business tax extension

When do I Need to File a Business Tax Extension?

It’s that time of year again when everyone is talking about and possibly stressing out about their taxes. Sometimes a business tax extension is necessary, but it helps to plan ahead even if you only have a few weeks or a month before the deadline. Professional tax services can keep you on track and ready to file an extension.

Does your Company Need a Business Tax Extension?

Due to many reasons, some business owners want to file an extension. Some reasons are related to uncontrollable events like COVID or the destructive winter storms in Texas. Other reasons are business specific such as mergers & acquisitions, business losses, new leadership, or unexpected growth.

tax extensionDifferent Tax Deadlines for Different Businesses

  • Please note that the deadline for corporations and S corps to file was March 15.
  • Sole proprietor businesses and LLCs with only one member – deadline is April 15.
  • Partnerships and multi-member LLCs – deadline is April 15.

Approval for most corporations is automatic. However, you should check with a Dallas business tax professional to assist with the process.

An extension gives you an extra six months to complete and file your business tax return. The IRS typically won’t let you extend the tax deadline for longer than six months. However, in some cases they may allow longer extensions for businesses operating in a foreign country.

Other Tax Extension Information You Should Know

The individual tax extension is now May 17 instead of April 15. However, it does not apply to business.

Please note that victims of the February winter storms were granted more time. These businesses and individuals in Texas, Oklahoma and Louisiana have until June 15, 2021, to file. Be sure to get professional advice to be sure you qualify.

Slaton is Here to Help

Business taxes are too important and complicated to be done quickly just to meet a deadline. Here at Slaton Financial Services we have financial experts that specialize in taking the worry away from owners by not only preparing their complex business taxes, but offering invaluable tax advice for the future. From new businesses to old and established ones, we offer tax preparation that you can trust.

What Slaton can Offer:

  • Trusted financial service professionals
  • Reputable company providing business tax services since 1989
  • Clients never having to pay fees due to missed deadlines
  • Verification that the accounting is correct
  • Making sure that all exemptions are claimed
  • Knowledge of all state and federal guidelines
  • Staying up to date with pandemic-related and other extended deadlines
  • Beneficial advice for future tax planning
  • Utilizing advanced tax software
  • Other financial services for your company

Give us a call today at 214-343-0642 or email us at info@slatonfs.com to discuss why using our professional tax services will benefit you and your company. At Slaton Financial Services, we pride ourselves on being a great partner for you and your Texas business.

 

 

human resources

How To Run A Business: Human Resources

Whether you have a start-up or a successful business, you enter the realm of human resources once you hire your first employee. This is a rapidly evolving industry which many people think only includes hiring and firing when in fact it is much more.

In addition to hiring, human resources (HR) includes employee training, being well versed in employment laws, providing employee materials and manuals along with setting the tone for office environment and interoffice relationships.

There are many state and federal laws which have to be followed like your responsibilities under the federal employment discrimination laws as described by the U.S. Equal Employment Opportunity Commission (EEOC).

At Slaton Financial Services, our experts are very well trained in every aspect of human resources and many Dallas area businesses choose us to support their business, giving staff and owners more time to focus on the bottom line. Our clients are able to save money and time, while our HR professionals make sure their business is following state and federal guidelines.

The duties of an HR department can vary depending on a company’s needs but the following are the main functions of the human resources department in most organizations.

employee schedulingHiring Employees

Human Resources includes recruiting, hiring and retaining employees as a primary function. The HR department must screen and interview candidates for positions. This may require administration of personality and skill assessment tests in order to make sure a person is the right fit for your company and the position. In addition, the HR department provides handbooks with detailed company policies and procedures. At Slaton, we are able to provide resources which can be customized for your company’s needs.

Training

Staff training and development is also the responsibility of HR. This includes creating training programs to present to new and existing employees as well as determining training needs of employees as required by departments and supervisors. HR is also in charge of hiring training leaders and taking care of training budgets.

Payroll

Human resources typically handles payroll for employees keeping track of their pay scale, deductions and pay date. Compensation programs like retirement accounts are also overseen by HR.

Benefits

All employee benefits are managed by human resources including varied insurances, disability, assistance programs and wellness incentives. The department is tasked with tracking employee medical leave and employee absences. There are usually materials developed by HR to detail job schedules and benefits for hirees along with exit information in case of a layoff or firing.

Employee Relations

The importance of HR is also tied to promoting healthy work relationships between employees and management as well as overseeing employee participation in company requirements.The department issues guidelines outlining proper communication and fairness within the company and its departments. It is called upon to handle issues that arise between employees and management or between the company and employee organizations.

Regulations and Laws

Interpretation and enforcement of employment and labor laws like fair labor standards, equal employment opportunity and work hour requirements. It is HR’s responsibility to investigate complaints of discrimination or harrassment making sure the company is compliant with U.S. Department of Labor regulations.

At Slaton, we want to partner with Dallas community businesses helping them to be successful. Call us today and let us tell you all of the ways we can support your company’s human resources. With our inexpensive plans that give you true HR assistance, you can concentrate on growing a successful business for you and for your employees.

 

 

 

 

Tax Preparation Service

How to Run a Business – Tax Preparation

One of the major duties of a business owner is tending to tax preparation. This can be difficult for small and medium businesses that don’t have the bookkeeping personnel to do the job right.

Business tax preparation is very time consuming. At a minimum, it includes estimated tax payments, completing the proper IRS forms, keeping documents in order and filing your company’s taxes. For your employees, you have local, state and federal tax duties including withholding taxes and preparing along with filing W-2 forms for each employee. If these tasks are weighing you down, Slaton Financial Services is the answer. Call during business hours or contact us now.

Depending on Slaton as your business tax preparation service comes with all sorts of benefits including the fact that our expert staff keeps up with all of those local, state and federal guidelines. With a worldwide pandemic to consider, we keep up with those changes as well. For instance, the IRS will open the tax season on February 12, 2021, which is past the typical start date. Furthermore, the IRS is asking taxpayers to file electronically this year if possible to help with the processing of tax returns.

Here are some basics of business tax preparation that you need to be familiar with as the CEO or owner of a business:

emphasize businessTax Forms

Choosing which form to file can be confusing. It all depends on your business and its legal designation. For a sole proprietorship or single-member LLC you will use Schedule C, Profit or Loss from Business attached to a personal income tax return using Form 1040. If you are in a partnership, part owner, or in a multi-member LLC, you will file Form 1065 – U.S. Return of Partnership income with Schedule K-1 attached.

If you need a corporate tax return checklist or are a multi-member LLC taxed as a corporation, then you use Form 1120. If your business is structured as an S Corp, you use Form 1120-S, U.S. Income Tax Return for an S Corporation. At Slaton, we make all of this easy for you by keeping track of forms, deadlines and requirements so you can concentrate on what matters most – your business’s bottom line. If you are our client, we are happy to get you the forms you need.

Record Collecting

You will need to gather all the information required to complete your tax preparation. Along with your taxpayer identification number, you will need to collect your income statement which includes your business income and expenses for the year, and the balance sheet which shows liabilities, assets and equity.

When entering information on your tax return, you have to work with factual numbers not estimates, and you need the supporting documents to prove the accuracy of your financial statements. Those documents should include payroll records, receipts, credit card statements and bank statements. You should also have copies of estimated tax payments made throughout the year along with last year’s tax return.

Tax Deadlines

Filing your taxes by the required date is imperative if you don’t want to owe fees to the IRS. So staying up to date on filing deadlines is part of the job of your business tax preparation. Just as choosing tax forms depends on your business entity, so does your tax filing deadline. When you use a Schedule C, it is part of your Form 1040 and is due by the individual filing deadline of April 15.

If you are a C-Corp filing Form 1120, it must be filed by the 15th day of the fourth month following the end of the tax year, which is typically April 15. If you are an S-Corp filing Form 1120S, it must be filed by the 15th day of the third month following the end of the tax year, which is typically March 15. To keep up with all of the federal guidelines, which are subject to change due to Covid-19, business owners can visit the IRS for federal tax deadlines. Slaton Financial also has the information you need. Call us to make an appointment to discuss your business taxes.

After choosing the proper form and collecting all of your records, you will need to complete the forms and file by the IRS deadline. This part of running a business requires attention to detail and accuracy throughout the year as your bookkeeping is maintained. This will keep you from owing more taxes or fees when mistakes are made. With our bookkeeping and payroll services, Slaton Financial can help you stay up to date on all types of taxes all year long.

At Slaton, we consider ourselves to be a partner with Dallas community businesses to reach their goals. Call us today and let us give you peace of mind as we take on your tax preparation allowing you to concentrate on running your business. If you are working late or on the weekend, just use our convenient online contact form.

 

 

tax deadlines

Business Tax Deadlines 2021

Business Tax Deadlines 2021 Dallas Texas

It’s that time of year when many businesses start thinking about taxes. The truth of the matter is that this job really never ends. The basics must be kept up with year-round for businesses large or small. Whether you have office staff keeping up with deadlines or are outsourcing your tax preparation services to our experts at Slaton, it is a good idea to keep tax deadlines on a central calendar so everyone involved is aware of what forms are due when.

Many businesses in Dallas, Texas, depend on us to keep their tax preparation up to date so no deadlines are missed resulting in extra fees owed to the IRS. We also keep up with state and federal guidelines, so you don’t have to study them each year. Businesses that don’t outsource have to rely on their own research to keep up with the changing guidelines like those described for business tax deductions on the IRS website.

Here is a list of some basic business tax deadlines for 2021 in date order:

January

  • January 15 – This is the extended deadline for paying fourth quarter estimated tax payment for 2020, scheduled due to Covid-19.

February

  • February 1 – Employers must mail out W-2 Forms by this date to employees as well as provide 1099 Forms to report non-employee compensation, dividends, bank interest and retirement plan distributions.Financial institutions must mail out Form 1099-B by this date regarding sales of mutual funds, stocks, or bonds through a brokerage account; Form 1099-S for real estate sales; Overdue fourth-quarter estimated taxes are due on the same date in order to avoid penalties in filing 2020 taxes.

March

  • March 1 – Businesses must mail Forms 1099 and 1096 by this date to the IRS.
  • March 15 – Forms 1120, 1120-A, and 1120-S for corporate tax returns for year 2020 are due and partnership returns with IRS Form 1065 are also due March 15, 2021. The extended deadline is Sept. 15, 2021. S-corporation returns with IRS Form 1120-S are due March 15, 2021, for corporations operating on a calendar year. The extended deadline is Sept. 15, 2021. When operating on a fiscal year basis, the deadline for S-corp and partnership returns is the 15th day of the fourth month.
  • March 31 – Date for businesses to e-file the following Forms to the IRS: 1099 and 1096.

April

  • April 1 – First-quarter estimated tax payments due for the 2021 tax year on this date.
  • April 15 – C-corporation income tax returns with IRS Form 1120 are due April 15, 2021, for C-corporations that use a calendar year. The extended deadline is Oct. 15, 2021. For a C-corporation that uses the fiscal year, the deadline is the 15th day of the fourth month after the fiscal year is complete.

June

  • June 15 – Second-quarter estimated tax payments due for the 2021 tax year on this date.

September

  • September 15 – Third-quarter estimated tax payments for the 2021 tax year on this date.

tax servicesDeadline to file corporate tax returns for the tax year 2020. Forms 1120, 1120-A, or 1120-S are applicable when an extension was filed.

This basic tax calendar gives any business owner an idea as to the deadlines for filing and payments that are required throughout the year. We are operating in an unusual time where the pandemic may change or create extensions for some of the dates listed as was the case in 2020. Here at Slaton, we keep up with all of the updates regarding the pandemic or state and federal guidelines. One of the biggest reasons for using a tax preparation service, like us, is never having to pay fees due to missed deadlines.

Give us a call today and allow us to discuss why using our professional tax services will benefit you and your company. At Slaton Financial Services, we pride ourselves on being a good partner for you and your Texas business helping our Dallas community one business at a time.

 

 

Human resources

Importance of Human Resources to your Successful Business

The role of human resources has changed over the last 25 years becoming much more than an administrative department. It is a key component in creating your company culture or environment and keeping employees engaged and informed. The HR department is also responsible for making sure a business follows the changing guidelines for employees like the employee rights and guidelines outlined by the Texas Workforce Commission.

In larger companies, HR managers coordinate the administrative functions of a business. This includes interviewing and hiring of employees. On a day to day basis they serve as a liaison between employees and management. The role is very important and the responsibilities grow when the staff and business grow.

Many businesses choose to outsource some of the administrative functions of their HR department. At Slaton Financial, we offer helpful HR services. We can provide clear guidelines for your management team and instructive guidelines for your employees. Here are a few of the ways that human resources has changed in recent years.

Positive Environment

All employees should feel that they have a share in the success of your company. A positive workplace culture motivates employees to be productive and helps them enjoy coming to work each day.

Many studies have shown that a workplace will not thrive without enough HR support. Human resources plays an essential role in employee satisfaction and productivity. Yet small businesses often cannot afford to fund this department and must make do without even one full time HR professional.

Effective Onboarding

Starting a new employee off well during the onboarding process can help the HR department ensure that the employee will be engaged and productive. Designing what an employee does from their first day to orient to the company and what they read, like a company handbook, will go a long way toward acclimating them to your workplace culture. For company handbooks and other materials, Slaton offers customizable HR materials that you can update whenever you need them.

compensation and benefitsEmployee Support

The difference between a middling HR department and a great one can be seen in the amount of employee support it provides. When employees feel supported to set goals and succeed, everyone benefits. This can be achieved through meaningful conflict resolution, a wellness incentive program or team building activities that boost morale. An HR manager and the HR department should be a place where employees are welcomed and encouraged.

Financial Impact

An HR department can have a strong impact on the productivity and success of your business. They work to make sure an employee is a good fit for their position and is operating at a highly productive level. This also means that the department is responsible for keeping employees invested so there is not a high turnover rate resulting in wasted time onboarding more employees than would otherwise have been necessary. Human resources is also the department which recommends training programs and incentives for employees to gain skill and knowledge making them a more competent worker.

With Slaton Financial, Human Resource support is Affordable

If you allow us to handle some of the administrative responsibilities for HR like scheduling, communication and payroll, your team will be able to focus on the supportive aspects of human resources. Our HR services are affordable and scalable with a regular and an advanced plan. Call us today and let us help you with your human resource needs so you can focus on what matters to you, growing a successful business for both you and your employees.