Jackson Hole Accounting Firm | Toran Accounting

Our Services

Advisory Services

Our advisory services provide personalized insights and strategies to help your business thrive. Our team of experts assists with tax planning, financial forecasting, and long-term business growth strategies. Whether you’re seeking to optimize cash flow, expand your business, or manage risks, we deliver actionable advice tailored to your specific goals. With our advisory services, you gain a trusted partner to guide you through critical financial decisions, positioning your business for success in today’s competitive market.

Compliance Services

We offer comprehensive compliance services designed to keep your business in line with ever-changing tax laws and regulations. From tax filing, accurate financial reporting to meeting IRS requirements, we ensure your business remains compliant and audit ready. Our team helps with tax filings, regulatory adherence, and proper classification of employees and contractors, minimizing the risk of penalties or fines. Stay compliant and focus on growing your business, while we handle the complex rules and regulations.

Frequently Asked Questions

If you can’t find what you’re looking for, email our support team and someone will follow up within 1 business day.

What is a Profit and Loss (P&L) Statement?

A Profit and Loss (P&L) statement outlines your income, expenses, and net income over a specific period. It’s crucial for assessing your business’s profitability and identifying trends for informed financial decisions.

Why is proper worker classification important?

Misclassifying workers as independent contractors rather than employees can result in IRS audits, back taxes, and penalties. Correct classification is crucial to maintaining compliance with tax and labor regulations.

How do additional taxes impact my cash flow as a business owner?

Additional taxes like self-employment tax, investment income tax, and Medicare tax can significantly increase your tax burden. Planning for these helps ensure your business’s financial health and prevents cash flow issues.

Why should I maintain a separate business bank account?

Maintaining a separate business bank account ensures financial clarity and legal compliance. It helps keep personal and business transactions separate, improving financial reporting accuracy and transparency.

What should I do before paying an independent contractor?

Before paying an independent contractor, ensure you have a completed W-9 form that includes their business type and tax identification number (TIN). This is essential for issuing 1099s at tax time.

What is the difference between gross income and net income?

Gross income is your total revenue before expenses and taxes. Net income is what remains after all business expenses and taxes are deducted. Understanding this distinction is crucial for budgeting and managing cash flow effectively.

What are deductible business expenses?

Common deductible expenses include advertising, client gifts, and business meals (50% deductible). By accurately tracking these, you can reduce your tax liability and maximize available deductions for your business.

What are best practices for managing home office expenses?

Home office deductions are based on the percentage of your home used exclusively for business. Keep detailed records of expenses to substantiate deductions and ensure compliance with tax regulations.

How should I budget for taxes throughout the year?

Include taxes as a line item in your annual budget. Setting aside funds for federal, state, and local taxes helps avoid financial stress, last-minute scrambling, and penalties for late payments.

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