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Accounting and Bookkeeping Services in Lexington, Kentucky
1-800Accountant proudly serves Lexington, Kentucky's small businesses with top-notch virtual accounting and bookkeeping services. Our expert team provides seamless, end-to-end financial solutions, giving you peace of mind and the freedom to focus on building your business.
Our Accounting Services for Lexington Small Businesses
Business Tax Preparation: Have your taxes meticulously prepared and filed by a Lexington accountant with industry-specific expertise, so you're always confident in your business tax situation. Our seasoned CPAs, averaging over 17 years of experience, can save you thousands annually when you delegate complex Lexington tax preparation to them!
Bookkeeping: Solidify your financial foundation and manage cash flow with precise, error-free bookkeeping done for you, saving you time and providing crucial insights that empower you to make important data-backed business decisions. Our meticulous process delivers essential tools for interpreting financial data with easy-to-understand reporting, enabling your accountant to develop vital financial models.
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 full compliance.
Payroll: Save hours each pay period with comprehensive payroll services handled for you, including regular tax submissions to the city of Lexington, 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 Lexington fees, and we'll manage the rest. This sets you on the 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 |
|---|
| Lexington businesses must pay a Net Profit License Fee of 2.25% on net profits from business activities conducted within Fayette County. |
| Licenses and Permits |
|---|
| You must obtain a Business Permit (Occupational License) to operate legally. This permit is mandatory for all businesses, including home-based operations and independent contractors. |
| A Certificate of Occupancy is required before applying for the business license, indicating that your building or space is legally usable. |
| Grants and Funding in Lexington | Grants and Funding Information |
|---|---|
| Lexington JOBS Fund | Lexington JOBS Fund provides grants and loans to businesses that create jobs in Lexington-Fayette County, focusing on positions offering a minimum average salary of $26 per hour. |
| Community Development Block Grant (CDBG) Program | The Community Development Block Grant (CDBG) Program supports neighborhood revitalization, affordable housing, and economic opportunities in Kentucky. |
| State Small Business Credit Initiative (SSBCI) 2.0 | The State Small Business Credit Initiative (SSBCI) 2.0 offers venture capital funding and educational programs for early-stage startups, including those in Lexington. |
| Women’s Business Center of Kentucky (WBC) | The Women’s Business Center of Kentucky (WBC) provides training, business coaching, and access to financing specifically for women-owned and minority-owned businesses. |
What to Look for in Lexington, 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). They should be well-versed in Kentucky's specific tax regulations and compliance requirements, including knowledge of state tax laws and any local ordinances specific to Lexington.
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. In Lexington, industries like healthcare, manufacturing, education, and technology are prominent, so finding an accountant familiar with your sector can be highly beneficial.
Understanding of Local Economic Conditions: Opt for a professional who understands the local economic environment in Lexington. Familiarity with the city's key industries, such as equine businesses, healthcare, education, and manufacturing, can impact financial decision-making and tax planning. An accountant who is attuned to local market trends and economic factors can provide more tailored advice.
Knowledge of State Tax Incentives: Kentucky offers various business-friendly tax incentives, including credits for job creation, investment in certain areas, and energy efficiency projects. A knowledgeable financial professional can help navigate these incentives and make recommendations to minimize your tax burden, ensuring you take full advantage of the benefits available in Kentucky.
Talk to a business tax expert today for all your tax needs in Lexington
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.