Business Startup Services

The Next Step is Assisting You with Some Administrative and Operational Stages While Running Your Business

• After incorporating the company with the State of MI and getting the EIN from the IRS, you should open a bank account for the company.
• We will assist you in getting the licenses needed depending on your business type, such as sales tax licenses, retailer licenses, motor and vehicle licenses, among others.
• You should use the business account to pay all the business bills to suppliers, including payroll and payroll taxes, and to receive all the income from clients.
• The monthly bank statement should reflect the monthly expenses incurred by the company as well as the income shown as deposits.
• Accounting and Payroll (discussed in more details in the payroll section).
• Tax reporting: Depending on the type of business, your business may be subject to the following taxes:
  a – Sales tax to the State, which is 6% on the taxable products in Michigan. For some industries as Gas stations, remote and online commerce, and Marijuana dispensaries, the reporting is a more bit complex. Whatever your business type is, and the level of complexity, TAX Avenger will guarantee to do it on your behalf
  b – Payroll Tax to the IRS, and the State (discussed in more details in the payroll Section)
  c – Income tax to the IRS, State, and Cities. The reporting and the payments of the taxes for businesses varies based on the type of business. For example, If the company is an individual business, owned by a single person and no election was made, the taxes of the company will be reported on the Schedule C under the Form 1040 of the individual tax return. However, if the company is owned by 2+ members/shareholders or the company made the election to be treated differently for tax purposes (Election of S Corporation) the company will be reported separately (i.e. 1120S, 1120, 1065) and the tax payments will be on the individual level in case the business is an S Corp or Partnership. But tax payments will be on the business level for C Corporation. The characteristics and the differences of the tax reporting forms for the companies can be found discussed in further details in Tax Return for Business and Individual services.

Updating Information and/or Closing the Business

It is crucial when changes happen to the business (i.e., relocating) to make the appropriate information updates with the IRS, State, and the City. Each type of change needs specific forms to be filled out correctly and sent to the IRS and State. TAX Avenger will handle these tasks on your behalf; whether you have changed your address, you selected a new assumed name, you appointed a new resident agent or even if you decided to close your business. It is essential to make sure that your information is up to date and accurate with the IRS, State, and city to prevent any notices.