We provide services to individual and business clients

Professional Services

Bookkeeping is a fundamental function of every business. Bookkeeping provides the General Manager or Controller with financial reports that will indicate the financial position of the company at a given period in time.

Four Important Features of Competent Bookkeeping are as follows:

  • Accuracy and Timeliness:  In order to have an accurate indication of the financial position of the company, transactions (Income and Expenses) must be recorded on a timely basis and completed with accuracy.
  • Account Reconciliations:  To assure the accuracy of financial reporting, accounts must be reconciled on a regular basis.
  • Analyzing Accounts:  In regards to accounts payable and accounts receivable, it is important to be aware of the “age” of the outstanding payable and receivable. In order to maintain a top credit score and good vendor relations, invoices must be paid timely. Receivables are important because that is the income that your business is counting on to operate therefore, prompt collection of receivables is very important.
  • Income and Expense Timing:   Revenue in a fiscal period is matched to expenses incurred in the same period. Matching and accurately recording the income and expenses ensures that the Income Statement accurately reflects the financial position of the company at that particular given time.

BOOKKEEPING PACKAGE INCLUDES:

  • Profit and Loss Statement
  • Balance Sheet
  • Bank Statement Reconciliation
  • Payroll Processing
  • Sales Tax reporting
  • Corporate Tax return
  • Notary Services
  • Accounts Payable and Accounts Receivable Services are available for an additional charge

All Services can be purchased individually, if the client does not require all of the services included in the discounted package.

Payroll is a complex task that if not completed with timeliness and accuracy can result in penalties and interest being assessed to the employer. Jacobs Administrative Services, LLC can take the complication out of payroll tax preparation by preparing payroll for you. Payroll services are included in the Bookkeeping package or can be purchased as an individual service if your company does not need the services of an outside accountant.

PAYROLL PACKAGE INCLUDES:

  • Weekly, Bi-Weekly or Monthly payroll processing
  • Payroll Tax deposits ( Federal and State)
  • Quarterly and Annual Payroll reports
  • New Hire reporting to state agency
  • HR Help Desk
  • Preparation of W-2 at year end
  • Wages generally include all forms of compensation given to an employee for services performed. Compensation includes salaries, vacation pay, sick pay, commissions, bonuses and fringe benefits. Wages and other compensation are generally subject to employment taxes.
  • Payroll is prepared at the end of an established pay period. The frequency of payroll is determined by the employer and can range from daily to annually.
  • An employer may elect to pay the staff at the same frequency or a combination of frequencies
    • “Employees” are categorized under three classifications:
      • Common Law Employee
        • Employees that perform service for an employer. The employer controls what will be done and how it will be done. Often although the employee is given freedom of action, the employer still controls the details of how the services are performed therefore by IRS standards that person is an employee and will receive a W-2 at year end for services performed.
      • Statutory Employee
        • Certain workers that meet the rules for an independent contractor are treated as employees for tax purposes by statute. You are considered a statutory employee if you receive a W-2 with the statutory employee box checked. Income and expense are recorded on a Schedule C on the income tax return, not on a Form 1040 like a regular W-2 is reported. 
      • Independent Contractor
        • Defined as an individual or company that the employer does not have the right to direct or control how work is done.
        • The employer does not have financial control over the work performed
        • No employee benefits are received
        • Income is reported through a 1099-Misc and the independent contractor is responsible for the self employment taxes on the earnings.
           
The Fair Labor Standards Act (FLSA) , which prescribes standards for the basic minimum wage and overtime pay, affects most private and public employment. It requires employers to pay covered employees who are not otherwise exempt at least the federal minimum wage and overtime pay of one-and-one-half-times the regular rate of pay. For nonagricultural operations, it restricts the hours that children under age 16 can work and forbids the employment of children under age 18 in certain jobs deemed too dangerous. For agricultural operations, it prohibits the employment of children under age 16 during school hours and in certain jobs deemed too dangerous. The Act is administered by the Employment Standards Administration’s Wage and Hour Division within the U.S. Department of Labor. An important task involves complying with regulations established by the Fair Labor Standards Act (FLSA), also know as the Federal Wage and Hour Law. FLSA is designed to protect employee rights.
  • Employer Paid Taxes 
    • Employers are required to pay the following employment taxes:
      • Social Security (FICA)
      • Medicare
      • Federal Unemployment
      • State Unemployment
    • Social Security and Medicare employment taxes are shared equally between the employer and the employee with both parties each paying 7.65% of gross wages in taxes.
    • Federal and State Unemployment taxes are paid in their entirety by the employer, the amounts due for these unemployment taxes are based only on a certain amount of annual wages (determined by each state and the IRS) and are not paid on the employee’s entire gross wages for the year.
  • Employers are required to make timely payroll tax deposit of the taxes that are withheld from the employee’s check and the portion of employment taxes that are the responsibility of the employer.
  • Quarterly payroll tax returns are required to be filed to report quarterly wage earnings.
  • In addition to the quarterly federal reports, the employer must also file quarterly state returns.
 When your finances are complicated, it’s important to have your tax return prepared by a skilled and experienced professional who will pay attention to details and take the time to do things right.  Our firm is a great choice for individual taxpayers, Small Businesses and Corporations, we serve clients with similar situations to yours every day so you’ll know you’re in good hands.  Types of filing include:

  • Individual
  • Small Business
  • Corporation
  • S Corporations
  • Non Profit Organizations
  • Estate and Trust
  • Estate
  • Gift

service2

What Our Clients Say

Jacobs Admin did an incredible job on my taxes, and was very helpful in explaining ways to help me save money throughout the year.
Elizabeth Evans
When preparing our taxes every year, Connie is the most honest, fully documented, thorough accountant I’ve ever worked with. She’s really efficient and will make sure you have everything that you legitimately have coming to you.
Andrew Pearsons
I’ve worked with Jacobs Admin Services for the past three years and have been very pleased with their service–prompt follow-up, maximized returns, and company we feel we can trust. I highly recommend them!
Samantha Wilson

“Jacobs Administrative Services, LLC strives to meet the specific needs of our clients and to help the client achieve their business goals, while ensuring that they are compliant and up to date with all tax laws.”

 

 

What are you waiting for? Book your appointment today!

.