New Jersey’s Business Alternative Income Tax (BAIT) was signed into law in 2020 to combat the increase many taxpayers in NJ faced as a result of the $10,000 state and local tax deduction cap put in place by the Federal Tax Cuts and Job Act (TCJA) of 2017. The...
Continue ReadingWith the IRS auditing less than one percent of tax returns in recent years, you may be thinking it can’t happen to you. But you could be wrong, especially if you have a lot of business expenses, your tax return is complicated, or you’re in a higher income bracket. The good news is that nearly 75% of those audits are notices or letters sent by the IRS requesting additional information or clarification. The rest are actual field audits.
While you may be tempted to respond to a letter or notice from the IRS, it’s not always a good idea even if you have a firm grasp of tax law. Because as friendly as IRS auditors might seem, they represent the IRS — not you. Sure, taxpayers can and do prevail during IRS audits, but without an experienced tax professional on your side, it’s less likely that it will happen…and you just might end up owing the IRS money instead of getting a refund. Here is how we can assist with tax notices and audits:
As a business owner, you may be accountable to creditors, private investors, and shareholders, all of whom are interested in ensuring that the company’s financial statements accurately represent the true financial position of the company.
There are three types of CPA certified financial statements: audits, review and compilations. Our firm currently offers compilation services to our clients, as banks often require compilations from an independent CPA as part of their lending covenants. In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements.
Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Accurate bookkeeping is essential to your company’s long-term viability. Experienced, affordable, and reliable, we serve a variety of industries and clients from self-employed home-based business owners to small and medium-sized businesses with employees. If you’re just starting a business, we’ll set up reporting and recordkeeping systems that make it easy for you to keep track of where your money is going. If you’ve been in business for a while, but need help cleaning up your books, we’ll work with you to streamline your bookkeeping systems and set up a system of checks and balances. Our bookkeeping services can be completed on a monthly, quarterly or annual basis (or other frequency) and include:
We’re accountants and we enjoy crunching numbers, but chances are good that as a small business owner, you don’t. In fact, you probably started your business because you had a great product or service to offer and not because you were excited about cash flow analysis, profit and loss statements, budget forecasting, and strategic tax planning.
Whether we meet with you monthly, quarterly, or once a year, we help you take financial control of your business, enabling you to focus on your core business tasks and make informed decisions about your financial future. Our small business accounting services include:
Tax strategy encompasses different aspects including the timing of income, purchases and other expenditures, selection of investments and types of retirement plans. The goal of having an effective tax strategy is to arrange your financial affairs in order to minimize your tax obligations within the constraints of the laws that are currently in place. We constantly stay abreast on legislative changes which offer prospective planning opportunities as well. Our tax planning services include:
As a business owner, you’re busy developing new products or services and making sure your business runs smoothly. You probably don’t have time to reconcile your bank account or generate balance sheets to manage your cash flow, let alone read up on the latest tax laws to find out which tax breaks are applicable to your business. As your advisors, we evaluate your business tax situation and guide you through any tax challenges that develop.
Our goal is to minimize your tax liability so that you can keep more of your hard-earned money. It’s also our job to stay up-to-date on current federal and state tax laws through continuing education and we use our in-depth knowledge of tax codes when we prepare your business tax returns — so you don’t miss out on any tax credits and deductions that you are entitled to take. Our tax preparation services for businesses include:
With the IRS auditing less than one percent of tax returns in recent years, you may be thinking it can’t happen to you. But you could be wrong, especially if you have a lot of business expenses, your tax return is complicated, or you’re in a higher income bracket. The good news is that nearly 75% of those audits are notices or letters sent by the IRS requesting additional information or clarification. The rest are actual field audits.
While you may be tempted to respond to a letter or notice from the IRS, it’s not always a good idea even if you have a firm grasp of tax law. Because as friendly as IRS auditors might seem, they represent the IRS — not you. Sure, taxpayers can and do prevail during IRS audits, but without an experienced tax professional on your side, it’s less likely that it will happen…and you just might end up owing the IRS money instead of getting a refund. Here is how we can assist with tax notices and audits:
There is more to preparing your taxes than simply filling out forms at tax time. It’s also about understanding our clients’ needs and helping them plan for a secure future. Our tax planning services include:
As your trusted advisors, we evaluate your individual tax situation and guide you through any tax challenges that develop. Our goal is to minimize your tax liability so that you can keep more of your hard-earned money. It’s also our job to stay up-to-date on current federal and state tax laws through continuing education and we use our in-depth knowledge of tax codes when we prepare your individual tax returns — so you don’t miss out on any tax credits and deductions that you are entitled to take, but don’t run afoul of the tax code. Our tax preparation services for individuals include: