Bookkeeping and Tax Return services in Hawaii
In Hawaii, businesses and individuals must adhere to various tax compliance requirements and rates:
Bookkeeping Services offered by Meru Accounting In Hawaii
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
Hawaii State Income Tax Rates
- 1.4% on the first $2,400 of taxable income (single filers) or $4,800 (married couples)
- 3.2% on the next $2,400 of taxable income (from $2,401 to $4,800 for single filers, or from $4,801 to $9,600 for married couples)
- 5.5% on the next $3,600 of taxable income (from $4,801 to $8,400 for single filers, or from $9,601 to $13,200 for married couples)
- 6.4% on the next $4,800 of taxable income (from $8,401 to $13,200 for single filers, or from $13,201 to $18,000 for married couples)
- 6.8% on the next $4,800 of taxable income (from $13,201 to $18,000 for single filers, or from $18,001 to $22,800 for married couples)
- 7.2% on the next $4,800 of taxable income (from $18,001 to $22,800 for single filers, or from $22,801 to $27,600 for married couples)
- 7.6% on taxable income over $22,800 (single filers) or $27,600 (married couples)
- The corporate income tax rate in Hawaii is 4.4% on net income up to $25,000, and 6.4% on net income over $25,000.
Â
- Statewide General Excise Tax (GET) Rate: 4%
- County Surcharge Rates:
- Oahu: Additional 0.5%
- Maui County (including Molokai and Lanai): Additional 0.5%
- Hawaii County (Big Island): Additional 0.5%
- Kauai County: Additional 0.5%
Compliance Requirements:
Filing Deadlines:
- Individuals: Hawaii tax returns are generally due on April 20th each year.
- Corporations: Corporate tax returns are due on the 15th day of the 4th month following the close of the taxable year (April 15th for calendar year filers).
Estimated Tax Payments :
- Individuals and businesses must make quarterly estimated tax payments if they expect to owe at least $100 in taxes.
Sales Tax Compliance :
- Businesses must collect and remit general excise tax on taxable goods and services sold within Hawaii. Returns are generally filed monthly, but some businesses may file quarterly or annually, depending on the amount of tax collected.
Bookkeeping Software Expertise
Penalties for Non-Compliance:
- Failure to file or pay taxes on time can result in penalties and interest. For example, late payment penalties can be up to 25% of the unpaid tax, plus interest.
These are general guidelines, and specific circumstances may vary. It is advisable to consult with a tax professional or the Hawaii Department of Taxation for detailed advice tailored to your situation.
Cloud AddOns Expertise
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 Return Services In Hawaii
At Meru Accounting, we recognize how crucial it is for both individuals and companies in Hawaii to file their taxes accurately and on time. For this reason, we provide a selection of tax return services tailored to each client’s requirements. By using our remote services, people can minimize the chance of mistakes and possible fines by ensuring timely and accurate tax return filing.
Our outsourced tax return services in Hawaii offer an affordable solution for individuals and businesses looking to streamline their tax preparation process. We provide proficiency in managing complex tax rules and regulations, guaranteeing adherence to regulations, and optimizing tax benefits.
Virtual tax return services offer a modern option for both individuals and corporations, offering a safe and effective platform for tax preparation and filing. Our offshore tax return services in Hawaii provide expert knowledge and help to individuals with international tax obligations to negotiate complicated worldwide tax legislation. Individuals and companies may guarantee a stress-free tax filing experience by using Meru Accounting.Â
Federal and State Tax Preparation
- We handle federal tax filings, including forms like 1040, 1065, 1120, and 1120-S, and ensure full compliance with IRS regulations.
- We prepare and file state-specific tax returns for businesses, adapting to each state’s unique tax codes.
Sales Tax Compliance
- Each state has varying sales tax regulations. We assist in calculating, collecting, and remitting sales tax for each jurisdiction.
- Compliance support includes registration, returns, and reporting requirements tailored to each state.
State-Specific Tax Credits and Deductions
- We help identify and apply for any state-specific credits, such as R&D credits, job creation incentives, or renewable energy credits.
- Ensuring you leverage available deductions to minimize tax liabilities is our priority, no matter your business location.
Payroll Tax Services
- Our team manages payroll tax calculations, filings, and reporting for federal and state levels, staying updated on local tax withholding rules.
- Services include state unemployment tax filings and compliance with each state’s Department of Revenue.
Annual Franchise Tax and Business Privilege Taxes
- For states with franchise taxes (e.g., Delaware, Texas, California), we prepare filings and ensure timely payment, helping maintain good standing.
- We handle business privilege and corporate excise taxes where required, aiding compliance and managing costs.
Multi-State Taxation Assistance
- For businesses operating in multiple states, we assess nexus obligations and prepare returns for each state, minimizing the risk of double taxation.
- Our team reviews business activities across states, ensuring adherence to apportionment rules and accurate income allocation.
Property Tax Compliance
- We provide property tax compliance, reporting, and assessment reviews for tangible and intangible property.
- Our experts work with local jurisdictions to ensure accurate property valuations and identify potential savings.
Audit and Tax Dispute Resolution
- In case of state or federal audits, our team offers full support, from audit readiness to representation.
- We provide assistance in dispute resolution, ensuring your case is managed effectively with minimal impact on your operations.
Tax Strategy and Planning
- We develop tax strategies based on state-specific laws, helping reduce tax burdens and optimize business growth.
- Our customized tax planning aligns with your business objectives and considers both current and upcoming state tax changes.
Special Industry Taxation
- We offer industry-specific tax support (e.g., Real Estate, Technology, Hospitality) aligned with each state’s regulations for your industry.
- Specialized support includes sector-based incentives, compliance requirements, and tax planning strategies.
Let's Connect! Book a Slot Now
Bookkeeping Services offered by Meru Accounting In Hawaii
Â
Meru Accounting provides the best bookkeeping services in Hawaii, aimed at assisting companies of all kinds in keeping their finances in order. Our services in Hawaii offer a streamlined and safe online environment for businesses looking to outsource their bookkeeping. This guarantees that our clients are informed and in control by enabling them to view their financial data at any time, from any location.
Businesses can cut expenses related to hiring internal bookkeepers by outsourcing to Meru Accounting and taking advantage of our experience. Whether you’re a small business or a large corporation, our virtual bookkeeping services offer a scalable solution that grows with your business.
Firms with global operations can gain expert assistance in managing their global financial requirements with our offshore bookkeeping services. With our team’s extensive knowledge of international accounting standards, compliance can be guaranteed and financial plans can be optimized. Our dedication guarantees the best possible support and precision in your financial management.
Individual Income Tax Rates
Corporate Income Tax Rate
Sales Tax Rate
(State+Local)
Filing Deadlines
Estimated Tax Payments
Penalties for Non-compliance
Click Here To View
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%
