Business

Business tax prepration and planning strategies
Virtuous tax solutions consider itself as your Business partner(partner in business growth and sucess) rather outsourced business service. Selecting the right tax planner for your business needs is investing and planning for your business a better future
Virtuous focus on tax planning and reduction strategies for business and we countinously upgrade our knowledge on the latest tax law changes and their implication on your business. interigate your goals and plan of your business. We recomand tax saving strategies to increase profitability for your business year around and not at the end of the year. Virtuous clients have saved time and fee planning their tax liabilites through the best planning and legitimating tax saving strategies.
Virtuous provide tax preparation and planning strategies for:

• Corporate Returns(1120, 1120S, 1065)
• Partnership Returns (LLC, LLP, LP etc.)
• Exempt Organization(990)
• Fiduciary Tax Returns(form 1041)
• Payroll Tax Return.

Accounting and Book Keeping services
Accounting and Book Keeping services are the foundation of our business. We provide quality, value-added accounting services, while adhering to the highest moral, ethical and professional standards required of our profession.
When your business advisor isVirtuous Tax solutions, you get more than just an accountant. Accurate financial information keeps your business running smoothly and is key to strengthen or support your business well into the future.Virtuous tax solutionsoffer personalized accounting services help you identify opportunities for increased profitability and growth of your business.

Utilizing their extensive knowledge of financial and business services, our accountants and consultants use your financial details to make big-picture recommendations. For your day-to-day operations,
Virtuous Tax solutions offer services like

• Bookkeeping
• General ledger
• Internal control review
• financial statement preparation

To help you maintain accurate financial and operational information. For broader decisions affecting your business’ future, we can assist you with planning for your cash flow and financing needs and estimating costs through budgeting and forecasting.

Our clients include individuals, partnerships, not-for-profit entities, small businesses, and few corporations across a variety of industries.
Our accountants can also provide guidance from the installation and initial setup of your QuickBooks accounting software to periodic review of your data files and ongoing support services. We’ll help you determine whether QuickBooks Pro, Premier, or Enterprise is the right fit for your business.
If you have been using other accounting or payroll systems, we can facilitate a conversion to QuickBooks. We can also assist with the cleanup of prior incorrect setup or misuse of QuickBooks and help you address data integrity issues.

Business Entity Formation
In USA, a business entity can be incorporated under different types

• Sole proprietorship
• Partnership
• Limited liability company-LLC
• Limited Partnership-LP.
• Corporation

sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Nancy's Nail Salon. The fictitious name is simply a trade name--it does not create a legal entity separate from the sole proprietor owner.

• The advantages of a sole proprietorship include:
• Owners can establish a sole proprietorship instantly, easily and inexpensively.
• Sole proprietorships carry little, if any, ongoing formalities.
• A sole proprietor need not pay unemployment tax on himself or herself (although he or she must pay unemployment tax on employees).
• Owners may freely mix business or personal assets.

PartnershipA type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately .

Limited Liability Company-LLC corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities. Limited liability companies (LLC) differ slightly from one country to the next. However, it is essentially a hybrid entity that combines the characteristics of a corporation and a partnership or sole proprietorship. While the limited liability feature is similar to that of a corporation, the availability of flow-through taxation to the members of a LLC is a feature of partnerships.

Limited Partnership-LPA partner in a partnership whose liability is limited to the extent of the partner's share of ownership. Limited partners generally do not have any kind of management responsibility in the partnership in which they invest and are not responsible for its debt obligations. For this reason, limited partners are not considered to be material participants.