Corporate, Partnership, and S-Corp tax preparation
Prepare 1120, 1120S, and 1065 federal tax returns, and any applicable state and city tax returns.
Year round tax support; Available year round to provide guidance concerning tax implications of decisions that need to be made by a business owner. We’ll explain how profits and losses will be taxed depending on the type of organization. For example; the difference between a C Corp and S Corp, and the personal tax implications of both a flow-through versus a non-flow-through entity. We strive to make certain that our client’s get all the business deductions they are entitled to, and understand what is deductible and what is not deductible, and why.
Financial Statement Preparation
Many of our clients do their own bookkeeping using QuickBooks or similar accounting software. We look at the client’s file and make the needed adjustments to provide an accurate financial statement to prepare the tax return, and provide to creditors if necessary. We also provide a bookkeeping service at a reduced cost for clients that only keep manual records.
Financial Statement Analysis
A financial statement should be used as a tool to improve one’s business. We sit down with small business owners to explain line by line what the financial statement means, which includes how much money they earned in a period and where the money was spent.
We help clients find ways to lower costs and increase revenue. We discuss where they have been and where they want to go; then create a plan that will help them achieve their goals. We help develop budgets. Then later compare budgeted number with actual results.
When a client is considering starting a new business the first thing that needs to be considered is what type of entity should be created. (i.e. C-Corp, S-Corp, LLC, Partnership, Sole Proprietor) We sit down with the client and discuss their options and the consequences of each option.
After a decision is made as to what type of entity, we register the entity with the proper Secretary of State, and register with the proper Federal, State, and City agencies to obtain the identification numbers necessary to file taxes.
Payroll tax return and sales tax return preparation
We prepare quarterly payroll tax returns for clients that do their own payroll calculations, and W-2s, and 1099s preparation for employees and subcontractors. We prepare monthly, quarterly, and annual sales tax returns.
Other related consulting services
We provide guidance to our clients on any other related issues they may have or provide direction on where they may look to find the answer to any other related questions about their business situation.