BUSINESS SOLUTION

The company is seen as a legal entity under the eyes of the law after the registration of Business. The registration will make easier to handle everything that comes afterward such as dealing with the government and other businesses. Business expenses are deducted against the income of the business.

Four Types of Legal Structures for Business:
• Sole Proprietorship.
• General Partnership.
• Limited Liability Company (LLC)
• Corporations (C-Corp and S-Corp)



Each types of business are treated differently for the tax purposes. A Square Accounting provides complete business solution (consultation, business registration, accounting process and more) and help companies navigate through the complex processes.

Bookkeeping/Record keeping:
Bookkeeping is the process of recording your company's financial transactions into organized accounts on a daily basis. Bookkeeping is a base of accounting. Accountants use the information gathered from bookkeeping to prepare financial reports and statements. Bookkeeping is important segment of the accounting system. Records from the book, helps the owners and accountants to organize tax end of the year, including quarterly statements and financial positions.

Payroll and Withholdings:
Payroll is defined as the process of paying salary to employees for the work they have done. Payroll is usually managed by the accountant or human resources department and sometimes outsourced to third party. Small-business payrolls are handled directly by the accountant. Payrolls can get complicated and are increasingly outsourced to specialized firms that handle paycheck processing, employee benefits, insurance, and accounting tasks, such as tax withholding. A Square Accounting can manage the payroll, W2, W4 and other forms required for peace of mind.

Withholdings:
Payroll taxes include Social Security, which takes out 6.2% of your income up to $132,900. Payroll taxes also pay for Medicare, which takes out 1.45% of your income. Employers also pay payroll taxes. They pay 6.2% of your income, so the government gets 12.4% of your total income, and your employer pays 1.45% of your income toward Medicare.

Financial Statements:
• Income Statement
• Balance Sheet
• K1