Bookkeeping and Tax Return services in Washington
Washington imposes several taxes, including business and occupation taxes, but no state income tax.
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Bookkeeping Services offered by Meru Accounting In Washington
General Bookkeeping
- Transaction categorization and recording
- Bank and credit card reconciliation
- Cash flow management
- Data entry and maintenance
- Financial reporting preparation
Accounts Payable and Receivable
- Invoicing and billing
- Vendor payment management
- Customer payment tracking
- Aged receivables and payables reports
- Follow-up on overdue invoices
Payroll Processing
- Payroll setup and management
- Wage calculations and processing
- Direct deposit and paycheck distribution
- Payroll tax calculation and filing
- Year-end payroll reporting (W-2s, 1099s)
Financial Reporting and Statements
- Monthly, quarterly, and annual financial statements
- Balance sheet preparation
- Profit and loss statements
- Cash flow statements
- Customized reports as per client needs
Tax Preparation Support
- Preparing documents for tax filing
- Organizing tax records and receipts
- Coordinating with tax professionals
- Sales tax, VAT, or GST filing support
- Estimated tax calculations
Budgeting and Forecasting
- Budget planning and management
- Financial forecasting
- Variance analysis
- Cost analysis and control
Inventory Management
- Tracking and managing stock levels
- Recording inventory purchases and usage
- Inventory reporting and valuation
- Assisting with cost of goods sold (COGS)
Bookkeeping Cleanup and Catch-up Services
- Organizing and updating past records
- Correcting discrepancies in accounts
- Reconciliation of historical data
- Financial statement corrections
Virtual CFO Services
- Strategic financial planning
- Financial analysis and advisory
- Profitability analysis
- Business metrics monitoring and KPI reporting
- Support for financial decision-making
Washington State Income Tax Rates:
- Washington does not impose a state income tax on individuals. Residents are only subject to federal income tax obligations.
- Washington does not impose a traditional corporate income tax but levies a Business & Occupation (B&O) Tax on gross receipts, with rates ranging from 0.13% to 1.5%, depending on the business activity.
- Statewide Sales Tax Rate: The statewide sales tax rate in Washington is 6.5%.
- Local Sales Tax Rate: Local jurisdictions may impose additional sales taxes, with combined rates ranging between 6.5% and 10.4%.
- Remote Seller Sales Tax: Remote sellers must collect sales tax if they meet Washington’s economic nexus requirements.
Compliance Requirements:
Filing Deadlines:
- Individuals:No state income tax filing requirement.
- Corporations: B&O tax returns are generally due on the 25th day of the month following the end of the reporting period.
Estimated Tax Payments :
- Corporations: Not applicable as B&O tax is paid based on actual receipts.
Sales Tax Compliance :
- Businesses:Businesses must collect and remit sales tax according to their assigned filing frequency (monthly, quarterly, or annually).
Bookkeeping Software Expertise
(We use 20+ Different Software)
Penalties for Non-Compliance:
- Late Filing/Payment Penalties: Penalties include 9% of the unpaid tax, with additional interest accruing on unpaid amounts.
Cloud AddOns Expertise
We work with all industry leading Cloud addons. We work with around 95+ Software integrated with Accounting/Tax Platforms.
20+ Ecommerce Marketplaces
20+ Payment Gateways used
15+ Similar software used
10+ Practice Management Software used
15+ Payroll Software used
10+ KPI reporting software used
15+ Communication Channel used
8+ Cloud Storage System used
All Industry leading gateways used
Tax Services we offer in Washington
In Washington state, tax services are governed by both federal and state-specific guidelines. key tax services that Meru Accounting can provide in compliance with Washington state tax regulations are
State Income Tax Services
- Washington does not impose a state income tax on individuals or corporations. However, businesses may need to comply with other forms of taxation, such as the Business and Occupation (B&O) tax. Services include:
- Tax planning and preparation for businesses
- Understanding and applying B&O tax regulations
- Filing of any applicable tax returns (e.g., Washington's excise tax returns)
Sales and Use Tax
- Washington state imposes a sales and use tax, and businesses engaged in selling goods or services may need to collect and remit sales tax. Services include:
- Sales tax filing and compliance
- Use tax for out-of-state purchases
- Preparing and filing quarterly or monthly sales tax returns
- Exemption certifications and advice
Business and Occupation (B&O) Tax
- Washington imposes the B&O tax on businesses for the privilege of doing business in the state. The tax is based on gross receipts. Meru Accounting can assist in:
- Calculating and filing B&O tax returns
- Identifying potential B&O tax deductions and credits
- Guidance on tax classifications and their implications
Property Tax
- Property taxes are assessed by local governments in Washington, and Meru Accounting can offer services such as:
- Property tax preparation and filing
- Understanding exemption eligibility (e.g., for non-profits or agricultural properties)
- Valuation and dispute assistance for property assessments
Excise Tax
- Washington has various excise taxes, including for motor vehicle and fuel sales. Services include:
- Filing excise tax returns
- Compliance with fuel taxes and reporting
- Handling taxes for businesses involved in specific goods and services, such as manufacturing or retail
Real Estate Excise Tax (REET)
- This tax applies to the sale of real property. Meru Accounting can assist with:
- Filing REET returns for sellers of real estate
- Understanding tax implications for property transactions
- Planning for property transfers or sales to minimize REET liabilities
Washington State Unemployment Tax (SUTA)
- Washington has a state unemployment tax (SUTA), which is levied on employers to fund unemployment benefits. Services include:
- Registration and compliance with Washington’s Employment Security Department (ESD)
- Quarterly tax reporting and payment
- Tax rate determinations based on business experience
Federal Tax Filing Services (Federal Taxes)
- While Washington does not have a state income tax, businesses and individuals still need to comply with federal tax requirements. Services include:
- Filing individual tax returns (Form 1040, including state-specific deductions)
- Corporate tax returns (Forms 1120, 1120S, or 1065)
- Tax planning for individuals and businesses to minimize tax liabilities
- IRS compliance and audit representation
Sales and Use Tax Exemption Guidance
- Certain businesses or purchases may be eligible for sales and use tax exemptions. Services include:
- Providing advice on exemptions for nonprofits, manufacturers, and government entities
- Preparing exemption certificates for qualifying purchases
Tax Consulting and Planning
- General tax advisory for businesses and individuals to ensure compliance with Washington state tax laws
- Year-end tax planning strategies to optimize tax savings
- Tax impact assessments for changes in business structure or operations
Washington State Tax Audits and Appeals
- Meru Accounting can represent clients during audits conducted by the Washington Department of Revenue or local tax authorities:
- Audit representation and resolution
- Preparing documentation and supporting evidence
- Filing appeals for disputed tax assessments
International Tax Compliance
- For businesses with international ties, Meru Accounting provides services related to:
- Filing the necessary documentation for foreign income
- Compliance with state and federal tax laws for international businesses operating in Washington
- Tax treaties and credits
Tax Returns for Special Industries
- Washington state has specialized tax rules for certain industries such as manufacturing, agriculture, and technology:
- Tax planning and filing for the agriculture sector
- Special tax provisions for manufacturing companies
- High-tech business incentives and exemptions
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State
Individual Income Tax Rates
Corporate Income Tax Rate
Sales Tax Rate
(State+Local)
Filing Deadlines
Estimated Tax Payments
Penalties for Non-compliance
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Alabama
2% - 5%
6.5%
4% + Local (varies)
April 15
Quarterly payments required
Late filing: 10% of tax due;
Late payment: 1% per month;
Interest: 5% per annum
Alaska
No state income tax
No state corporate tax
0%
(Local sales tax may apply)
April 15
No state requirement for estimated payments
Late payment: Interest and penalty of 5% of unpaid tax;
Collection costs may apply
Arizona
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Arkansas
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Our Young and Dedicated Team Of
CPA's , EA's, Chartered Accountant, Bookkeepers, Virtual Assistants, Tax Preparers, Tax Analyst and many others with specialization in Accounts, Finance & US Tax .
