Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax-saving strategies to maximize your after-tax income. We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars. Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.
Grow and preserve assets by keeping Uncle Sam out of your pockets.
Defer income so you can keep your money now and pay less taxes later.
Reduce taxes on your income so you keep more of what you make.
Reduce taxes on your estate so your family keeps more of what you've made.
Reduce taxes on your investments so you can grow your wealth faster.
Reduce taxes on your retirement distributions so you can retire in style.
Reduce taxes on your gifts so you can give more.
Splitting income among several family members or legal entities in order to get more of the income taxed in a lower bracket.
Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
Deferring tax liabilities through certain investment choices such as pension plans, contributions, and other similar plans.
Using certain investments to produce income that is tax-exempt from either federal or state or both taxing entities.
Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.
Tax Preparation Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer. Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.
Your tax return will be checked and rechecked by our computer software identifying potential problems theIRS may look at more closely and reviewing the math to limit IRS contracts.
Your tax return can be filed electronically so you will get a refund back quicker.
Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest-free loan for up to 16 months?
We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.
Included in all of our personal tax returns is the Tax Protection Plus audit assistance plan.
This plan not only helps with any audit or inquiry from federal and state agencies, but it also assists with any ID theft related to your tax return. We can even help with identifying and resolving debt owed to the taxing authorities.
Business books a mess? No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.
As a small business owner, you have more important things to do than do your own bookkeeping. We take care of your books for you, so you can get back to the job of running your business and generating profits.
These tasks form the solid foundation of your small business bookkeeping system. You can customize the package of services you receive by adding tax planning, tax preparation, or any of our other services.
Reconciling your business checking account each month allows us to keep your bank account, books, and taxes up-to-date. Having us reconcile your account each month allows you to... Identify lost checks, lost deposits, and unauthorized wire transactions. Detect and prevent excess/unjustified bank charges and ensure transactions are posted correctly by your bank. Detect and prevent embezzlement of funds from within your company. Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for in your financial statements. Manage your cash more effectively. Proper management of funds not only saves money, but also makes money for you. Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent, or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists. Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, and in balance and that all escrow funds, accounts, checks, and disbursed funds are properly accounted for.
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period. An income statement allows you to... Track revenues and expenses so that you can determine the operating performance of your business. Determine what areas of your business are over-budget or under-budget. Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses. Track dramatic increases in product returns or cost of goods sold as a percentage of sales. Determine your income tax liability.
A balance sheet gives you a snapshot of your business’s financial condition at a specific moment in time. A balance sheet helps you: quickly get a handle on the financial strength and capabilities of your business identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively. determine if your business is in a position to expand. determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses. determine if you need to take immediate steps to bolster cash reserves. determine if your business has been slowing down payables to forestall an inevitable cash shortage. Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.
Maintaining a Clean General Ledger
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books. Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies, so your books are always accurate and kept in tip-top shape.
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern. If you'd like to receive a free consultation on our Small Business Service, please contact us.
Growing businesses often reach a point where they need professional financial advice but can't afford a full-time CFO or controller.
If you're fortunate enough to be in this position then we have the perfect solution for you. Our CFO service gives you a professional financial manager who works with you to help guide your business to success.
The cost of hiring a full-time CFO can range from $100,000 to over $200,000 per year plus bonuses and benefits. Our CFO services provide you with experienced support at a small fraction of that cost.
More time to focus on new services, new customers, and other core business issues.
Better understanding of the financial side of your business so you have fewer surprises and more control over the money.
Improved decision-making capabilities by clearly seeing the hard and true numbers of your business.
A readily available sounding board to help you with those tough business decisions and help you clarify your business plans.
The comfort of knowing that a professional is overseeing, protecting, and constantly improving the financial side of your business.
A professional who establishes strong financial controls in your business to reduce employee theft and increase profits.
Training and managing your accounting staff.
Improved quality and timeliness of financial information.
Budget preparation and monitoring.
Profitability analysis by service or product line.
Assistance in defining long-range plans and the quantification of goals.
Liaison with bankers, attorneys, vendors, insurance agents, etc.
Assistance in obtaining financing from banks, including assistance with negotiations.
Review/negotiation of insurance policies.
Development of company accounting procedure manuals.
Analysis of equipment purchases, expansions, etc.
Mergers and acquisitions assistance
Custom-designed collection policies and procedures
Although QuickBooks is designed for the layman to understand, the initial setup and installation must be done correctly in order for future information to be accurate.
All information necessary to set up manual accounting records is also necessary to set up and install QuickBooks on your desktop. This task is even more complicated if you switch from manual accounting operations to QuickBooks in the middle of the year.
Which accounting method will you use? What chart of accounts do you need for your business? How do you handle beginning balances? An expert can easily answer all of these questions and complete the initial setup and Installation in a timely manner. In addition, your accounting employees receive training on accounting software to enhance their performance.
How much does it cost? We first want to find out a little more about your business and your accounting records before we quote you an exact price. Rest assured that we work with many small business owners and our rates are designed to fit the budgets of our clients.
Study and evaluate your software and accounting needs.
Recommend software and hardware requirements.
Install software, design and set up chart of accounts and entire accounting package including payroll, accounts receivable, inventory, accounts payable, etc.
Determination of your QuickBooks starting date.
Loading your chart of accounts and balances as of that starting date.
Preparation of a list of the items that you sell to your customers. This list includes services, inventory parts, non-inventory parts, other charges, and sales taxes.
Entering your outstanding accounts receivable and accounts payable details as of your starting date.
Entering your ending statement bank balances and outstanding checks and deposits in transit as of your starting date.
Printing a trial balance as of your starting date and comparing it to your trial balance from your old system.
Entering your transactions since your starting date into QuickBooks
Train client or client staff in the use of the software to meet their accounting, management, and tax needs.