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Accounting and Bookkeeping Services in Knoxville, Tennessee
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 Knoxville 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 Knoxville 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 Tennessee 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 Knoxville, 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 Tennessee with our complimentary incorporation services. Simply cover any Knoxville 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 | 7% |
| County Tax Rate | 2.25% |
| Municipal Tax Rate | 0% |
| Combined Sales Tax Rate | 9.25% |
| City-Specific Taxes |
|---|
| Businesses grossing $100,000 or more annually must register and remit business tax at both the state and city levels. The tax rate varies by the type of business. Businesses with a physical location in Tennessee, as well as out-of-state businesses doing business in the state, are subject to this tax. |
| Licenses and Permits |
|---|
| Most businesses in Knoxville must obtain both a city and county business license, with a $15 application fee per license. |
| The following businesses require city-specific licensing in Knoxville: Mobile Food Vendors, Special Events Hosts, and Trade Professionals (various types) |
| Grants and Funding in Knoxville | Grants and Funding Information |
|---|---|
| Façade Improvement Program | An incentive program to improve the facades of buildings in targeted redevelopment areas. |
| University of Tennessee Research Foundation Accelerate Fund | Provides funding from $20,000 to $150,000 for startups originating from the University of Tennessee's research portfolio. |
| State of Tennessee Grants and Incentives | Offers a range of grant funding opportunities through various state agencies to support different aspects of business development, including job creation and economic growth. |
| Launch Tennessee | A state-supported initiative that includes regional entrepreneur centers and the INCITE co-investment fund, providing funding and resources for startups and small businesses. |
What to Look for in Knoxville, Tennessee Accounting and Bookkeeping Services
Certifications and State Compliance: Ensure the accountant or bookkeeper has the right title and certifications, such as working as a CPA. They should also be fluent in Tennessee's specific tax regulations and compliance requirements.
Experience and Specialization: Search for professionals with experience in your specific industry. Specialized knowledge is crucial for managing industry-specific financial matters and for strategic long-term planning.
Understanding of Local Economic Conditions: Opt for a professional who understands the local economic environment in Knoxville. This includes familiarity with the city's prominent industries, such as manufacturing, healthcare, education, energy, and tourism, as this knowledge can impact financial decision-making and tax planning.
Knowledge of State Tax Incentives: Tennessee offers business-friendly tax incentives, including credits for job creation, investment in industrial machinery, and sales and use tax exemptions. A knowledgeable financial professional can help navigate these incentives and make recommendations to minimize your tax burden.
Talk to a business tax expert today for all your tax needs in Knoxville
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.