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Accounting and Bookkeeping Services in Frankfort, Kentucky
1-800Accountant, America's leading virtual accounting firm for small businesses, offers seamless end-to-end bookkeeping and accounting services handled by experts designed to give you peace of mind and the extra time you need to focus on building your business.
Our Accounting Services for Frankfort Small Businesses
Business Tax Preparation: Have your taxes prepared and filed by an accountant with expertise in your industry so you're always confident in your business tax situation. Our CPAs, with more than 17 years of experience on average, can save you thousands annually when you delegate complex Frankfort tax preparation to them!
Bookkeeping: Solidify your financial base and manage cash flow with precise, error-free bookkeeping done for you that saves time and provides crucial insights that empower you to make important data-backed business decisions. This meticulous process delivers essential tools for interpreting data with easy-to-understand reporting, enabling your accountant to develop vital financial modeling.
Tax Advisory: Business tax considerations don't end in April. Through our affordable tax advisory service, you can receive the guidance you need when you need it year-round from a dedicated small business accountant. Strategic planning helps minimize your business tax liability in Kentucky throughout the year while ensuring compliance.
Payroll: Save hours each pay period with comprehensive payroll services handled for you, with regular tax submissions to the city of Frankfort, ensuring accuracy and freeing you to focus on other vital aspects of your business.
Business Formation: Enjoy the advantages of officially establishing your business in Kentucky with our complimentary incorporation services. Simply cover any Frankfort fees, and we will manage the rest. This puts you on a path to hiring employees and creating a business bank account as you experience the benefits of an optimized business structure and maximum tax savings.
| Level | Rate |
|---|---|
| State Tax Rate | 6% |
| County Tax Rate | 0% |
| Municipal Tax Rate | 0% |
| Combined Sales Tax Rate | 6% |
| City-Specific Taxes |
|---|
| Businesses operating in Franklin County, including Frankfort, must pay a Net Profit License Fee of 1% on the net profits earned in the county. |
| Licenses and Permits |
|---|
| All businesses operating within Frankfort must obtain a business license. |
| Businesses must file quarterly withholding returns and an annual Net Profit Return, both taxed at a rate of 1.95%. |
| Grants and Funding in Huntsville | Grants and Funding Information |
|---|---|
| Kentucky Small Business Credit Initiative 2.0 | Offers $117 million to expand access to capital for small businesses through venture capital programs, loan support, and CDFI support, focusing on underserved business owners. |
| Buy Local Program | Provides incentives for restaurants and food service businesses to purchase Kentucky Proud products, offering a 15% reimbursement up to $8,000 annually. |
What to Look for in Frankfort, Kentucky Accounting and Bookkeeping Services
Certifications and State Compliance: Ensure the accountant or bookkeeper holds the appropriate certifications, such as being a Certified Public Accountant (CPA) licensed in Kentucky. They should be well-versed in Kentucky's specific tax laws, regulations, and compliance requirements to manage your finances effectively and legally.
Experience and Specialization: Look for professionals who have experience in your particular industry. Specialized knowledge is essential for handling industry-specific financial matters and assisting with strategic long-term planning. Their expertise can provide valuable insights that contribute to the growth and success of your business.
Understanding of Local Economic Conditions: Choose a professional who understands the local economic environment in Frankfort. Familiarity with the city's key industries—such as government services, manufacturing, and education—can have a significant impact on financial decision-making and tax planning tailored to your business's needs.
Knowledge of State Tax Incentives: Kentucky offers various tax incentives to businesses, including credits for job creation, investment in energy efficiency, and fostering economic development in certain areas. A knowledgeable financial professional can help you navigate these incentives and provide recommendations to minimize your tax obligations while maximizing benefits.
Talk to a business tax expert today for all your tax needs in Frankfort
Additional Accounting Resources:
How to Calculate Quarterly Estimated Taxes in 2024
Virtual Bookkeeping: How To Find the Best Online Bookkeeper
How Much Will A CPA Cost (And Save) Your Small Business?
*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
*Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
*Historical first-party data.