My CPA Doral FL – Tax, Accounting & Bookkeeping Services
The professionals at My CPA, PA, offer an array of virtual services. We strongly focus on two main areas – business and IRS tax services. We are equipped with a Doral CPA, an in-house tax attorney, a former IRS agent, and more than twelve years of experience. If you’re looking for a remote CPA in Doral, FL, look no further. Our extensive knowledge allows us to effectively and thoroughly help our clients and maintain their loyalty for years ahead.
Doral FL Accountant for Your Business
The main goal of a business owner is to make money and to grow continuously. As a Doral business accountant, we can provide insightful business and accounting services such as:
- Business consultation and incorporation
- Monthly bookkeeping and payroll
- Business tax preparation
- Profit and loss statements
Doral FL IRS Tax Resolution Services
With the invaluable expertise of our in-house Doral tax attorney and former IRS agent, our firm possesses a unique and formidable advantage when representing individuals and businesses dealing with IRS issues. Our team’s capabilities extend far beyond conventional tax legal services, offering a comprehensive and specialized approach to addressing a wide range of tax-related challenges.
Spotlight On: Hiring Your Children For Tax Purposes
If you’re a business owner with children, it may seem like an attractive tax-saving strategy for your business to hire your children. After all, it allows the business to shift income from a potentially higher tax bracket to the child’s lower tax bracket. And if the child earns less than the standard deduction, they may not owe any taxes or even need to file a return. However, the decision of whether or not to hire your children is a complex one. It requires careful consideration of various factors. For this reason, business owners should be aware of the potential pitfalls.
For one, the strategy works best for sole proprietorships and single-member LLCs that file as disregarded entities. Businesses that file taxes as an S corporation or C corporation will owe payroll taxes on the child’s wages. Therefore, this may offset any tax savings. Federal and state labor laws are another important consideration. These laws regulate the types of work children can perform, the number of hours they can work, and the amount of compensation they can be paid. Maintaining documentation outlining the child’s responsibilities and confirming such duties comply with applicable laws is essential.
Since hiring one’s children for tax purposes is a popular tax-saving strategy, it can increase the risk of being audited by the IRS. Businesses must be prepared to substantiate the legitimacy of their child’s work. Seeking professional guidance can help business owners ensure they understand all the tax and legal implications of hiring their children.