Bookkeeping and Tax Return services in Pennsylvania
Pennsylvania requires compliance with various tax obligations, including individual, corporate, and sales taxes.
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Bookkeeping Services offered by Meru Accounting In Pennsylvania
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
Pennsylvania State Income Tax Rates:
- Pennsylvania imposes a flat income tax rate of 3.07% on individuals.
- Pennsylvania imposes a flat corporate income tax rate of 8.99% on corporate net income.
- Statewide Sales Tax Rate: The statewide sales tax rate in Pennsylvania is 6%.
- Local Sales Tax Rate: Some local jurisdictions, like Philadelphia and Allegheny County, impose additional sales taxes, with combined rates reaching up to 8%.
- Remote Seller Sales Tax: Remote sellers must collect sales tax if they meet Pennsylvania’s economic nexus requirements.
Compliance Requirements:
Filing Deadlines:
- Individuals: Pennsylvania individual income tax returns are due by April 15th.
- Corporations: Corporate tax returns are due on the 15th day of the 4th month following the end of the taxable year.
Estimated Tax Payments :
- Corporations: Quarterly estimated payments are required if the tax due exceeds $1,000.
Sales Tax Compliance :
- Businesses: Businesses must collect and remit sales tax according to their assigned filing frequency (monthly, quarterly, or semi-annually).
Bookkeeping Software Expertise
(We use 20+ Different Software)
Penalties for Non-Compliance:
- Late Filing/Payment Penalties: Penalties include up to 5% of the unpaid tax per month, up to 25%, with interest 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 Pennsylvania
Individual Income Tax Preparation
- Filing Personal Income Tax Returns (Form 40): Preparation and filing of personal income tax returns for Pennsylvania residents, including necessary state forms and specific deductions.
- Tax Planning and Strategy: Helping individuals plan their taxes for the year, utilizing Pennsylvania-specific exemptions, credits, and deductions to minimize state tax liability.
- Amendment of Tax Returns: Assistance with filing amended returns to correct errors or omissions in prior filings.
- Non-Resident and Part-Year Resident Tax Returns: Filing and compliance for non-residents or part-year residents who earn income in Pennsylvania.
Business Income Tax Services
- Corporate Net Income Tax (CNIT): Preparation and filing of corporate tax returns for businesses subject to Pennsylvania’s Corporate Net Income Tax.
- Franchise Tax Filing: Filing for businesses subject to Pennsylvania’s franchise tax, including proper calculations and reporting.
- Partnership and S-Corporation Taxes: Filing and compliance for pass-through entities, such as partnerships and S corporations, ensuring adherence to Pennsylvania’s tax guidelines.
- Sales and Use Tax: Preparation of sales and use tax returns for businesses in Pennsylvania, including advice on taxable and exempt sales, proper reporting, and sales tax collection.
Real Estate and Property Taxes
- Real Property Tax Filing: Assistance with property tax filings, including appeals and assessments, ensuring compliance with local property tax rates.
- Personal Property Tax: Filing for businesses subject to personal property taxes, including equipment, machinery, and inventory.
- Property Tax Appeals: Guidance for clients wishing to appeal their property tax assessments in Pennsylvania, including preparation for hearings and negotiation with authorities.
Estate and Inheritance Tax Services
- Estate Tax Planning: Advising clients on how to structure their estates to minimize estate taxes in Pennsylvania.
- Pennsylvania Inheritance Tax (Form REV-1500): Preparing and filing inheritance tax returns, ensuring compliance with Pennsylvania's inheritance tax laws, and advising on strategies to reduce tax liability.
- Estate Tax Return Filing: Filing Pennsylvania estate tax returns for estates that exceed the state’s exemption threshold.
Sales and Use Tax Compliance
- Sales Tax Filing: Assistance with filing sales tax returns for businesses in Pennsylvania, including the proper categorization of taxable and exempt items.
- Use Tax: Helping businesses comply with Pennsylvania’s use tax regulations on goods and services purchased out of state and brought into Pennsylvania.
- Sales Tax Exemption Applications: Assisting businesses with the application process for sales tax exemptions in Pennsylvania, including exemptions for certain types of goods and services.
Tax Audits and Disputes
- Representation During Pennsylvania Tax Audits: Offering representation for clients during state tax audits, ensuring that their rights are protected and that any potential tax issues are resolved in a favorable manner.
- Appeals and Dispute Resolution: Helping clients file appeals to challenge any Pennsylvania state tax decisions, including audit adjustments or assessments, with the Pennsylvania Board of Appeals.
Employee and Payroll Tax Services
- Payroll Tax Filing: Preparing and filing payroll tax returns for Pennsylvania businesses, including local wage tax filings, unemployment compensation tax, and other employment-related taxes.
- Workers’ Compensation Tax Services: Helping businesses comply with Pennsylvania workers’ compensation tax filings and reporting requirements.
- Local Earned Income Tax (EIT): Assisting employers and employees with compliance on Pennsylvania’s local earned income taxes, including municipalities like Philadelphia and Pittsburgh that impose additional local taxes.
Local Tax Services
- Local Income Tax Returns: Filing for clients who are subject to Pennsylvania’s local income taxes, including city taxes, such as those imposed by Philadelphia and Pittsburgh.
- Local Business Taxes: Providing filing services for businesses subject to local business taxes, including the Business Privilege Tax (BPT) and Local Services Tax (LST).
- Local Tax Appeals: Assisting with filing appeals against local tax assessments and disputes, helping businesses and individuals navigate Pennsylvania’s local tax system.
Tax Incentives and Credits
- Research and Development (R&D) Tax Credit: Helping businesses take advantage of Pennsylvania’s R&D tax credits for innovative activities and technological advancements
- Keystone Innovation Zone (KIZ) Tax Credit: Advising businesses in qualifying regions on how to claim the KIZ tax credit designed to support the growth of innovative businesses.
- Job Creation Tax Credits: Assisting businesses in claiming state tax credits for job creation, including the Pennsylvania Job Creation Tax Credit.
Non-Profit Tax Services
- Non-Profit Tax Filing (Form 990): Assisting with tax filings for non-profit organizations, ensuring compliance with state and federal guidelines for tax-exempt entities.
- Sales Tax Exemption: Helping non-profits obtain and maintain sales tax exemption status in Pennsylvania.
- Charitable Contributions and Deductions: Providing guidance on maximizing charitable deductions for both businesses and individuals.
Pennsylvania Tax Consulting for Startups
- Startup Tax Strategies: Helping startups understand tax incentives, credits, and tax-exempt opportunities available to new businesses in Pennsylvania
- Entity Selection: Advising on the best entity structure (LLC, corporation, etc.) for tax purposes in Pennsylvania, considering state-specific advantages and disadvantages.
Tax Compliance for Franchisees
- Franchise Tax Filing: Assisting franchisees with franchise tax compliance, ensuring that business operations in Pennsylvania meet state tax requirements.
Tax Consultation and Advisory Services
- Tax Advice for High-Income Individuals: Providing personalized tax strategies for high-income residents to minimize tax liability in Pennsylvania.
- Retirement Planning: Helping clients navigate the tax implications of retirement accounts, including Pennsylvania’s tax treatment of retirement income.
- Tax Advice for Expats: Offering advice to Pennsylvania residents who work abroad, helping them navigate state taxation on income earned internationally.
- Tax Filing for Remote Workers: Assisting individuals who work remotely in understanding their Pennsylvania state tax obligations, especially in light of changing laws related to remote work.
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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 .
