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Expert Tax Filing for Your Small Business

Simplify Your Business Tax Filing and Maximize your Deductions with RLS Professional Services


At RLS Professional Services, we specialize in helping small businesses and LLCs file their taxes efficiently. We offer comprehensive tax services that are tailored to meet the unique needs of your business. This allows you to focus your energy on growing and managing your business, while we take care of your taxes.

We understand that filing individual taxes can be a daunting task. That's why we've created the Ultimate Small Business Tax Guide – a comprehensive resource that provides answers to all your questions. Once you're informed about the process and required documents, our user-friendly platform makes it easy to file your taxes virtually.

We know your time is precious. That's why our team of experts is always available to provide assistance and answer any questions you may have. If you prefer face-to-face interaction, we offer in-person appointments as well. Our ultimate goal is to provide you with the guidance and expertise needed to maximize your return. Let us simplify the tax filing process for you.

Calculator and pen laying on a business balance sheet.

An Ultimate Guide to Small Business Tax Filing 

Business taxes refer to the taxes that businesses are required to pay to the ​government. These taxes are levied on business income, profits, assets, and other activities. There are several types of ​business taxes, including ​income tax, ​payroll tax, ​sales tax, self-employment tax, property tax, and excise tax. 

 

To file taxes for an LLC (Limited Liability Company), the process may vary depending on how the LLC is classified for tax purposes. An LLC can be classified as a disregarded entity, partnership, or corporation.

  • For a disregarded entity or partnership LLC, the income and expenses are reported on the owner's personal tax return.

  • For a corporation LLC, a separate corporate income tax return must be filed.

 

Filing business taxes involves several steps. Here is a general outline of the process:

 

1. Business Registration: Ensure that your business is properly registered with the Virginia Department of Taxation. This includes obtaining a federal Employer Identification Number (EIN) from the IRS and registering with the State Corporation Commission if required.

 

2. Choose the tax filing method: You can file your taxes independently or through a professional tax filing service, like RLS Professional Services. We recommend filing with a tax professional like us, who is knowledgeable about small business taxes in Virginia. At RLS we can provide guidance tailored to your specific situation and help maximize your tax savings. We also offer in-person and virtual E-filing services for a faster, more convenient tax filing experience.

 

3. Gather necessary documents: Collect all relevant financial records, such as income statements, expense receipts, and any other supporting documentation required for each tax type.​ Unsure of what documents you need? Click here to check out or complete the Small Business Tax Filing Checklist.

 

4 Calculate taxable income: Determine your business's taxable income based on the specific tax type. For corporate income tax, taxable income is determined by a formula based on sales, payroll, and property factors.

 

5. Fill out the RLS Profit and Loss form and Tax Client Organizer: This will help us determine if you are eligible for any tax deductions or credits. It is important to fill out these forms thoroughly in order to take full advantage of any deductions and credits available to your small businesses. This may include deductions for business expenses, credits for hiring certain employees, or incentives for specific industries.

Click here to download the RLS Profit & Loss Form

Click here to download the RLS Tax Client Organizer

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6. Submit Files to RLS: After completing the tax client organizer, you need to submit it to RLS. You can submit it in person by dropping it in our dropbox located outside our office or by handing it over to our front desk staff during office hours. Alternatively, you can submit the documents online through our Secure Document Dropbox.

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7. RLS will Contact You:  Expect a call from us within the next 1-2 business days to discuss your numbers. Once we have your approval, we will proceed to e-file your taxes.

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8. Pay any taxes owed: Calculate the amount of tax owed based on your taxable income and make the necessary payment to the Virginia Department of Taxation. Payment options include electronic payment, check, or money order.

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9. Keep records: Maintain accurate and organized records of your business's financial transactions and tax filings for future reference and potential audits.

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It's important to note that this is a general overview, and there may be additional requirements or considerations based on your business's specific circumstances. 

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Ready to file?

 

 

Small Business / LLC Tax Filing Document Checklist

At RLS Professional Services, we understand that everyone's tax situation is unique. That's why we've created a comprehensive checklist to help you prepare the necessary documents for your appointment or for filing your business taxes online. Take a look at the list below to ensure you have everything you need.

 

Income Items:

  • Gross receipts from sales or services

  • Sales records for accrual-based taxpayers (accounts receivable)

  • Returns and allowances

  • Business checking/savings account interest (1099-INT or statement)

  • 1099-NEC (independent contractor or professional services work), 1099-K, or W-2 income

  • Other income, including rental income, federal and state gasoline or fuel tax credit or refund

 

Cost of Goods Sold (COGS):

  • Beginning inventory total dollar amount

  • Inventory purchases

  • Ending inventory total dollar amount

  • Items removed for personal purposes

  • Materials and supplies

 

Expenses:

  • Advertising

  • Phones (landline, fax, or cell phones related to business)

  • Computer and Internet expenses

  • Transportation and travel expenses

    • Local transportation: mileage, car and truck expenses, public transportation, parking, tolls

    • Travel away from home: actual expenses for driving or airfare, hotel costs, meals, tips, taxi fares, and miscellaneous expenses

  • Commissions and fees

  • Contract labor expenses paid to subcontractors and independent contractors

  • Depreciation

    • Cost and first date of business use of assets

    • Records relating to personal use of assets

    • Sales price and disposition date of any assets sold

    • Documentation of prior-year depreciation

  • Amortization of intangible assets (e.g., patents or copyrights held)

  • Business Insurance

    • Casualty loss insurance

    • Errors and omissions

    • Other

  • Interest expense

    • Mortgage interest on the building owned by the business

    • Business loan interest

    • Investment expense and interest

  • Professional fees

    • Lawyers, accountants, and consultants

    • Tax preparers

  • Office Supplies

    • Pens, paper, staples, and other consumables

  • Rent expense

    • Office space rent

    • Business-use vehicle lease expense

    • Other

  • Office-in-home

    • Square footage of office space

    • Total square footage of home

    • Hours of use, if operating an in-home daycare

    • Mortgage interest or rent paid

    • Homeowner’s or renter's insurance

    • Utilities

    • Cost of home, cost of separate improvements, and first date of business use

  • Wages paid to employees

  • Employee benefit expenses

  • Other expenses

    • Repairs, maintenance of office facility, etc.

    • Estimated tax payments made (including property taxes and sales taxes if applicable)

    • Other business-related expenses

    • Health insurance: premiums paid on behalf of family, partners, or S corporation shareholders; information on spouse’s employer-provided insurance if applicable.

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Expert Small Business / LLC Tax Preparation in Your Area

We offer business tax filing services to Newport News, Hampton, Suffolk, Virginia Beach, Chesapeake, Norfolk, Portsmouth, Williamsburg, and Yorktown, VA. Our professional team is dedicated to providing our clients with accurate and timely tax filings to minimize your tax liability and maximize your profits.

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