of the rest. We’ll handle all of the paperwork, questions, and scrutiny as we deal with everything on your behalf. Of course, we’ll also be on hand to answer any questions you may have about the process and will keep you updated every step of the way.
Small Business Accountant in Memphis TN
If you’re a small business owner in Memphis TN, we can provide you with all the accounting support you need. From day-to-day finance tasks such as reconciling your bank accounts and maintaining your general ledger to the preparation of your income statement and balance sheet, we can do it all for you. We also provide a range of other tax services for you to utilize as needed.
Payroll Services
We offer cost-effective payroll management for your business and can take care of all reporting as required by the IRS and the state. We’ll also provide you with convenient monthly, quarterly, and annual tax reports.
CFO Services Memphis TN
When you take advantage of our outsourced CFO services, you’re making a prudent decision to protect the financial side of your business. This means improved cash management and long-term financial planning. We also provide profitability analysis per product type or service, cost and pricing analysis, and much more, all tailored to your business’s individual needs and circumstances.
Tax Resolution Services Memphis TN
Our team of expert CPAs in Memphis TN have extensive experience dealing with a wide range of IRS issues. We even have an Enrolled Agent on staff, who will use their knowledge of how best to relate to the IRS to resolve whatever problems you’re having in an effective and stress-free way. We’ll work with you and the IRS to work out the tax relief you need to return to good standing and most importantly be free from the worry and stress.
Professional Audit Services
Our professional audit services make for an efficient but thorough audit. Whether you’re a public or private company, a non-profit organization, or a local, state, or federal government agency, we can work with you to deliver the audit you need. Our audit services don’t just include financial audits but also internal control audits, compliance audits, single audits, and agreed-upon procedures work. This means that whatever your needs, we can undertake the work needed to provide the assurance you and your stakeholders need.
Benefits of Using a Tax Expert
Using the services of a tax expert means that you or your business will be able to take advantage of all of the deductions and credits available to you, meaning that you’ll be paying less in taxes than you would otherwise. However, it doesn’t just save you money. Relying on an expert can also save you time, give you peace of mind, and gives you access to expert guidance. A competent tax expert will also be able to identify opportunities for better tax planning going forward and will be happy to explain these to you.
A Guide to Memphis TN Taxes
The over 10,000 incorporations based in Memphis, Tennessee are all subject to the state’s 6.5% flat-rate corporate income tax. While the approximately 628,000 residents living in the city are not subject to any individual income tax, they are subject to sales taxes set at the city, county, and state levels. The state sales tax rate is set at 7% with a maximum local tax rate of 2.75%. While the average combined sales tax rate is 9.55% across the state, it is slightly higher in Memphis where it sits at the maximum allowable rate of 9.75%. This consists of the 7% state sales tax, 2.25% sales tax levied by Shelby County, and a 0.5% Memphis city sales tax.
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FAQs
Is it worth it to hire someone to do your taxes?
In our professional opinion, the answer is a definite yes, provided that you’re hiring someone with the appropriate knowledge, experience, and qualifications. When you do so, you save yourself stress, worry, and time, whilst ensuring that you’ll be claiming all of the credits and deductions you’re entitled to.
How much does it cost for someone to do my taxes for me?
Fees for tax services can vary significantly depending on which type of returns are required and the complexity of your tax affairs, so it wouldn’t be appropriate to provide a one-size-fits-all answer. However, we’re confident that the peace of mind and improved tax position that comes with an expertly prepared return will far outweigh the costs for you.
How much are business taxes in Tennessee?
Tennessee has a corporate income tax rate of 6.5%. This is a flat-rate tax that is applied evenly to all profits.
Does Tennessee have an individual income tax?
Tennessee does not have an individual income tax; however, it does have a sales tax of 7%. Additional sales taxes may be levied at the county and city levels up to a maximum combined sales tax of 9.75%, with the average combined rate currently standing at 9.55%. In the case of Memphis, the county and city tax rates bring the total sales tax to 9.75%.
Get the expert financial support your business needs without the expensive price tag. Schedule a free consultation with our CPA firm.
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