Bookkeeping and Tax Return services in North Dakota
North Dakota requires businesses and individuals to comply with various tax obligations, including income, corporate, and sales taxes.
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Bookkeeping Services offered by Meru Accounting In North Dakota
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
North Dakota State Income Tax Rates:
- North Dakota imposes a progressive income tax on individuals, with rates ranging from 1.1% to 2.9%.
- North Dakota has a progressive corporate income tax, ranging from 1.41% to 4.31%.
- Statewide Sales Tax Rate: The statewide sales tax rate is 5%.
- Local Sales Tax Rate: Local jurisdictions may impose additional sales taxes, with total rates varying between 5% and 8.5%.
- Remote Seller Sales Tax: Remote sellers must collect sales tax if they meet economic nexus requirements.
Compliance Requirements:
Filing Deadlines:
- Individuals: 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 $5,000.
Sales Tax Compliance :
- Businesses: Sales tax returns must be filed based on the business's assigned filing frequency (monthly, quarterly, or annually).
Bookkeeping Software Expertise
(We use 20+ Different Software)
Penalties for Non-Compliance:
- Late Filing/Payment Penalties: Late filings or payments may incur penalties and interest, up to a maximum of 25% of the unpaid tax.
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 North Dakota
Individual Income Tax Preparation
- Preparation and filing of individual tax returns (Form 1040) for residents and non-residents of North Dakota.
- Handling of deductions and credits, such as the standard deduction, itemized deductions, and state-specific credits.
Corporate Income Tax
- Assistance with filing corporate tax returns for C-corporations (Form 1120) and S-corporations (Form 1120-S) doing business in North Dakota.
- Guidance on state corporate income tax rates, which are based on the corporation's income.
Partnership and LLC Tax Services
- Filing tax returns for partnerships (Form 1065) and Limited Liability Companies (LLCs) that are taxed as partnerships in North Dakota.
- Preparation of Schedule K-1 for each partner/member.
Sales and Use Tax
- Assistance with compliance for businesses collecting North Dakota sales tax and use tax.
- Filing and remittance of monthly, quarterly, or annual sales tax returns as required by the state.
- Guidance on exemptions, tax rates, and applicable goods/services.
Property Tax
- Help with property tax returns for businesses and individuals in North Dakota, including real and personal property taxes.
- Advising on property tax assessments, exemptions, and appeals processes.
State Employment Tax
- Preparation and filing of payroll taxes, including withholding taxes for employees working in North Dakota.
- Assistance with North Dakota’s unemployment insurance tax and state disability taxes.
- Preparation of quarterly reports and annual reconciliation.
Estate and Trust Tax
- Preparation of estate and trust tax returns, including the filing of North Dakota estate tax returns for estates over the state exemption limit.
- Advice on estate planning to minimize estate and inheritance tax obligations.
Tax Planning and Consultation
- Year-round consultation to help businesses and individuals plan for their tax liabilities and take advantage of North Dakota-specific deductions, credits, and exemptions.
- Developing strategies to minimize tax exposure, optimize refunds, and ensure compliance with both state and federal tax laws.
Franchise Tax
- Assistance with North Dakota’s franchise tax returns for businesses operating within the state, typically based on business income or capital.
Tax Planning and Consultation
- Year-round consultation to help businesses and individuals plan for their tax liabilities and take advantage of North Dakota-specific deductions, credits, and exemptions.
- Developing strategies to minimize tax exposure, optimize refunds, and ensure compliance with both state and federal tax laws.
Tax Audits and Representation:
- Representation for businesses or individuals during state audits conducted by the North Dakota State Tax Department.
- Assistance with audit notices, appeals, and negotiating settlements or payment plans.
Sales Tax Exemption Services
- Help businesses apply for and maintain sales tax exemptions, such as for non-profits, certain agricultural products, or manufacturing equipment.
Tax Credit Services
- Advising on North Dakota state-specific tax credits, such as the property tax credit, state workforce training credits, and research and development credits.
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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 .
