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This example assumes you have no other source of income aside from self employment and that you qualify to file using Schedule C-EZ. This type of return would include preparation of the following forms; 1040, Schedule 1, Schedule C-EZ, QBI Worksheet, Schedule 3, Schedule SE. (does not include cost of e-filing or mailing, disbursement for federal/state refund(s) fee, and audit protection fee for each tax period year)

Includes a complex Schedule C. This type of return would include preparation of the following forms; 1040, Schedule 1, Schedule C, Schedule 2, Schedule SE, 8829, 4562, 8995 QBI, Auto exp. (does not include cost of e-filing or mailing, disbursement for federal/state refund(s) fee, and audit protection fee for each tax period year)

Self-employment income pushes into the high range when there are multiple businesses, or rental properties, that are being reported along with other types of investment income and deductions. (does not include cost of e-filing or mailing, disbursement for federal/state refund(s) fee, and audit protection fee for each tax period year)

SKYY bookkeeping serves as a fundamental pillar for the smooth operation and growth of any prosperous business. The task of managing financial records can prove to be an arduous and intricate process. The meticulous attention to detail and comprehensive knowledge required to accurately record and track financial transactions can consume a significant amount of time and effort. The complexity of financial regulations and reporting standards adds an additional layer of intricacy to the bookkeeping

It becomes imperative for businesses to recognize the importance of efficient bookkeeping practices and consider outsourcing this function to professional experts who possess the expertise and experience to navigate the complexities of financial record management. By doing so, businesses can ensure the accuracy and integrity of their financial data while freeing up valuable time and resources to focus on core operations and strategic decision-making. 

Small businesses, sole proprietors, independent contractors, freelancers, gig-workers, 1099 contractors, and self-employed entrepreneurs play a vital role in a variety of industries. These individuals and entities often face unique challenges when it comes to managing their finances and maintaining accurate records. To address these needs, SKYY INC offer solutions such as ADP online, accounting and bookkeeping software specifically designed for small-to-medium businesses. 

With SKYY INC's online virtual solutions, individuals and businesses can easily access their financial information and onboard anytime from anywhere. While there is no required method of bookkeeping, it is crucial to emphasize the importance of record keeping, especially when dealing with lenders and government agencies. Accurate and complete financial records are essential for filing accurate business taxes. 

The Internal Revenue Service (IRS) states that it is the burden of proof for business owners to be able to substantiate certain expense deductions. Therefore, maintaining meticulous financial records is not only a best practice but also a legal requirement for these professionals.  Bookkeeping is a fundamental process utilized in businesses to meticulously document, monitor, and evaluate all financial transactions undertaken. 

For determining whether their activity is a business or hobby, startups for small businesses, sole proprietors, independent contractors, freelancers, gig-workers, 1099 contractors, and self-employed entrepreneurs that have a lot of customers or a lot of bills, virtual bookkeepers can save many hours every month. SKYY INC handles invoices, calculating business profits and etc. need to generate financial reports. 

SKYY INC encompasses a wide range of financial statements, such as profit and loss statements, balance sheets, and more. It is important to distinguish between the roles of a bookkeeper and an accountant. Bookkeepers primarily concentrate on the day-to-day financial duties, specifically recording transactions and consequently, bookkeepers play a crucial role in managing the daily financial operations such as reconciliations, undeposited funds and revenue, expense, equity accounts.  

Bookkeeping catch up and clean up is a crucial process aimed at bringing a company's financial records up to date and ensuring the accuracy and organization of all transactions and financial data. By diligently addressing any backlog and meticulously organizing the financial records, companies can gain a clear and comprehensive understanding of their current financial standing, enabling them to make informed decisions and maintain financial stability.     

Bookkeeping and accounting software is configured accurately for your business needs. Assisting with setting up your chart of accounts, which includes categorizing your income, expenses, assets, and liabilities. Additionally, customizing your preferences, such as your fiscal year, sales tax settings, and invoice. The software's performance identify any potential issues, reconcile accounts, and fine-tune your settings to optimize the software's functionality for your business.       

IRS Form 1040X is the Amended U.S. Individual Income Tax Return form. It's what taxpayers use when they need to make changes to a personal income tax return they've already filed. Specifically, you can use it to make corrections to IRS Forms 1040, 1040A, 1040NR and 1040NR-EZ. If Skyy prepared the return, but you failed to provide her with complete and accurate information, then charge for additional forms needed to prepare the corrected return. Minimum charge is typically about $750

If Skyy did not prepare the original return, then the fees for amending will depend on the complexity of the return and what forms we need to complete. Pricing will be similar to what we would have charged to prepare the original return, plus additional forms required for the amendment. In addition, bring a copy of the original return, and copies of any IRS or State letters pertaining to the tax year in question. Charge is PAID up front.  

You have foreign income if: You received payment for services performed in a foreign country. You have income from foreign rental properties or businesses You have investment income such as interest or dividends from a foreign country. Your return pushes into the high range if you have multiple types of foreign income such as investment, capital gains, rental or ownership of a foreign corporation. Reporting foreign investment income along with other types of income, deductions with FATCA/FBAR.

SKYY provides online and virtual bookkeeping services in USA for small to medium size businesses and not for profit organizations. Virtual bookkeeping is the remote services that is provided by a bookkeeper as SKYY to any organization for the management of their accounts and books. This is a additional and separately from tax preparation. This is where SKYY can work with you to minimize fees and give you options to make this easier and more affordable for you. Monthly/ Quarterly Bookkeeping    

SKYY recommended this optional services to clients from all across the USA to outsource their accounting and bookkeeping work to SKYY for getting the easy, simple, cost-effective, and headache-free approach. SKYY is here to look up and organize your accounts and finances in such a way to make your business reach the maximum heights of success and  and achievements. SKYY provide tax basis bookkeeping services in house and if needed a qualified bookkeeper, SKYY will refer you to one.

There are additional fees for maintaining clients QuickBooks, importing bank transaction, preparing bank reconciliations, going through bank statements, sorting numerous documents and receipts in order to prepare the financial statements (Income Statement & Balance Sheet). This is required to prepare complete and accurate tax returns for businesses. This additional will be separately stated. SKYY maintain books and records in virtual office, client received detailed reports upon request.

• Monthly/Quarterly Bookkeeping Services Hourly Rate $95
• Quarterly Review and Reconciliation for Small businesses average $250-$975

Pricing for bookkeeping is an estimated level of effort. The final fee amount is contingent on doing a review. SKYY bookkeeping consists of accounting and analysis, please note that it is not limited to generating reports. SKYY deliver data with insight. SKYY set rates to provide maximum value to all clients.

U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation. Including of a domestic corporation or other entity for any tax year covered by an election to be an S corporation. As well as statement of financial performance. 1120, the 1120s, 1065 and all related forms, including the cost of e-filing or mailing (does not include audit support) S-Corporation Election additional fee $350

• W2/W3 Filings for Up to 5 Employees ($10 Each employee over 5) (does not include audit support) $250
•  Quarterly‎ 941 and Applicable State Filings – Fee is per filing for up to 5 employees ($10 each employee over 5) (does not include audit support) $200
• Filings for Up to 3 Contractors – ($24 each additional contractor) (does not include audit support) SKYY will email 1099s to recipients otherwise print and mail. $300

Not-for- Profit organization have reporting requirements with the IRS. Depending upon the type and activity of the organization, these requirements can range from an e-postcard (990-N) to an extensive 30+ page tax return (Form 990). SKYY will evaluate your filing requirements with the IRS. Prepare of Form 990EZ or Form 990 as needed. Have guidance in filing 990-N (e-postcard) if the organization qualifies and in the reporting requirements to your donors and the public.

• 990EZ  Short Form Return for Organizations Exempt from Income Tax  $300-$750 
• 990-N (e-postcard) Annual Electronic Filing Requirement For Small Exempt Organizations 
• 990 Return for Organization Exempt from Income Tax  $350-$1,500 

SKY will help you evaluate whether your organization may file 990-N only. If SKYY see's your organization can file the 990-N, SKYY  will guide you on how to file. Any fees will be based upon time spent. (does not include audit protection fee for each tax period year)

SKYY spells out pricing in advance so you are not surprised. Preparing your income taxes are never fun, but there is no reason the process should be more complex than absolutely necessary. SKYY communicates with all clients before the year end to ensure that each client is on track as far as tax planning. SKYY is available year round by telephone or email to answer any of your unique tax questions  to research the toughest tax questions so you can stay in compliance with tax authorities.