Tax Services

Do you need help with your tax preparation or tax returns?

Spencer Business Solutions provides an outstanding tax return prep service. Our team stays abreast of the latest tax rules and regulations to ensure that you are always offered the most current and effective income tax strategies.

 

Tax Planning

By effective tax planning, we can minimize your taxes and plan for annual cash flow cycles. No last-minute runs to the bank or post office for our clients. We prepare and file income tax returns to the IRS as well as any of the 50 States for:

  • Individuals
  • Limited Liability Entities
  • Partnerships
  • Corporations (both S and C Corporations)

Most importantly, we are available all year long for your emails and phone calls as tax-related questions arise. Should I lease or buy a car? What is a 1031 exchange? There is no extra charge for these questions if you are a client of our tax return prep service. We welcome these questions!  By keeping us involved in your financial decisions throughout the year, we are able to truly advise you and look out for your best interests with regard to tax strategies.

 

Tax Services

Local Income Taxes
If you only have W-2 earnings, no need to worry about this topic. It has already been withheld from your paycheck by your employer. However, if you are a business owner operating in Lexington, you are required to submit local income tax returns for LFUCG and Fayette County Public Schools based on the net profits generated by your business. In fact, this could be required if your business is located in any taxing jurisdiction which has local taxes. We will determine your business’ requirements during our initial tax service consultation.

 

Property Taxes
Yes – there is yet another tax that all business owners must pay, and that is tax on any business property that you own. Such property could include inventory, computer equipment, office furniture, machinery, and the list continues. Again, this topic will be included in our initial consultation. We will prepare your property tax return as part of our overall tax return prep service, if it is required for your business.

 

Limited Liability Entity Tax
Never heard of this one? It is also fondly called the LLET for short. The bottom line is that if your business is structured as an LLC or LLP or any form of a limited liability entity, this annual tax will be due to the State of Kentucky on April 15th. If your gross receipts are less than $3,000,000 annually, you will owe the minimum amount of $175. We will prepare this return for you each year with as part of our tax return prep service.

 

Payroll Taxes
Obviously, if we handle your business’ payroll processing, we will also handle the preparation of all required payroll tax returns. There are several options to consider here and we can discuss during our initial consultation.

Our job is to help you find the right accounting services to help you achieve your business goals.
Accounting

Accounting

We offer a wide range of accounting services including bookkeeping, payroll processing, sales tax return prep, monthly financial statements, bank reconciliations and more.

 

CFO Services

CFO Services

Our CFO and controller services can take your business to the next level by leveraging our finance and accounting experience from a strategic perspective.

 

Payroll Services

Payroll Services

With a wide range of payroll services, we will work with you to provide worry-free payroll processing so that you can focus on what you do best, running your business.

 

Profit Maximization

Profit Maximization

Profit maximization is the process that companies undergo in order to determine the best output and price levels in order to achieve its goals.

 

Tax Services

Tax Services

Preparation of personal and business federal and state income tax returns, local tax returns, sales tax returns, payroll tax returns and property tax returns.

 

Questions?

Questions?

If you have additional questions please don’t hesitate to ask us. Please feel free to call us or use the contact form to send us a message to schedule a consultation.