McGirl Tax Service

What We Do...

We record your monthly income and expenses and generate business financial statement on a month, quarterly or yearly basis.

Accounting and Bookkeeping

We balance your checkbook and give you a statement showing any errors we find.

Bank/Checkbook Reconciliation

When your accounting is completed, we will give you a Profit and Loss Statement. This is a "snap shot" of how your business is doing by comparing income to expenses and showing either a profit or a loss. This is a valuable tool that can tell you if you need to make changes to bring your bottom line up, or if your business is healthy and growing.

Sometimes, you need a different kind of financial statement---like when you go to the bank to borrow money. We can help with that as well. We take information you provide and compile it into a format that financial institutions need.

Financial Statements

Did you know...?

The average tax penalty for small businesses is over $800.

All businesses incur taxes, whether it's payroll or sales tax, it has to be calculated and reported every month or every quarter. We help businesses manage both payroll and taxes.

How much time could you save each day, week or month if you didn’t have to worry about figuring your payroll and sales tax.....? We take your sales or payroll information and calculate the taxes you owe. We'll even e-file and e-pay them for you.

If keeping up with your business paperwork is taking over your life, we can build a plan to take back control. From paperless reporting to tax return filing, we offer all the services you need to keep your business running smoothly while you focus on serving your customers.

Business Tax Service

Instead of spending time figuring out how much you owe your employees, let us help!

Simply provide us with your payroll information each pay period via phone, fax, email, or in-person — whichever is most convenient for you.
We will calculate your payroll, then you can have your employee paychecks direct deposited right into their accounts or we can email or fax stubs to you. You can even pick up checks or stubs at our office. We also respond to all agency inquiries on your behalf.
Every pay period, you can receive summaries and statements detailing wages paid and taxes due, along with completed reports to be filed with the proper agencies.
At year end, you will receive all the documents that allow you and your employees to meet your tax obligations (W2s, 1099’s etc.).

Complete Payroll Service

When you pay employees, you withhold taxes from their check. Those taxes have to be paid to the government either weekly, monthly or quarterly.

The Federal government requires that payroll taxes are paid through the Electronic Tax Payment System (or EFTPS). This is done via ACH and we calculate the amount to be withdrawn, then send you a notice of how much will be taken out and when.

Missouri allows employers to pay State taxes in one of two ways: online via the MyTaxMO and UInteract systems or by mailing in a form and paper check.

We recommend the online system, just because there's no guess-work wondering if the State got your forms and payment on time, but we will use whichever method our clients prefer.

Payroll Tax Payments

Every year, we all have to send in a tax return to see if we've paid enough tax during the year on our income. We prepare returns for individuals, corporations, partnerships, and estates as well as for non-profit organizations.

What do you need for your taxes?

INCOME

· W-2 Forms

· Retirement or IRA Statements

· Interest Earnings Statements

· Dividend Earnings Statements

· Unemployment Benefits Statement

· Social Security Benefits Statement

· W-2G Forms from Gambling or Lottery Winnings

· Stocks & Bonds Sales (statement showing Purchase

Date, Purchase Price, Sale Date, & Sale Price)

· 1099-S from Sale of Real Estate

· Alimony Received

· Income from hobbies or odd jobs

· Jury Duty pay

· Statement of prior year State refund

· Tips you received but didn’t report to your employer

· 1099 Forms from self-employment

Am I double-taxed as a business owner?

Not exactly, though it sure feels like it. What happens is this: You have to pay all your own retirement taxes (Social Security & Medicare) and you also have to pay your income taxes. There are four different taxes you’re paying on your own behalf, and even though it seems like your paying on the same money twice, or even three times, the money does go to different places, so, no, you’re not being “double-taxed”. This table should help clarify how your taxes are calculated.

Income Taxes

When you have a major life event, or are contemplating retirement, you sometimes need advice on how to tax-plan for it. We offer financial consulting services and estate planning for those who need it.

Another part of financial consulting is determining if you owe estimated taxes. Usually, anyone who earns income that isn’t taxed by the payer will find that they probably owe taxes on that income. Some examples are small business owners, farmers, landlords, day laborers, and beauticians. Taxpayers who have significant capital gains could also owe estimated taxes as well.

Estimated taxes are due “quarterly” in April, June, September and January.

So---what are estimated taxes?
Estimated Taxes are just what they sound like. They’re an estimate of how much tax you think you owe.

Years ago, when the Government formed the Social Security Program, it was decided that employees and employers would split the cost of funding the program. The tax would be 15.3% of gross wages, with half being paid by each. Later on, when the tax was divided into Social Security & Medicare taxes, the 50/50 split stayed in place. So, as an employee, you pay 7.65% (6.2% Social Security & 1.45% Medicare) and your employer pays the other half. When you work for yourself and don’t have an employer to pay that other half, you have to pay it yourself.

Financial Consulting

We’re here to help….

From payroll checks to accounts payable, from sales tax returns to income tax returns, all your business needs can be met under one roof.

Talk to our knowledgeable staff today about how we can reduce the day-to-day burdens you face in owning your own business.