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Accounting and Bookkeeping Services in Philadelphia
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 Philadelphia Small Businesses
Business Tax Preparation: Ensure your business remains tax compliant in the City of Brotherly Love by entrusting your tax preparation to our seasoned CPAs. With an average of 17 years' experience under their belts, our experts intimately understand the intricacies of Philadelphia's tax landscape. Let them leverage their industry-specific knowledge to maximize your deductions and keep thousands in your pocket each year.
Bookkeeping: Accurate bookkeeping is the bedrock of sound financial management. Our meticulous Philadelphia bookkeepers will maintain impeccable records tailored to your business, enabling data-driven decision-making. Robust cash flow projections, insightful reporting, and a firm grasp of your fiscal health will empower you to steer your enterprise towards continued growth and profitability in Pennsylvania's largest city.
Tax Advisory: The tax implications for Philadelphia businesses extend far beyond the April filing deadline. Our tax advisory service provides year-round guidance from a dedicated CPA to strategically minimize your tax burden while ensuring full compliance with state and local regulations. With our affordable advisory support, you'll make tax-efficient choices that preserve your hard-earned profits.
Payroll: Entrust your payroll to our capable hands and reclaim the hours you currently spend on this time-consuming task. We'll handle all calculations, tax remittances, and filings specific to Philadelphia, allowing you to focus your energy on driving your core operations forward without the distraction of payroll particulars.
Business Formation:Launch your entrepreneurial journey on firm legal footing with our complimentary incorporation services for Philadelphia businesses. Simply cover the city's fees, and we'll take care of the rest – establishing your official business structure, enabling you to hire employees, open a business bank account, and position yourself for maximum tax efficiency in Pennsylvania.
| Level | Rate |
|---|---|
| State Tax Rate | 6% |
| County Tax Rate | 2% |
| Municipal Tax Rate | None |
| Combined Sales Tax Rate | 8% |
| City-Specific Taxes |
|---|
| Philadelphia businesses must pay a business income and receipts tax annually. |
| Philadelphia has a school income tax on interest and dividends. |
| Philadelphia has a 3.27% tax on transferring and selling property in Philadelphia. |
| Licenses and Permits |
|---|
| Philadelphia businesses that want to have a dumpster on private or public property must file for a license. |
| Grants and Funding in Philadelphia | Grants and Funding Information |
|---|---|
| The Boost Your Business program | The Boost Your Business program awards 20 businesses with an annual revenue exceeding $350,000 the chance to win a $50,000 forgivable loan. |
| The Business Security Camera Program | The Business Security Camera Program offers businesses citywide funding for up to 75% of the costs of security cameras, up to $3,000 for a single commercial property. Businesses located in the Targeted Commercial Corridor can receive up to 100% of the total eligible costs. |
| The Storefront Improvement Program | The Storefront Improvement Program allows businesses to reimburse up to 50% of the cost of eligible improvements to a maximum of $10,000 for a single commercial property, or up to $15,000 for a multiple-address or corner business property. |
| The Fair Chance Hiring Initiative | The Fair Chance Hiring Initiative offers businesses incentives such as wage reimbursement and employee retention grants for businesses that hire employees returning from incarceration. |
What to Look for in Philadelphia Accounting and Bookkeeping Services
When choosing an accountant or bookkeeper for your Pennsylvania small business, you should consider the following factors:
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 Pennsylvania'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 Pennsylvania. This includes familiarity with the state's prominent industries, such as healthcare, education, and financial services, as this knowledge can impact financial decision-making and tax planning.
Knowledge of State Tax Incentives: Pennsylvania offers business-friendly tax incentives, including credits for job creation, capital investment, and specific industry advantages. A knowledgeable financial professional can help navigate these incentives and make recommendations to minimize your tax burden.
Things to do in Philadelphia
Full-time residents and families enjoy living in Philadelphia, Pennsylvania, because of its culture, food, and activities. While sporting events and other gatherings happen often, some of the city's most distinct attractions have an educational and historical element. Residents can learn about the country's origins in the Museum of the American Revolution and visit important sites associated with that period, including Independence Hall, where the Declaration of Independence and Constitution were signed. While Philadelphia is famous for its cheesesteak sandwiches, residents can't get enough of its diverse restaurant scene. But when they do finish a meal, they can burn calories running up the "Rocky Steps" at the entrance of the Philadelphia Museum of Art.
Why small businesses enjoy calling Philly home
There's always something to do in Philadelphia, Pennsylvania. It's one of America's oldest major cities and the venue for some of the country's most important early historical events. While it's easy to encounter reminders of that history throughout Philadelphia, the city and its economy are firmly focused on the future. Industries, including financial services, manufacturing, and life sciences, have attracted a new generation of entrepreneurs and small business owners eager to impact the next exciting phase of Philadelphia's long-running story.
Find out how our tax professionals can help your Philadelphia-based business grow.
Talk to a business tax expert today for all your tax needs in Philadelphia.
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*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.