London Oxford Tax Services

We Specialize in Business Tax Preparation

As a business owner, you’re busy developing new products or services and making sure your business runs smoothly. You probably don’t have time to reconcile your bank account or generate balance sheets to manage your cash flow, let alone read up on the latest tax laws to find out which tax breaks you can take advantage of.

When you first started out, and money was tight, the do-it-yourself method of accounting might have worked just fine. But now that you have employees, pay estimated taxes, and need to manage your cash flow better, it’s time to find a trusted advisor to partner with all year long--not just at tax time.

There’s no better time than now to discuss tax planning strategies that will help you build a foundation for future success.

Here is what we do for you:

State and federal income tax preparation and filing
Local and state sales tax compliance
State and federal payroll tax
Minimize tax liability through the use of proven tax planning strategies
Profit and loss statements
Mergers and Acquisitions
Entity selection and structure (S-Corp, C-Corp, LLC)

Make Sure You Never Miss a Deadline Again
The IRS, as well as state and local governments, imposes strict deadlines for business tax obligations. Missing these tax deadlines and failing to comply with payroll and sales taxes negatively impacts your bottom line and may result in fines for non-compliance.

As your trusted advisor, we make sure you stay on top of your tax obligations and avoid penalties and fees that reduce your profitability.

Experienced Tax and Accounting Professionals You Can Trust

Many people feel like their tax bill is too high. Maybe you do too. The good news is that it doesn’t have to be. When you work with an accounting firm like ours, we make your financial success a priority.

If Financial Success Is Your Goal, We Are Here to Help!
There is more to preparing your taxes than simply filling out forms at tax time. It's also about understanding our clients’ needs and helping them plan for a secure future.

Here’s how we do it:

Based on careful analysis of your tax situation we make sure you take every tax credit and deduction you deserve on your tax return.

We help you set up a recordkeeping system that meets IRS requirements.

We work with you all year long--not just at tax time to develop tax planning strategies that lower your tax bill.
We review and adjust your paycheck withholding so that it accurately reflects your tax situation and lets you keep more of your money (why give the IRS a free loan?).

We help you understand how to defer tax liabilities through pension plans, retirement contributions, and similar plans.

We make sure you take advantage of certain investments to produce tax-exempt income (federal or state or both).

Understanding NIL Income and Tax Compliance

It's essential to recognize that NIL income, whether in cash or non-cash forms, is considered taxable income. Student-athletes are engaging in a variety of activities such as guest appearances, autograph signings, sponsorships, content creation, and more, all of which generate taxable earnings. It's crucial to report this income accurately on federal and state tax returns to avoid potential issues with tax authorities.

Student-athletes are often classified as independent contractors for tax purposes, meaning they are responsible for their own taxes. If your NIL income exceeds $600, you'll receive a Form 1099 and must take specific actions:

File a Schedule C, Profit or Loss from Business, with Form 1040 to determine taxable income.
Consider filing a Schedule E for supplemental income.
Document and track all expenses related to NIL income.
Remit both the employee and employer portions of Social Security and Medicare taxes.

Calculate and remit estimated quarterly payments for all tax liabilities.

Student-athletes filing their own tax returns will need to pay federal income tax if their earnings surpass $12,950 for single filers or $25,900 for those married and filing jointly. You must also fill out a tax return if you make at least $400 in NIL activities.

Exploring Tax Credits

Depending on your income, filing status, and other life circumstances, you may be eligible for various tax credits, such as the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit. These credits can help reduce your tax liability and even provide refunds in some cases.

Why Work with Us

Navigating the tax implications of NIL deals can be complex. As a student-athlete, you are essentially starting your own business when you enter into an NIL agreement. An accounting firm can provide invaluable assistance in:

Tax Planning and Compliance
Ensuring you meet all tax obligations
Minimizing your tax liability legally
Financial Management, budgeting and protecting your future.
Compliance
Staying updated on NCAA, state, and federal regulations.
Avoiding legal and financial pitfalls.
Help set up accurate record keeping.
Help track multiple state tax liabilities, if applicable.
Protection of Earnings
Setting up a dedicated bank account for NIL income.
Creating a budget and monitoring cash flow.
Evaluating deals to ensure fair compensation for your brand and image.
If you're a student-athlete looking to maximize your earnings potential through NIL deals while ensuring tax compliance and financial stability, DPW CPA Firm is your ideal partner. Our experienced team specializes in assisting student-athletes like you, guiding you through the complexities of NIL tax compliance, and helping you secure your financial future.

Contact us today to embark on your journey toward financial success and compliance in the exciting world of NIL opportunities. Together, we'll score big on and off the field!

Helping You Build the Foundation for a Successful Business

The decision to start a new business is an exciting one, but as every experienced business owner knows, there’s more to it than developing a product and hoping it sells. As an entrepreneur, you’re probably a "big picture" person with a vision. You'd rather not deal with nitty-gritty details like choosing a business entity, sales and payroll tax, or accounting systems that help you manage cash flow. The good news is that we're here to help you figure it out.

What We Do for You:

Determine which business entity best meets your goals and minimizes tax liability
Partnership agreements
Prepare a cash flow budget
Create a business plan to help you secure financing (if needed)
Set up an accounting system using software that works for you
Create billing systems and implement policies and procedures for collections
Make sure you are compliant with state, local, and federal tax laws such as sales and use tax, payroll tax, and Federal EIN (Employer Identification Number)
Prepare annual tax returns and quarterly estimated taxes as needed
Assist you in filing paperwork for state and local licenses and permits as required
Assess your business insurance needs

Planning for Success - and Profit

The keys to a successful - and profitable - business are meticulous planning and a methodical approach to running your business. Failing to do this in the initial stages of business formation is often a recipe for disaster, and it's the reason most businesses fail. Don’t let it happen to you.

Accurate Financial Statements Provide Valuable Financial Insights

If you've been thinking about making the switch to a paperless accounting system, QuickBooks is an easy to use and affordable solution that allows you to manage your business more efficiently.

With both desktop and online ("in the cloud") versions, it's easy to view transaction records and prepare custom reports that help you manage cash flow, monitor income and expenses, and make sound business decisions.
QuickBooks also has a great phone application that allows you to upload receipts, pay expenses and invoice customers right from your phone.


More Freedom to Focus on Your Business

When you use accounting software like QuickBooks, you'll have more time to focus on what you do best, which is run your business.

Instead of searching through your filing cabinet or that stack of manila file folders piled high in the corner of your desk, you can quickly find the information you need using the search function and entering keywords. You can even search from your mobile, laptop, or your tax preparer's office if you're using cloud-based accounting software.

We understand that the decision to switch to a new accounting system can be a difficult one. But once you've made the decision, we're here for you every step of the way.

What we do for you:

Set up and customization - After we set up your QuickBooks software, we help you customize it specifically for your business - including integrating third-party invoicing or bill pay software.
Employee Training - Provide personalized training for you and your employees at your location or ours.
QuickBooks Review & Reconciliation - Review, sort and process monthly or quarterly transactions, reconcile the general ledger and all accounts and prepare required. Periodic Reviews - We are available to perform periodic reviews of your QuickBooks system reviewing transactions and cleaning up and organizing your bookkeeping system.
Generate Financial Statements - After reconciling and closing your books for a month, quarter, or year, we can help prepare financial statement for your business