We are the Small Business Professionals, who know how to maximize the value of small, independent businesses, and we just happen to be part of a larger group that only serves small business owners.

Value, so that the business owner –

• Can reach a higher level of income and profitability
• Have less to worry about concerning financial and tax reporting and compliance
• Can focus more on growing his or her business to a higher level of income and profitability.

This is accomplished through our monthly services:

Tax Preparation and Consultation

 In this area of service, Padgett has two primary objectives:

• Complete and accurate tax return preparation
• Avoiding tax “surprises” and minimizing tax obligations through effective tax planning throughout the year

By working with the client monthly this can be accomplished.

Monthly Financial Reporting, Consultation and Government Compliance

Financial Reporting

The Income Statement presents the financial results of a specific period of operation, such as a month, quarter or year. It states income, direct cost of sales, and gross profit (if applicable), overhead expenses and the resulting net income. It is the most commonly used statement by the small business owner, and is used to do tax planning.

Consultation

The various financial statements prepared monthly report profitability, and therefore taxable income. It provides us the tool with which we consult with our clients as to business growth, expense controls and tax planning. By providing percentages of expenses to income, these reports are useful business management tools.

Government Compliance

Federal, State and Local taxing authorities require various taxes to be remitted according to a schedule.  Compliance in this area is often difficult since schedules change, along with the forms to be filed and actual tax regulations and codes changing.  Padgett guarantees that if the required business information is made available according to the client schedule for processing, all tax forms will be prepared for client filing along with the calculation of remittances according to Federal, State and local schedules.

Tax Calculations and Form Preparation

This is an area of business operation that is commonly very intimidating to small business owners, and therefore an area where solutions are easily perceived.

Payroll Taxes

There usually are two levels of obligation – Federal and State.

At both levels, employers experience two types of tax.

• Withholding or “trust” portion of taxes – the taxes withheld from employees’ gross pay and remitted on the employees’ behalf to the taxing authorities.
• Employer payroll taxes – expense incurred by the employer as a result of paying wages to employees.

Sales Tax

This tax is imposed by the State on sales of tangible personal property of the end user. It is most commonly associated with retailers.

Business Advice

In this area of service, Padgett has two primary objectives:

• Through analysis, and interpretation of reports, to provide the client with current and meaningful business information to make the best business decisions possible in growing their business
• To inform the client of any current business trends occurring in the areas of revenue, expense control and profitability.